HomeMy WebLinkAbout2009-1171-11/23/2009RESOLUTION NO. 2009-1171
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: Martin Road 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
Recording Fees
FY 1998 -1999
Principal
$464.50
1999 GO Bonds
$464.50
Design &
Construction
Engineering
FY 1997 - 2001
Principal
$20,328.07
1999 GO Bonds
$20,792.57
Construction of
Road & Sewer
Financing
FY 1999 - 2001
Princi al
$165,433.36
1999 GO Bonds
$186,225.93
FY 1998 - 2000
Interest
$148,169.07
1999 GO Bonds
$334,395.00
Brock Inc. Property
Contract
5/18/2004
Principal
$385,000.00
Contract
$719,395.00
Interest
$55,598.78
$774,993.78
Denso Project
Expenses - Fund
412
FY 2004
Principal
$51,218.16
2002 GO Bonds
$826,211.94
Interest
$20,299.47
2002 GO Bonds
$846,511.41
Martin Road
Development -
Fund 406
FY 2006
Principal
$100,000.00
2006 GO Bonds
$946,511.41
Interest
$57,473.78
$1,003,985.19
Denso Tax Rebates
Principal
TIF Rebate
$1,003,985.19
30% 2007
$14,055.53
$1,018,040.72
30% 2008
$17,072.82
$1,035,113.54
30% 2009
$18,329.83
$1,053,443.37
30% 2010*
$18,616.00
$1,072,059.37
30% 2011*
$18,616.00
$1,090,675.37
Resolution No. 2009-1171
Page 2
Wilbert Vault
Rebates
Principal
TIF Rebate
90% 2008
$25,367.50
$1,116,042.87
90% 2009
$25,045.82
$1,141,088.69
90% 2010*
$24,686.00
$1,165,774.69
90% 2011*
$24,686.00
$1,190,460.69
90% 2012*
$24,686.00
$1,215,146.69
90% 2013*
$24,686.00
$1,239,832.69
90% 2014*
$24,686.00
$1,264,518.69
90% 2015*
$24,686.00
$1,289,204.69
90% 2016*
$3,347.09
$1,292,551.78
Rain Soft Rebates
Principal
TIF Rebate
$1,292,551.78
100% 2009
$12,844.23
$1,305,396.01
100% 2010*
$12,698.00
$1,318,094.01
100% 2011*
$12,698.00
$1,330,792.01
100% 2012*
$12,698.00
$1,343,490.01
100% 2013*
$12,698.00
$1,356,188.01
Young
Development
Principal
TIF Rebate
$1,356,188.01
100% 2010*
$16,100.00
$1,372,288.01
100% 2011*
$16,100.00
$1,388,388.01
100% 2012*
$16,100.00
$1,404,488.01
100% 2013*
$16,100.00
$1,420,588.01
100% 2014*
$16,100.00
$1,436,688.01
100% 2015*
$16,100.00
$1,452,788.01
100% 2016*
$16,100.00
$1,468,888.01
100% 2017*
$16,100.00
$1,484,988.01
Stephen Riley
Principal
TIF Rebate
$1,484,988.01
100% 2010*
$19,498.00
$1,504,486.01
100% 2011*
$19,498.00
$1,523,984.01
100% 2012*
$19,498.00
$1,543,482.01
100% 2013*
$19,498.00
$1,562,980.01
100% 2014*
$19,498.00
$1,582,478.01
100% 2015*
$19,498.00
$1,601,976.01
Maurer
Principal
TIF Rebate
$1,601,976.01
100% 2011*
$114,325.00
$1,716,301.01
100% 2012*
$114,325.00
$1,830,626.01
100% 2013*
$114,325.00
$1,944,951.01
100% 2014*
$114,325.00
$2,059,276.01
100% 2015*
$114,325.00
$2,173,601.01
100% 2016*
$114,325.00
$2,287,926.01
100% 2017*
$114,325.00
$2,402,251.01
100% 2018*
$114,325.00
$2,516,576.01
100% 2019*
$114,325.00
$2,630,901.01
100% 2020*
$114,325.00
$2,745,226.01
Resolution No. 2009-1171
Page 3
1999 GO Bonds Refinanced -
Deduct Old Debt Service
Principal
-$82,507.00
1999 GO Bonds
$2,662,719.01
Interest
-$29,395.00
$2,633,324.01
1999 GO Bonds Refinanced - Add
New Debt Service - Fund 407
Principal
$82,971.00
2007 GO Bonds
$2,716,295.01
Interest
$23,222.00
$2,739,517.01
Martin Road Dev.
(taxable)
FY 2007
Principal
$50,000.00
2007 GO Bonds
$2,789,517.01
Interest
$17,728.00
$2,807,245.01
Martin Road Dev.
(taxable)
FY 2008
Principal
$80,000.00
2008 GO Bonds
$2,887,245.01
Interest
$25,000.00
$2,912,245.01
orstang Purchase
FY 2009
Principal
$196,020.00
Advance
$3,108,265.01
*Estimated
Exhibit "B"
Cumulative as of June 30, 2009
Project Designation: Martin Road Tax Increment Redevelopment
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 03.19(2)
No.
Year Received
Amount Received
from Payments
under Sec. 402.12(2
Other Revenue
Received
Cumulative Amount
1
FY 1997
$0.00
Amount
$0.00
2
FY 1998
$0.00
Principal
$0.00
3
FY 1999
$3,573.58
$57,473.78
$3,573.58
4
FY 2000
$7,314.98
$10,888.56
5
FY 2001
$76,616.52
$87,505.08
6
FY 2002
$60,214.96
$147,720.04
7
FY 2003
$67,780.85
$215,500.89
8
FY 2004
$74,966.48
$290,467.37
9
FY 2005
$123,495.49
$413,962.86
10
FY 2006
$150,499.75
$564,462.61
11
FY 2007
$171,278.42
$101,903.67
$837,644.70
12
FY 2008
$204,129.43
$18,939.01
$1,060,713.14
13
FY 2009
$255,746.77
$5,108.00
$1,321,567.91
13
FY 2010*
$255,000.00
$1,576,567.91
* Estimated
Exhibit "A"
July 1, 2005 - June 30, 2006 (ANNUAL)
Project Designation: Martin Road Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
No.
Date of Issuance
or Expenditure
Source
Description of
Indebtedness
Cumulative
Amount
Amount
Incurred
Martin Road
Development
FY 2006
Principal
$100,000.00
GO Bonds
$100,000.00
Interest
$57,473.78
GO Bonds
$157,473.78
Resolution No. 2009-1171
Page 4
Wilbert Vault
Rebates
Principal
TIF Rebates
$157,473.78
90% 2008*
$22,302.00
$179,775.78
90% 2009*
$22,302.00
$202,077.78
90% 2010*
$22,302.00
$224,379.78
90% 2011*
$22,302.00
$246,681.78
90% 2012*
$22,302.00
$268,983.78
90% 2013*
$22,302.00
$291,285.78
90% 2014*
$22,302.00
$313,587.78
90% 2015*
$22,302.00
$335,889.78
90% 2016*
$22,302.00
$358,191.78
Rain Soft Rebates
Principal
TIF Rebates
$358,191.78
100% 2010*
$11,100.00
$369,291.78
100% 2011*
$11,100.00
$380,391.78
100% 2012*
$11,100.00
$391,491.78
100% 2013*
$11,100.001
$402,591.78
100% 2014*
$11,100.00
$413,691.78
*Estimated
PASSED AND ADOPTED this 23rd day of November, 2009.
Tim Hurley, May
ATTEST:
0 Fo a w;
Carol Failor, Deputy City Clerk