HomeMy WebLinkAbout2000-633-11.20.2000 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry Street,
Waterloo, Iowa.
RESOLUTION NO. 2000-633
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 Accrued Amount
Issuance or
Expenditure
AMOUNT INCURRED
Rath Demolition Principal $ 475, 000. 00 G. 0. Bonds $ 689, 879. 93
7/12/90 Interest G. O. Bonds
$ 214, 879. 93
Powers Principal $ 150, 000.00 G. O. Bonds $ 1, 114, 081. 47
Manufacturing Interest G. O. Bonds
Expansion $ 63, 222.49
6/12/91
Powers Principal $ 150, 000.00 G. 0. Bonds $ 1, 187, 676. 00
Manufacturing Interest G. O. Bonds
Expansion $ 60, 979. 05
5/15/92
Powers Principal $ 300, 000. 00 G. O. Bonds $ 1, 696, 121.00
Manufacturing Interest G. O. Bonds
6/94 $ 208, 445.40
Powers Principal $ 50, 000. 00 G. O. Bonds
Manufacturing Interest $ 1, 769, 057.28
G. O. Bonds
Improvements $ 22, 936.28
6/95
Demolition Grant Principal $ 100, 000.00 Revolving $ 1, 837, 754. 14
Crystal Ice Loan Fund
Distribution Interest $ 44, 028.41
9/11/98
Economic Principal $ 50, 000. 00 G.O. Bonds $ 1, 915, 754.04
Development
Administration
Project 6/98 Interest $ 27, 999. 90
Economic Principal
Development $ 75, 000.00 G.O. Bonds $ 2, 038, 649. 47
Administration
Project 6/99 Interest
$ 47, 895. 43
Resolution 2000-633
Page 2
I I I
Crystal Ice Tax Principal $ 219, 375. 00 Tax Rebate
Rebate $ 2, 258, 024 . 47
EXHIBIT "B"
Project Designation: Rath Tax Increment Redevelopment
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
No. Year Amount Received from Cumulative Amount
Received Payments 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 $ 45,000.00 *
$ 205,000.00
* - Estimated
PASSED AND ADOPTED this 20th day of November, 2000.
4ohn w . : ooff, Mayor % ,
ATTEST:
Nancy E rt, City Clerk