HomeMy WebLinkAbout2009-1166-11/23/2009RESOLUTION NO. 2010-1166
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: San Marnan Tax Increment Development 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
Land Acquisition FY 1999
$548,856.00
Contract Debt
$548,856.00
Interest FY 02
$106,427.98
$655,283.98
Interest FY 03
$42,502.01
$697,785.99
Interest FY 04
$16,795.35
$714,581.34
Interest FY 05
$11,094.86
$176,820.20
Interest FY 06
$12,570.24
$82,962.46
Interest FY 07
$12,303.70
$52,764.15
Interest FY 08
$7,665.09
$758,215.23
Road FY 1999
Recording Fees FY 99
Design & Construction Eng.
Construction of Road & Sewer
Financing FY 98-00
Principal
$2,373.60
GO Bonds
$760,588.83
Principal
$15,419.70
GO Bonds
$776,008.53
Principal
$78,364.41
GO Bonds
$854,372.94
Interest
$64,919.28
GO Bonds
$919,292.22
GMAC Tax Rebates
Principal
TIF Rebate
75% 2003
$126,460.50
$1,045,752.72
60% 2004
$121,497.60
$1,167,250.32
45% 2005
$105,821.10
$1,273,071.42
30% 2006
$72,557.49
$1,345,628.91
15% 2007
$31,691.70
$1,377,320.61
Resolution No. 2009-1166
Page 2
VGM Tax Rebates
Principal
Amount Received from
Payments under Section
402.12(2)
TIF Rebate
Cumulative Amount
50% 2009
$50,788.00
$1,428,108.61
50% 2010
$103,440.00
$1,531,548.61
50% 2011
$103,440.00
$1,634,988.61
50% 2012
$103,440.00
$1,738,428.61
50% 2013
$103,440.00
$1,841,868.61
CV Medical HQ
Principal
$0.00
TIF Rebate
$0.00
50% 2009
$117,232.07
$1,959,100.68
50% 2010
$80,116.64
$2,039,217.32
50% 2011
$80,116.64
$2,119,333.96
50% 2012
$80,116.64
$2,199,450.60
50% 2013
$36,721.97
$2,236,172.5
Financial Resource Advisors
Principal
TIF Rebate
100% 2011*
$77,245.92
$2,313,418.49
100% 2012*
$77,245.92
$2,390,664.41
100% 2013*
$77,245.92
$2,467,910.33
100% 2014*
$77,245.92
$2,545,156.25
100% 2015*
$77,245.92
$2,622,402.17
100% 2016*
$77,245.92
$2,699,648.09
100% 2017*
$40,167.88
$2,739,815.97
CBE Land Purchase
Principal
$740,000.00
2005 GO Bonds
$3,479,815.97
Interest
$245,900.00
2005 GO Bonds
$3,725,715.97
VGM Access Road
Principal
$600,000.00
2005 GO Bonds
$4,325,715.97
Interest
$197,330.00
2005 GO Bonds
$4,523,045.97
VGM Fund 406 - FY 2006
Principal
$400,000.00
2006 GO Bonds
$4,923,045.97
Interest
$223,315.02
2006 GO Bonds
$5,146,360.99
San Marnan Development
Fund 407 - FY 2007
Principal
$100,000.00
2007 GO Bonds
$5,246,360.99
Interest
$35,153.50
2007 GO Bonds
$5,281,514.49
an Marnan Development
Fund 408 - FY 2008
Principal
$200,000.00
2008 GO Bonds
$5,481,514.49
Interest
$59,000.00
2008 GO Bonds
$5,540,514.49
*Estimated
Exhibit "B"
June 30, 2009
Project Designation: San Marnan Tax Increment Development 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 1997
$0.00
$0.00
2
FY 1998
$0.00
$0.00
3
FY 1999
$0.00
$0.00
4
FY 2000
$0.00
$0.00
5
FY 2001
$0.00
$0.00
6
FY 2002
$115,934.72
$115,934.72
7
FY 2003
$146,872.14
$180,000.001$442,806.86
Resolution No. 2009-1166
Page 3
8
FY 2004
$177,843.34
$620,650.20
9
FY 2005
$205,851.80
$826,502.00
10
FY 2006
$214,330.06
$1,040,832.06
11
FY 2007
$199,764.79
$6,118.47
$1,246,715.32
12
FY 2008
$395,258.07
$10,724.47
$1,652,697.86
13
FY 2009
$690,161.90
$1,252.06
$2,344,111.82
14
FY 2010*
$690,000.00
$3,034,111.82
*Estimated
PASSED AND ADOPTED this 23rd day of November, 2009.
Tim Hurley, Mayor
ATTEST:
QOKkt T� d&
Carol Fai or, Deputy City Clerk