HomeMy WebLinkAbout2001-644-11.19.2001 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2001-644
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 Source Description of Indebtedness Cumulative Amount
or 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
Road FY 1999
Recording Fees FY 99 Principal $2,373.60 G. O. Bonds $644,020.57
Design&Construction Eng. Principal $ 15,419.70 G. O.Bonds $659,440.27
Construction of Rd&Sewer Principal $78,364.41 G. O.Bonds $737,804.68
Financing FY 98-00 Interest $64,919.46 G.O.Bonds $802,724.14
GMAC Tax Rebates 75%* 2003 Principal $0 Ilk Rebate $802,724.14
60%* 2004
45% * 2005
30%* 2006
15%* 2007
*-Less Debt Service and other Special Assessments
Resolution 2001-644
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EXHIBIT"B"
Project Designation: San Marnan Tax Increment Development Area
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
No. Year Amount Received from Payments under Sec.402.12(2) Cumulative
Received Amount
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 $ 102,000.00 * $ 102,000.00 *
* -Estimated
PASSED AND ADOPTED this 19th day of November, 2001 .
John Doff, Mayor
ATTEST:
Nancy E rt, City Clerk