HomeMy WebLinkAbout2001-646-11.19.2001 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry Street,
Waterloo, Iowa.
RESOLUTION NO. 2001-646
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 Source Description of Indebtedness Cumulative Amount
Issuance or
Expenditure
AMOUNT INCURRED
Land Acquisition Principal $245,447.90 Land Contract $245,447.90
8/95
Land Acquisition Principal $362,178.20 G.O. Bonds $607,626.10
Sanitary Sewer FY Principal $215,725.99 Advance $823,352.09
97-98
Dirt Credit 1997 Principal $347,400.00 Agreement $1,170,752.09
2000-$126,796.00
2001-$63,203.00
Engineering FY 97-00 Principal $105,796.41 G.O.Bonds $1,276,548.50
Recording fees FY 97- Principal $3,048.75 G.O.Bonds $1,279,597.25
00
Northeast Drive FY Principal $97,276.80 G.O. Bonds $1,376,874.05
1997
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
ResoAuli 2001-646
Pa g eo2t1 :'c
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Ittt6±s.#ate Brands Principal $0 TIF Tax Rebate $1,502,284.64
0 a 75% FY 2003
•
60% 2004
s 45% 2005
•o
30% 2006
vJ H ti
H m
O 15% 2007
Financing FY 1997- Interest $456,635.34 G.O.Bonds $1,958,919.98
2 2000
F*-Less Debt Service Levy and other Special Assessments.
EXHIBIT"B"
Project Designation: Northeast Industrial Area Tax Increment Redevelopment
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
i Under Section 403.19(2)
No. Year Amount Received from Payments under Sec. Cumulative Amount
Receiv 402.12(2)
ed
1 FY $0.00 $0.00
1996
2 FY $0.00 $0.00
1997
3 FY $0.00 $0.00
1998
4 FY $201,360.86 $201,360.86
1999
5 FY $110,300.50 $311,661.36
2000
6 FY $194,966.55 $506,627.91
2001
7 FY $285,000.00* $791,627.91*
2002
*ESTIMATE
PASSED AND ADOPTED this 19th day of November, 2001 .
Joh . Rooff, May r
ATTEST:
fja
Nancy ECert, City Clerk