HomeMy WebLinkAbout1990-072-02.05.1990 RESOLUTION NO. 1990-72
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:
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
No. or Expenditures Source Amount Incurred Cumulative Amount
#147 West Park Avenue Contract $ 273,409.61 Advance $ 273,409.61
Paving
#91 Bridge Canopy Contract $ 573,433.57 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 7/06/81 Principal $ 774,990.00 G.O. Bonds $ 3,741,642.14
Interest $ 442,256.23 G.O. Bonds $ 4,163,898.37
West Side
Parking 7/15/82 Principal $4,725,000.00 G.O. Bonds $ 8,888,898.37
Ramp Interest $4,779,262.50 G.O. Bonds $13,668,160.87
East Side
Parking 8/01/83 Principal $1,500,000.00 G.O. Bonds $15,168,160.87
Ramp Interest $1,073,981.25 G.O. Bonds $16,242,142.12
East Side
Parking 8/01/84 Principal $ 350,000.00 G.Q. Bonds $16,592,142.12
Facility Interest 325,777.00 G.O. Bonds $16,917,919.12
Resolution No. 1990-72
Page 2
Description of
Date of Issuance Indebtedness
No. or Expenditures Source Amount Incurred Cumulative Amount
Conway
Plaza 8/01/84 Principal $ 100,000.00 G.O. Bonds $17,017,919.12
Skywalk Interest 93,079.00 G.O. Bonds $17,110,998.12
East Fifth St.
Parking 5/85 Principal $ 50,000.00 G.O. Bonds $17,160,998.12
Ramp Interest 46,539.50 G.Q. Bonds $17,207,537.62
Tax Redeemed
Properties 5/85 Contract $ 5,004.49 Advance $17,212,542.11
Skywalk
Feasibility
Study 8/85 Contract $ 25,000.00 Advance $17,237,542.11
317 E. 4th
Longfellow
Property 12/85 Contract $ 12,000.00 Advance $17,249,542.11
East Fifth Parking Principal $ 50,000.00 G.O. Bonds $17,299,542.11
Ramp 5/86 Interest 37,051.09 G.O. Bonds $17,336,593.20
Ellis Hotel
Demolition 8/86 Contract $ 15,000.00 Advance $17,351,593.20
Ellis Hotel Contract $ 27,500.00 WIDA
Demolition 8/86 Advance
Paving 6/87 Principal $ 360,000.00 G.O. Bonds $17,739,093.20
Interest 233,134.09 G.O. Bonds $17,972,227.29
400 blk E. Fourth Street
500 blk Lafayette
East Fifth Principal $ 100,000.00 G.O. Bonds $18,072,227.29
Street Parking Ramp 6/87 Interest 64,759.47 $18,136,986.76
Conway Plaza Phase I Principal $ 100,000.00 G.O. Bonds $18,236,986.76
Skywalk Refinancing 6/87 Interest 64,759.47 $18,301,746.23
4th St. Bridge Covered
Walkway 6/88 Contract $ 127,000.00 Advance $18,428,746.23
Conway Plaza
Skywalk 7/88 & 7/89 Loan $ 132,625.00 Advance $18,561,371.23
Project Designation: Downtown Waterloo Urban Renewal and Redevelopment Program
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
Amount Received from
No. Year Received Payments under Sec. 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
Resolution No. 1990-72
Page 3
Amount Received from
No. Year Received Payments under Sec. 402.12(2) Cumulative Amount
5 FY 1981 $ 319,027.40 $ 772,262.97
6 FY 1982 $ 385,731.14 $ 1,157,994.11
/ FY 1983 $ 476,100.00 $ 1,634,094.11
8 FY 1984 $ 534,281.00 $ 2,168,375.11
9 FY 1985 $ 582,411.43 $ 2,750,786.54
10 FY 1986 $ 773,667.04 $ 3,524,453.58
11 FY 1987 $ 829,625.00 $ 4,354,078.58
12 FY 1988 $ 778,965.94 $ 5,133,044.52
13 FY 1989 $ 607,992.00 $ 5,741,036.52
14 FY 1990 $ 857,787.00* $ 6,598,823.52
15 FY 1991 $ 900,000.00* $ 7,498,823.52
*Estimated
PASSED AND ADOPTED this 5th day of February, 1990.
Robert J. Brown, Mayor Pro Tem
ATTEST:
L . ry P. ger, City erk/Auditor
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