HomeMy WebLinkAbout2004-737-10.25.2004 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2004-737
RESOLUTION AUTHORIZING CERTIFICATION TO THE
COUNTY AUDITOR THE CITY' S EXPENDITURES THAT
QUALIFY FOR REIMBURSEMENT FROM THE TAX
INCREMENT FUND.
WHEREAS, the Code of Iowa allows the City to collect taxes
within a certain geographical district to be deposited in a "Tax
Increment Financing Fund" , and
WHEREAS, certification of the City' s expenditures within
said district must be made to the County Auditor on a yearly
basis .
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE COUNCIL OF THE
CITY OF WATERLOO, IOWA, that the City Clerk be instructed to
certify to the County Auditor all expenditures of the City that
qualify for reimbursement from the Tax Increment Fund as
indicated below:
Exhibit "A
Project Designation: Martin Road Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
No. Date of Issuance Source Description of Indebtedness Cumulative
or Expenditure Amount
Amount Incurred
Recording Fees FY 1998— 1999 Principal _ $464.50 G. O.Bonds $464.50
Design&
Construction
Engineering FY 1997—2001 Principal $20,328.07 G. O. Bonds $20,792.57
Construction of Road FY 1999—2001 Principal $165,433.36 G. O. Bonds $186,225.93
& Sewer Financing FY 1998—2000 Interest $148,170.24 G. O. Bonds $334,396.17
Brock Inc. Property 5/18/2004 Principal $385,000.00 $719,396.17
Contract Contract
Interest $55,597.00* $774,993.17
Denso Project FY 2004 Principal $55,000.00 G.O. Bonds $829,993.17
Expenses Interest $19,360.00 G.O. Bonds $849,353.17
Denso Tax Rebates Principal TIF Rebate $849,353.17
30% 2007* $14,040.00 $863,393.17
30%2008* $14,040.00 $877,433.17
30% 2009* $14,040.00
$891,473.17
30%2010* $14,040.00
$905,513.17
30%2011* $14,040.00
$919,553.17
*Estimated
trb ion No. 2004-737
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Exhibit "B"
H H Project Designation: Martin Road Tax Increment Redevelopment
H x H LT' Schedule 2
o - o Indebtedness Qualifying for Tax Increment Reimbursement
H� N Under Section 403.19(2)
S HtnH
o X
catr+ rn
(A n s H Amount Received from
to d Payments under Section
E--f 1E71 5 No. Year Received y 402.12(2) Cumulative Amount
H H
tr s 1 FY 1997 $0.00 $0.00
n cv 2 FY 1998 $0.00 $0.00
tri 3 FY 1999 $3,573.00 $3,573.00
4 FY 2000 $7,314.98 $10,887.98
H F 5 FY 2001 $76,616.52
$87,504.50
n c 6 FY 2002 $60,214.96 $147,719.46
ti r7 7 FY 2003 $67,780.85 $215,500.31
,M r 8 FY 2004 $74,966.48 $290,466.79
9 FY 2005* $114,478.00 $404,944.79
* Estir ted
G-+
PASSED AND ADOPTED this 25th day of October, 2004 .
Tim Hurley, ayor
ATTEST:
Nanc Eck -mot, CMC
City Cler