HomeMy WebLinkAbout2001-647-11.19.2001 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2001-647
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 Source Description of Indebtedness Cumulative
Issuance or Amount
Expenditure
AMOUNT INCURRED
Rath Demolition Principal $475,000.00 G.O.Bonds $475,000.00
7/12/90 Interest $214,879.93 G.O. Bonds $ 689,879.93
Powers Principal $150,000.00 G.O.Bonds $ 839,879.93
Manufacturing Interest $ 63,222 49 G.O.Bonds $903,102.42
Expansion 6/12/91
Powers Principal $150,000.00 G.O.Bonds $1,053,102.42
Manufacturing Interest $ 60,979.05 G.O.Bonds $1,114,081.47
Expansion 5/15/92
Powers Principal $300,000.00 G.O.Bonds $1,414,081.47
Manufacturing 6/94 Interest
$208,445.40 G.O.Bonds $1,622,526.87
Powers Principal $ 50,000.00 G.O.Bonds $1,672,526.87
Manufacturing Interest $22,936.28 G.O.Bonds $1,695,463.15
Improvements 6/95
Administration Fees Principal $1,068.51 G.O.Bonds $1,696,531.66
FY 97
Recording fees FY 98 Principal $1,200.00 G.O.Bonds $1,697,731.66
Demo Grant- Principal $100,000.00 G.O.Bonds $1,797,731.66
Crystal
Interest $11,178.22 G.O.Bonds $1,808,909.88
Interest on Advance
Resolution 2001-647
Page 2
99-00
Land improvements Principal $12,400.00 G.O. Bonds $1,821,309.88
3-00
Interest on Interest $74,646.27 GO.Bonds
$125,846.73 $1,895,956.15
Crystal Ice Rebate* Principal $0 Tax Rebate $1,895,956.15
75% 2003
65% 2004
45% 2005
30% 2006
15% 2007
Rath Area Principal $115,000 G.O. Bonds $2,010,956.15
Redevelopment Interest $54,605.87 G.O. Bonds
6/01 $2,065,562.02
*- Less Debt Service and other Special Assessments.
EXHIBIT"B"
Project Designation: Rath Tax Increment Redevelopment
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 $96,000.00* $346,492.02*
*-Estimated
Rea6lttion 2001-647
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m ASSED AND ADOPTED this 19th day of November, 2001 .
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