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Home My WebLink About2003-678-10.06.2003 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry Street, Waterloo, Iowa. RESOLUTION NO. 2003-678 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 Sainte Description of Indebtedness f 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 Principal $150,000.00 G.O. Bonds $839,879.93 6/12/91 Interest $63,222.49 G.O. Bonds $903,102.42 Powers Manufacturing Expansion Principal $150,000.00 G.O.Bonds $1,053,102.42 5/15/92 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 $1Z400.00 G.O.Bonds $1,821,309.88 Interest on$125,846.73 Interest $74,646.27 G.O. Bonds $1,895,956.15 Pt*1tion 2003-678 _j n i--+ D o a s © � _ e Rebate 75% 2002 Principal $96,488.74 Tax Rebate $1,992,444.89 cv H 60% 2003 $77,119.20 $2,069,564.09 O 4 o *45% 2004 $57,839.40, $2,127,403.491 H 0 tg t *30% 2005 $38,559.60 $2,165,963.09 *15% 2006 $19,279.80 s ,. $2,185,242 89 0 .*..i rea Redevelopment Principal $115,000.00 G.O. Bonds $2,300,242.89 • i4 411 6/01 1 Interest $54,605.87 G.O. Bonds $2,354,848.76 o +'Y s Area Redevelopment Principal $100,000.00 G.O.Bonds $2,454,848.76 w I61 412 Interest $41,262.00 G.O. Bonds $2,496,110.76 co c.- 06 trititated o s • a I-I El o E L1 EXHIBIT„B„ m Project Designation:Rath Tax Increment Redevelopment 0" Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) Amount Received from f Payments under Section No. 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 $621,600.241 13 FY 2004* $200,000.00 $821,600.24 *Estimated Values PASSED AND ADOPTED this 6th day of October, 2003 . Jo n ooff, Mayor ATTEST: Nancy Eckert, City Clerk