HomeMy WebLinkAbout2004-743-10.25.2004 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2004-743
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: Rath Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
No. Date of Issuance or Source Description of Indebtedness Cumulative
Expenditure Amount
Amount Incurred
Rath Demolition 7/12/90 Principal $475,000.00 G.O. Bonds $475,000.00
Interest $214,879.93 G.O. Bonds $689,879.93
Powers Manufacturing Expansion 6/12/91 Principal $150,000.00 G.O. Bonds $839,879.93
Interest $63,222.49 G.O. Bonds $903,102.42
Powers Manufacturing Expansion 5/15/92 Principal $150,000.00 G.O. Bonds $1,053,102.42
Interest $60,979.05 G.O. Bonds $1,114,081.47
Powers Manufacturing 6/94 Principal $300,000.00 G.O. Bonds $1,414,081.47
Interest $208,445.40 G.O. Bonds $1,622,526.87
Powers Manufacturing Improvements Principal $50,000.00 G.O. Bonds $1,672,526.87
6/95 Interest $22,936.28 G.O. Bonds $1,695,463.15
Administration Fees FY 97 Principal $1,068.51 G.O. Bonds $1,696,531.66
Recording Fees FY98 Principal $1,200.00 G.O.Bonds $1,697,731.66
Demo Grant-Crystal Principal $100,000.00 G.O. Bonds $1,797,731.66
Interest on Advance 99-00 Interest $11,178.22 G.O. Bonds $1,808,909.88
Land Improvements 3-00 Principal $12,400.00 G.O. Bonds $1,821,309.88
Interest on $125,846.73 Interest $74,646.27 G.O. Bonds $1,895,956.15
Crystal Ice Rebate 75% 2002 Principal $96,488.74 Tax Rebate $1,992,444.89
60% 2003 $77,119.20 $2,069, 64.09
45% 2004 $60,475.50 $2,130,039.59
*30% 2005 $40,317.00 $2.170,356.59
*15% 2006 $20,158.50 $2,190,515.09
Re c,J4 .ion No. 2004-743
O H
O
Ratxi--A ea Redevelopment Principal $115,000.00 G.O. Bonds $2,305,515.09
Funi410 6/01 Interest $54,605.87 G.O. Bonds $2,360,120.96
Rat6edevelopment Principal $30,000.00 G.O. Bonds $2,390,120.96
FunW, Interest $11,194.50 G.O. Bonds $2,401,315.46
pata Redevelopment Principal $200,000.00 G.O. Bonds $2,601,315.46
nF'und"413
i Interest $47,887.78 G.O. Bonds $2,649,203.24
E_RathWRedevelopment Principal $75,000.00 G.O. Bonds $2,724,203.24
Interest $32,317.50 G.O. Bonds $2,756,520.74
*Estn.0%c.
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[H", H Exhibit "B"
p < Project Designation: Rath Tax Increment Redevelopment
s H H Schedule 2
oIndebtedness Qualifying for Tax Increment Reimbursement
H d Under Section 403.19(2)
H •
L t-'
Amount Received from
o tri Payments under Section
Year Received 402.12(2) Cumulative Amount
1 FY 1992 $0.00 $0.00
2 FY 1993 $0.00 $0.00
3 FY 1994 $0.00 $0.00
4 FY 1995 $0.00 $0.00
5 FY 1996 $22,881.52 $22,881.52
6 FY 1997 $24,374.46 $47,255.98
7 FY 1998 $24,812.00 $72,067.98
8 FY 1999 $44,009.63 $116,077.61
9 FY 2000 $43,454.87 $159,532.48
10 FY 2001 $90,959.54 $250,492.02
11 FY 2002 $171,794.01 $422,286.03
12 FY 2003 $199,314.21 $621,600.24
13 FY 2004 $195,574.51 $817,174.75
14 FY 2005* $247,511.00 $1,064,685.75
*Estimated Values
PASSED AND ADOPTED this 25th day of October, 2004 .
n
Tim Hurley, Mayo
ATTEST:
Nancy ckert CMC
City Clerk 1