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HomeMy WebLinkAbout2003-681-10.06.2003 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry Street, Waterloo, Iowa. RESOLUTION NO. 2003-681 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: San Marmot Tax Increment Development 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 Land Acquisition FY 1999 Principal $548,856.00 Contract Debt $548,856.00 Capitalized $41,164.20 $590,020.20 Interest $51,626.77 $641,646.97 Interest FY 02 $106,427.98 $748,074.95 Interest FY 03 $42,502.01 $790,576.96 Interest FY 04* $807,322.31 $16,745.35 Road FY 1999 ecording Fees FY 99 Principal $2,373.60 G.©.Beds $809,695.91 Design&Construction Eng. Principal $15,419.70 G.0. Bonds $825,115.61 Construction of Road&Sewer Principal $78,364.41 G.0. Bonds $903,480.02 Financing FY 98-00 Interest $64,919.46 G. 0. Bonds $968,399.48 GMAC Tax Rebates Principal 1'IF Rebate 75% 2003 $126,460.50 $1,094,859.98 60%'2004 $101,168.40 $1,196,028.38 45%' 2005 $75,876.30 $1,271,904.68 30%* 2006 S50,584.20 $1,322,488.88 15%* 2007 $25,292.10 $1,347,780.98 * Estimated pVVIlation 2003-681 fdn 0Os H n Hs � Q F H �c� EXHIBIT "B" � < < rrs s Project Designation: San Martian Tax Increment Development Area t� O H d � H Schedule 2 H o tl H t Indebtedness Qualifying for Tax Increment Reimbursement o d Under Section 403.19(2) 0 to No. Year Received Amount Received from Cumulative Amount O • n n tq Payments under Section o tgH 402.12(2) i 1 FY 1997 $0,00 $0.00 r 2 FY 1998 $0.00 $0.00 CO L C t 3 FY 1999 $0.00 $0.00 Hi �._o - © d X 4 FY 2000 $0.00 $0.00 H H 5 FY 2001 $0.00 $0.00 6 FY 2002 $115,934.72 $115,934.72 ''' 7 FY 2003 $146,872.14 $262,806.86 8 FY 2004* $165,000.00 $427,806.861 *Estimated PASSED AND ADOPTED this 6th day of October, 2003. C John R. Rooff, Mayo ATTEST: Nancy Ecke , City Clerk