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Home My WebLink About2009-1164-11/23/2009RESOLUTION NO. 2009-1164 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" Cumulative as of June 30, 2009 Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Source Description of Indebtedness Cumulative Amount AMOUNT INCURRED Land Acquisition 8/95 Principal $245,447.90 Land Contract $245,447.9 Land Acquisition Principal $362,178.20 Land Contract $607,626.10 Sanitary Sewer FY 97-98 Principal $215,725.9 Advance $823,352.09 Dirt Credit 1997 2000 - $126,796.00 2001- $63,203.00 2002 - $110,908.00 2003 - $46,492.50 Principal $347,400.00 Agreement $1,170,752.09 Engineering FY 97-00 Principal $105,796.41 GO Bonds $1,276,548.50 Recording Fees FY 97-00 Principal $3,048.75 GO Bonds $1,279,597.25 Northeast Drive FY 1997 Principal $97,276.80 GO Bonds $1,376,874.05 T.G. Drive FY 1998 Principal $125,410.5 GO Bonds $1,502,284.64 R & N Investments II Rebate 50% 2003 50% 2 (cancelled) 50% 2005 50% 2006 50% 2007 Principal $0.00 TIF Tax Rebate $1,502,284.64 $1,502,284.64 $1,502,284.64 $1,502,284.64 $1,502,284.64 Resolution No. 2009-1164 Page 2 Interstate Brands Rebate 75% 2003 60% 2004 45% 2005 30% 200 15% 2007 Principal TIF Tax Rebate $21,999.00 $1,524,283.64 $18,402.00 $1,542,685.64 $16,027.56 $1,558,713.20 $10,989.48 $1,569,702.68 $4,642.41 $1,574,345.09 Financing FY 1997-2000 Interest $417,660.53 GO Bonds $1,992,005.6 Plat Engineering - Fund 411 Principal $5,000-00 2001 GO Bonds $1,997,005.6 Interest $3,450.00 $2,000,455.6 T Drive II Fund 411- Construction Fund412- Construction Principal $182,868.00 2001 GO Bonds $2,183,323.6 Interest $71,963.68 $2,255,287.30 Principal $48,630.00 2002 GO Bonds $2,303,917.30 Interest $21,873.14 $2,325,790.44 Fund 412 -RISE Application Principal $4,500.00 2002 GO Bonds $2,330,290.44 Interest $3,139.00 $2,333,429.44 IDA FY 2003 Interest $8,482.82 Contract $2,341,912.26 IDA FY 2004 Interest $10,820.89 Contract $2,352,733.15 IDA FY 2005 Interest $4,276.29 Contract $2,357,009.44 Cedar Valley FY 2004 Principal $13,200.00 Contract $2,370,209.44 Cedar Valley FY 2005 Principal $17,500.00 Contract $2,387,709.44 Cedar Valley FY 2006 Principal $17,500.00 Contract $2,405,209. Cedar Valley FY 2007 Principal $17,500.00 Contract $2,422,709.44 Cedar Valley FY 2008 Principal $32,000.00 Contract $2,454,709.44 Cedar Valley FY 2009 Principal $33,168.00 Contract $2,487,877.4 Cedar Valley FY 2010 Principal $32,000.00 Contract $2,519,877.44 Gray Transportation Rebates Principal TIF Tax Rebate 50%2005 $31,493.93 $2,551,371.3 50%2006 $32,391.28 $2,583,762.65 50%2007 $26,788.28 $2,610,550.93 50%2008 $27,139.08 $2,637,690.01 50%2009 $28,976.01 $2,666,666.0 Ferguson Enterprises Fund 414 Principal $3,500,000.00 GO Bonds $6,166,666.0 Interest $1,708,885.00 $7,875,551.0 Ferguson Enterprises Rebates FY 2007 FY 2008 FY 2009 *FY 2010 *FY 2011 *FY 2012 *FY 2013 *FY 2014 *FY 2015 *FY 2016 Principal TIF Tax Rebate $392,733.25 $8,268,284.2 $435,187.68 $8,703,471.95 $467,334.00 $9,170,805.95 $461,864.00 $9,632,669.95 $461,864.00 $10,094,533.95 $461,864.00 $10,556,397.95 $461,864.00 $11,018,261.95 $461,864.00 $11,480,125.95 $461,864.00 $11,941,989.95 $461,864.00 $12,403,853.95 Etringer Land Contract Principal $350,000.00 Land Contract $12,753,853.95 FY200 Interest $3,161.67 $12,757,015.6 FY 20081 Interest $2,499.56 $12,759,515.18 Resolution No. 2009-1164 Page 3 FI Properties Principal Amount Received from Payments under Section 402.12(2) TIF Tax Rebate $12,759,515.18 FY 2009 $52,758.13 $12,812,273.31 *FY 2010 $54,310.00 $12,866,583.31 *FY 2011 $54,310.00 $12,920,893.31 *FY 2012 $54,310.00 $12,975,203.31 *FY 2013 $54,310.00 $13,029,513.31 1999 GO Bonds Refinanced - Deduct Old Debt Service Principal ($208,847.00)1999 GO Bonds $12,820,666.31 Interest ($75,344.00) $12,745,322.31 007 GO Bonds -1999 GO Bonds Refinanced -Add New Debt Svc Principal $210,281.00 2007 GO Bonds $12,955,603.31 Interest $58,851.00 $13,014.454.31 Fund 414 Taxable Reallocate Bonds for NE Site Projects - 2008 Principal ($69,651.07) 2004 GO Bonds $12,944,803.24 Interest $34,007.24 $12,910,796.00 001 GO Bonds Refinanced - Deduct Interest ($15,180.06) 2001 GO Bonds $12,895,615.94 009 GO Bonds - 2001 GO Bonds Interest $9,564.06 2009 GO Bonds $12,905,180.0 *Estimated Exhibit "B" Cumulative as of June 30, 2009 Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Year Received Amount Received from Payments under Section 402.12(2) Other Revenue Received Cumulative Amount 1 FY 1996 $0.00 $0.00 2 FY 1997 $0.00 $0.0 3 FY 1998 $0.00 $0.0 4 FY 1999 $201,360.86 $201,360.86 5 FY 2000 $110,300.50 $311,661.36 6 FY 2001 $194,966.55 $506,627.91 7 FY 2002 $321,469.26 $828,097.1 8 FY 2003 $381,390.68 $1,209,487.85 9 FY 2004 $458,310.16 $1,667,798.01 10 FY 2005 $651,752.82 $2,319,550.83 11 FY 2006 $464,313.36 $2,783,864.19 12 FY 2007 $1,446,002.26 $109,650.08 $4,339,516.53 13 FY 2008 $1,063,218.88 $26,036.60 $5,428,772.01 14 FY 2009 $891,841.05 $4,972.61 $6,325,585.6 15 FY 2010* $891,000.00 $7,216,585.6 *Estimated Resolution No. 2009-1164 Page 4 Exhibit "A" 06/30/2006 (Annual) Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Source Description of Indebtedness Cumulative Amount Amount Incurred Cedar Valley FY 2006 Principal $17,500-00 Contract $17,500.00 FI Properties Principal TIF Tax Rebate $17,500.0 FY 2009 $37,050.00 $54,550.0 FY 2010 $37,050.00 $91,600.00 FY 2011 $37,050.00 $128,650.00 FY 2012 $37,050.00,$165,700.00 FY 2013 $37,050.001 $202,750.0 *Estimated PASSED AND ADOPTED this 232d day of November, 2009. im Hurley, Mayor ATTEST: CS', Failor, Deputy City Clerk