HomeMy WebLinkAbout1989-047-02.06.1989 RESOLUTION NO. 1989-47
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 RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA, that the
Clerk/Auditor 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 "I"
Project Designation: Downtown Waterloo Urban Renewal and Redevelopment Program
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
Description of
Date of Issuance Indebtedness Cumulative
No. or Expenditure Source Amount Incurred Amount
#147 West Park Avenue Contract 273,409.61 Advance 273,409.61
Paving
#91 Bridge Canopy Contract 273,433.57 Advance 846,843.18
#152 Fourth Street Contract 323,983.56 Advance 1,170,826.74
Paving
#28 Bridge Lighting Contract 14,396.40 Advance 1,185,223.14
Phase I Study Contract 15,000.00 Advance 1,200,223.14
Phase II Study Contract 152,553.00 Advance 1,352,776. 14
613 Water Acquisition Contract 72,500.00 Advance 1,425,276.14
UDAG #1 7/17/80 Principal 1,001,627.00 G.O. Bonds 2,426,903.14
Interest 428,749.00 G.O. Bonds 2,855,652.14
Phase III
Study 12/20/80 Contract 111,000.00 Advance 2,966,652.14
UDAG #2 7/6/81 Principal 774,990.00 G.O. Bonds 3,741,642.14
Interest 422,256.23 G.O. Bonds 4,163,898.37
West Side 7/15/82 Principal 4,725,000.00 G.O. Bonds 8,888,898.37
Parking Interest 4,779,262.50 G.O. Bonds 13,668,160.87
Ramp
East Side 8/1/83 Principal 1,500,000.00 G.O. Bonds 15,168,160.87
Parking Interest 1,073,981.25 G.O. Bonds 16,242,142.12
Ramp
East Side 8/1/84 Principal 350,000.00 G.O. Bonds 16,592,142.12
Parking Interest 325,777.00 G.O. Bonds 16,917,919.12
Facility
Conway 8/1/84 Principal 100,000.00 G.O. Bonds 17,017,919.12
Plaza Skywalk Interest 93,079.00 G.O. Bonds 17,110,998.12
Resolution No. 1989-47
Page 2
EXHIBIT "I" (Continued)
Project Designation: Downtown Waterloo Urban Renewal and Redevelopment Program
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
Description of
Date of Issuance Indebtedness Cumulative
No. or Expenditure Source Amount Incurred Amount
East Fifth 5/85 Principal 50,000.00 G.O. Bonds 17,160,998.12
Street Parking Interest 46,539.50 G.O. Bonds 17,207,537.62
Ramp
Tax Redeemed 5/85 Contract 5,004.49 Advance 17,212,542.11
Properties
Skywalk 8/85 Contract 25,000.00 Advance 17,237,542.11
Feasibility Study
317 East 4th 12/85 Contract 12,000.00 Advance 17,249,542.11
East Fifth 5/86 Principal 50,000.00 G.O. Bonds 17,299,542.11
Parking Ramp 37,051.09 17,336,593.20
Ellis Hotel 8/86 Contract 15,000.00 Advance 17,351,593.20
Demolition
Ellis Hotel 8/86 Contract 27,500.00 WIDA 17,379,093.20
Demolition Advance
Paving 6/87 Principal 360,000.00 G.O. Bonds 17,739,093.20
Interest 233,134.09 17,972,227.29
400 blk E. 4th Street
500 blk Lafayette
East Fifth 6/87 Principal 100,000.00 G.O. Bonds 18,072,227.29
Street Parking Ramp Interest 64,759.47 18,136,986.76
Conway Plaza 6/87 Principal 100,000.00 G.O. Bonds 18,236,986.76
Phase I Skywalk Refinancing Interest 64,759.47 18,301,746.23
4th Street 5/88 Contract 127,000.00 Advance 18,428,746.23
Bridge Covered Walkway
EXHIBIT "J"
Project Designation: Downtown Waterloo Urban Renewal and Redevelopment Program
Schedule 2
Tax Increment Reimbursement Received
Under Section 403.19(2)
Amount Received from
No. FY Year Received Payments under Section 402.12(2) Cumulative Amount
1 FY 1977 22,566.19 22,566.19
2 FY 1978 50,863.50 73,429.69
3 FY 1979 163,010.80 236,440.49
4 FY 1980 216,795.08 453,235.57
5 FY 1981 319,027.40 772,262.97
6 FY 1982 385,731.14 1,157,994.11
7 FY 1983 476,100.00 1,634,094.11
Resolution No. 1989-47
Page 3
EXHIBIT "J" (Continued)
Project Designation: Downtown Waterloo Urban Renewal and Redevelopment Program
0
a Schedule 2
Tax Increment Reimbursement Received
•
Under Section 403.19(2)
ti
Amount Received from
No. FY Year Received Payments under Section 402.12(2) Cumulative Amount
FY 1984 534,281.00 2,168,375.11
•
9 FY 1985 582,411.43 2,750,786.54
H :5
10 FY 1986 773,667.04 3,524,453.58
H a
11 FY 1987 829,625.00 4,354,078.58
"4
12 FY 1988 778,965.94 5,133,044.52
13 O C FY 1989 676,249.00 5,809,293.52
14 tr. C FY 1990 850,000.00* 6,659,293.52
- Estimated
PASSED AND ADOPTED this 6th day of February, 1989.
Robert J. Btown, Mayor Pro Tem
ATTEST:
Larry . B ger, City lerk/Auditor