HomeMy WebLinkAbout2010-1052-11/22/20104
RESOLUTION NO. 2010-1052
RESOLUTION AUTHORIZING CERTIFICATION TO THE
COUNTY AUDITOR THE CITY'S EXPENDITURES THAT
QUALIFY FOR REIMBURSEMENT FROM THE TAX
INCREMENT FUND IN THE LOGAN AVENUE TAX
INCREMENT DISTRICT.
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 in the
Logan Avenue Tax Increment District, as indicated in attached
Exhibit "A", be and the same is hereby approved.
PASSED AND ADOPTED this 22nd day of November, 2010.
Ernest G. Clark, Mayor
ATTEST:
Suzy Sc ares, CMC
City Clerk
Exhibit "A"
June 30, 2010
Project Designation: Logan Avenue Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Sect -inn 403.19(21
NO.
DATE OF
ISSUANCE OR
EXPENDITURE
SOURCE
DESCRIPTION OF INDEBTNESS
Cumulative
Amount
AMOUNT
INCURRED
Land Acquisition
6/1/2004
Principal
$522,545.25
Contract
$522,545.25
Interest
$122,659.86
$645,205.11
Misc. Improvements
FY2002 Bonds
Principal
$19,598.08
2002 GO Bonds
$664,803.19
Interest
$6,945.64
$671,748.83
Hy Vee Lease
FY2005
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
Princi al
$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
$975,961.67
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
Logan TIF Improvements
Fund 410 taxable
Principal
$100,000.00
2010 GO Bonds
$1,192,439.67
Interest
$18,155.28
$1,210,594.95
2002 GO Bonds Refinanced - Deduct Old
Debt Service
Principal
$13,762.14
2008 GO Bonds
$1,196,832.81
Interest
$3,173.13
$1,193,659.68
2002 GO Bonds Refinanced - Add New Debt
Service -Fund 410
Principal
$14,028.16
2010 GO Bonds
$1,207,687.84
Interest
$1,645.58
$1,209,333.42
Logan Plaza Retail Building 100% 2012*
100% 2013*
100% 2014*
100% 2015*
100% 2016*
100% 2017*
Principal
$37,584.00
IRebate
$1,246,917.42
$37,584.00
$1,284,501.42
$37,584.00
$1,322,085.42
$37,584.00
$1,359,669.42
$37,584.00
$1,397,253.42
$37,584.00
$1,434,837.42
Walgreen's 100% 2012*
100% 2013*
100% 2014*
100% 2015*
100% 2016*
Principal
$53,430.00
Rebate
$1,488,267.42
$53,430.00
$1,541,697.42
$53,430.00
$1,595,127.42
$53,430.00
$1,648,557.42
$53,430.00
$1,701,987.42
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
No. Year Received
Received
Other Revenue
Cumulative Amount
1
FY2005
$0.00
$0.00
$0.00
2
FY2006
$0.00
$0.00
$0.00
3
FY2007
$45,666.48
$0.00
$45,666.48
4
FY2008
$146,296.25
$1,481.70
$193,444.43
5
FY2009
$163,601.69
$527.23
$357,573.35
6
FY2010
$163,569.43
$128.91
$521,271.69
7
FY2011*
$236,400.00
$0.00
$757,671.69
- Estimated