HomeMy WebLinkAbout1999-779-11.15.1999 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry Street,
Waterloo, Iowa.
RESOLUTION NO. 1999-779
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 Issuance or Source Description of Indebtedness Accrued Amount
Expenditure
AMOUNT INCURRED
Rath Demolition 7/12/90 Principal $475,000.00 G.O.Bonds G.O. $ 689,879.93
Interest Bonds
$214,879.93
Powers Manufacturing Principal $ 150,000.00 G. O.Bonds G. O. $ 1,114,081.47
Expansion 6/12/91 Interest Bonds
$ 63,222.49
Powers Manufacturing Principal $ 150,000.00 G.O.Bonds G.O. $ 1,187,676.00
Expansion 5/15/92 Interest Bonds
$ 60,979.05
Powers Manufacturing 6/94 Principal $300,000.00 G.O.Bonds G.O. $ 1,696,121.00
Interest Bonds
$208,445.40
Powers Manufacturing Principal $ 50,000.00 G.O.Bonds G.O. $ 1,769,057.28
Improvements 6/95 Interest Bonds
$22,936.28
Demolition Grant Crystal Ice Principal $ 100,000.00 Revolving Loan Fund $ 1,837,754.14
Distribution 9/11/98
Interest $44,028.41
Economic Development Principal $50,000.00 G.O.Bonds $ 1,915,754.04
Administration Project
6/98
Interest $27,999.90
Economic Development Principal $75,000.00 G.O.Bonds $2,038,649.47
Administration Project 6/99
Interest $47,895.43
Resolution 1999-779
Page 2
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 Payments under Sec.402.12(2) Cumulative
Received Amount
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 $45,000.00* $ 161,000.00*
*-Estimated
PASSED AND ADOPTED this 22nd day of November, 1999 .
A-
Joh R. 'ocff, Mayor A,
ATTEST:
Nancy Eck t, City Clerk