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HomeMy WebLinkAbout2002-677-11.18.2002 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry Street, Waterloo, Iowa. RESOLUTION NO. 2002-677 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 Source Description of Indebtedness Cumulative Amount or Expenditure 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 Principal $150,000.00 G. O. Bonds $ 839,879.93 Expansion 6/12/91 Interest $ 63,222.49 G. O. Bonds $903,102.42 Powers Manufacturing Principal $150,000.00 G. O. Bonds $1,053,102.42 Expansion 5/15/92 Interest $ 60,979.05 G. O. Bonds $1,114,081.47 Powers Manufacturing Principal $300,000.00 G. O. Bonds $1,414,081.47 6/94 Interest $208,445.40 G. O. Bonds $1,622,526.87 Powers Manufacturing Principal $ 50,000.00 G. O. Bonds $1,672,526.87 Improvements 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 FY 98 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 tz' E-H t1i t 2 k'egatt ion 2002-677 d F_. 1-1 t -) F'` - '" CJ i J Interest ortP$15,846.73 Interest $74,646.27 GO. Bonds $1,895,956.15 Crystal}Ice Rebate*75%° 2003 Principal $96,488.74 Tax Rebate $1,992,444.89 ,. Ei CT" 65% 2004 tCH © 45% 2005 HI F-4 X 30% 2006 P1 El 9 L 1 9 "' L- 15% 2007 Rath Area Redevelopment Principal $115,000 G.O. Bonds $2,107,444.89 r-. trl F' 6/01 Interest $54,605.87 G.O. Bonds $2,162,050.76 i ' -tress Debt Service and other Special Assessments. YT+. H ✓ {) EXHIBIT "B" 0 rri Project Designation: Rath Tax Increment Redevelopment El Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Year Received Amount Received from Payments Cumulative Amount under Sec.402.12(2) 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 $172,000.00* $594,286.03* *-Estimated PASSED AND ADOPTED this 18th day of November, 2002 . John . R off, May ATTEST: -4/Letkfre sPjtwl- Nancy Ecke , City Clerk