Loading...
HomeMy WebLinkAbout2002-676-11.18.2002 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry Street, Waterloo, Iowa. RESOLUTION NO. 2002-676 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 Marnan 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 Amount Expenditure AMOUNT INCURRED Land Acquisition Principal $ 548,856.00 Contract debt $ 548,856.00 FY 1999 Capitalized $41,164.20 $ 590,020.20 Interest $ 51,626.77 $ 641,646.97 Interest FY 02 $ 106,427.98 $748,074.95 Road FY 1999 Recording Fees FY 99 Principal $2,373.60 G. O. Bonds $ 750,448.55 Design&Construction Eng. Principal $ 15,419.70 G. O.Bonds $ 765,868.25 Construction of Rd&Sewer Principal $ 78,364.41 G. O. Bonds $ 844,232.66 Financing FY 98-00 Interest $ 64,919.46 G. O.Bonds $ 909,152.12 GMAC Tax Rebates 75%* 2003 Principal $0 TIF Rebate $ 909,152.12 60%* 2004 45% * 2005 30%* 2006 15%* 2007 *-Less Debt Service and other Special Assessments R .so.lution 2002-676 H �+ CO EXHIBIT "B" co r s Project Designation: San Marnan Tax Increment Development Area H H E-, H Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement r; C7 r © Under Section 403.19(2) No,. Year Amount Received from Payments under Sec.402.12(2) Cumulative Amount Received 1 FY 1997 $0.00 $0.00 2 FY 1998 $0.00 $0.00 3 FY 1999 $0.00 $ 0.00 4; FY 2000 $0.00 $0.00 5 FY 2001 $0.00 $0.00 6 FY 2002 $ 115,934.72 $ 115,934.72 7 FY 2003 $ 168,614.00 * $ 284,548.72 * * -Estimated PASSED AND ADOPTED this 18th day of November, 2002 . Joh R. :ooff, Mayor ATTEST: Nancy Ecke , City Clerk