HomeMy WebLinkAbout2009-1167-11/23/2009RESOLUTION NO. 2009-1167
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"
June 30, 2009
Project Designation: Logan Avenue Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(21
No.
Date of Issuance
or Expenditure
Source
Description of Indebtedness
Cumulative
Amount
AMOUNT
INCURRED
Land Acquisition
6/l/2004
Principal
$522,545.25
Contract
$522,545.25
Interest
$122,659.86
$645,205.11
Misc.
Improvements
FY 2002 Bonds
Principal
$19,598.08
2002 GO Bonds
$664,803.19
Interest
$6,945.64
$671,748.83
Hy Vee Lease
FY 2005
Principal
$90,000.00
2005 GO Bonds
$761,748.83
Interest
$31,320.00
$793,068.83
Hy Vee Lease &
Misc.
Improvements
Fund 406 taxable
Principal
$50,000.00
2006 GO Bonds
$843,068.83
Interest
$25,656.82
$868,725.65
Logan TIF
Improvements
Fund 414 taxable
Principal
$40,000.00
2004 GO Bonds
$908,725.65
Interest
$17,236.02
$925,961.67
Logan TIF
Improvements
Fund 407 taxable
Principal
$50,000.00
2007 GO Bonds
$975,961.6
Interest
$17,728.00
$993,689.67
Logan TIF
Improvements
Fund 408 taxable
Principal$75,000.00
2008 GO Bonds
$1,068,689.67
Interest
$23,750.00
$1,092,439.67
Resolution No. 2009-1167
Page 2
Exhibit "B"
June 30, 2009
Project Designation: Logan Avenue Increment Redevelopment
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
No.
Year Received
Amount Received
Other Revenue
Cumulative Amount
1
FY 2005
$0.00
$0.00
$0.0
2
FY 2006
$0.00
$0.00
$0.0
3
FY 2007
$45,666.48
$0.00
$45,666.48
4
FY 2008
$146,296.25
$1,481.70
$193,444.43
5
FY 2009
$163,601.69
$527.23
$357,573.3
6
FY 2010*
$163,000.001
$0.001
$520,573.35
* Estimated
PASSED AND ADOPTED this 23rd day of November, 2009.
Tim Hurley, Mayor
ATTEST:
q0'h&)&d&
Carol Failor, Deputy City Clerk