HomeMy WebLinkAbout2002-680-11.18.2002 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2002-680
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:Northeast Industrial Area 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 Amount
Expenditure
AMOUNT INCURRED
Land Acquisition 8/95 Principal $245,447.90 Land Contract $245,447.90
Land Acquisition Principal $362,178.20 G.O. Bonds $607,626.10
Sanitary Sewer FY 97-98 Principal $215,725.99 Advance $823,352.09
Dirt Credit 1997 Principal $347,400.00 Agreement $1,170,752.09
2000-$126,796.00
2001 -$63,203.00
2002-$110,908.00
Engineering FY 97-00 Principal $105,796.41 G.O. Bonds $1,276,548.50
Recording fees FY 97-00 Principal $3,048.75 G.O. Bonds $1,279,597.25
Northeast Drive FY 1997 Principal $97,276.80 G.O. Bonds $1,376,874.05
T.G. Drive FY 1998 Principal $125,410.59 G.O. Bonds $1,502,284.64
R&N Investments II Principal $0 TIF Tax Rebate $1,502,284.64
Rebate * 50%FY 2003
50% 2004
50% 2005
50% 2006
50% 2007
Interstate Brands Rebate* Principal $0 TIF Tax Rebate $1,502,284.64
75% FY 2003
60% 2004
45% 2005
30% 2006
15% 2007
Financing FY 1997-2000 Interest $456,635.34 G.O. Bonds $1,958,919.98
*-Less Debt Service Levy and other Special Assessments.
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Reso,114.ion 2002-680
O
d EXHIBIT"B"
a 'p Project Designation: Northeast Industrial Area Tax Increment Redevelopment
0 Schedule 2
L-DC, Indebtedness Qualifying for Tax Increment Reimbursement
p Under Section 403.19(2)
rr r t1-
v Amount Received from Payments under Sec.
�?Not + Cumulative Amount
s Reccexved 402.12(2)
1 n FY 1996 $0.00 $0.00
2 FY 1997 $0.00 $0.00
3 FY1998 $0.00 $0.00
4 FY 1999 $201,360.86 $201,360.86
5 FY 2000 $110,300.50 $311,661.36
6 FY 2001 $194,966.55 $506,627.91
7 FY 2002 $321,469.26 $828,097.17
8 FY 2003 $375,000.00* $1,203,097.17*
*ESTIMATE
PASSED AND ADOPTED this 18th day of November, 2002 .
John . oo+f, Mayor
ATTEST:
Nancy Ecke , City Clerk