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Home My WebLink About2010-1053-11/22/2010RESOLUTION NO. 2010-1053 RESOLUTION AUTHORIZING CERTIFICATION TO THE COUNTY AUDITOR THE CITY'S EXPENDITURES THAT QUALIFY FOR REIMBURSEMENT FROM THE TAX INCREMENT FUND IN THE MARTIN ROAD 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 Martin Road Tax Increment District, as indicated in attached Exhibit "A" and Exhibit "B", be and the same are hereby approved. PASSED AND ADOPTED this 22nd day of November, 2010. Ernest G. Clark, Mayor ATTEST: Suzy Sc ares, CMC City Clerk Exhibit "A Cumulative as of June 30, 2010 Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement TT -4., Cvr+;— AM 1Q01 NO. DATE OF ISSUANCE OR EXPENDITURE SOURCE DESCRIPTION OF INDEBTNESS 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 & SewerFinancin FY 1999 - 2001 Principal $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 FY2006 Principal $100,000.00 2006 GO Bonds $946,511.41 Interest $57,473.78 $1,003,985.19 Denso Tax Rebates 30%2007 30%2008 30%2009 30%2010 30% 2011* Principal TIF Rebate $1,003,985.19 $14,055.53 $1,018,040.72 $17,072.82 $1,035,113.54 $18,329.83 $1,053,443.37 $18,115.17 $1,071,558.54 $18,616.00 $1,090,174.54 Wilbert Vault Rebates 90%2008 90%2009 90%2010 90% 2011* 90% 2012* 90% 2013* 90% 2014* 90% 2015* 90% 2016* Principal TIF Rebate $25,367.50 $1,115,542.04 $25,045.82 $1,140,587.86 $24,686.00 $1,165,273.86 $24,686.00 $1,189,959.86 $24,686.00 $1,214,645.86 $24,686.00 $1,239,331.86 $24,686.00 $1,264,017.86 $24,686.00 $1,288,703.86 $3,347.09 $1,292,050.95 Rain Soft Rebates 100.2009 100% 2010 100% 2011* 100% 2012* 100% 2013* Principal TIF Rebate $1,292,050.95 $12,844.23 $1,304,895.18 $12,698.00 $1,317,593.18 $12,698.00 $1,330,291.18 $12,698.00 $1,342,989.18 $12,698.00 $1,355,687.18 Young Development 100% 2010 100% 2011* 100% 2012* 100% 2013* 100% 2014* 100% 2015* 100% 2016* 100% 2017*1 Principal TIF Rebate $1,355,687.18 $16,100.00 $1,371,787.18 $16,100.00 $1,387,887.18 $16,100.00 $1,403,987.18 $16,100.00 $1,420,087.18 $16,100.00 $1,436,187.18 $16,100.00 $1,452,287.18 $16,100.00 $1,468,387.18 $16,100.00 $1,484,487.18 Exhibit "A Cumulative as of June 30, 2010 Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under SOction 403.19(21 Stephen Riley 100% 2010 100% 2011* 100% 2012* 100% 2013* 100% 2014* 100% 2015* Principal TIF Rebate $1,484,487.18 $19,498.00 $1,503,985.18 $19,498.00 $1,523,483.18 $19,498.00 $1,542,981.18 $19,498.00 $1,562,479.18 $19,498.00 $1,581,977.18 $19,498.00 $1,601,475.18 Maurer 100% 2011* 100% 2012* 100% 2013* 100% 2014* 100% 2015* 100% 2016* 100% 2017* 100% 2018* 100% 2019* 100% 2020* Principal TIF Rebate $1,601,475.18 $114,325.00 $1,715,800.18 $114,325.00 $1,830,125.18 $114,325.00 $1,944,450.18 $114,325.00 $2,058,775.18 $114,325.00 $2,173,100.18 $114,325.00 $2,287,425.18 $114,325.00 $2,401,750.18 $114,325.00 $2,516,075.18 $114,325.00 $2,630,400.18 $114,325.00 $2,744,725.18 1999 GO Bonds Refinanced - Deduct Old Debt Service Principal -$82,507.00 1999 GO Bonds $2,662,218.18 Interest -$29,395.00 $2,632,823.18 1999 GO Bonds Refinanced - Add New Debt Service - Fund 407 Principal $82,971.00 GO Bonds $2,715,794.18 Interest2007 $23,222.00 $2,739,016.18 Martin Road Dev. (taxable) FY2007 Principal $ 50,000.00 2007 GO Bonds $2,789,016.18 Interest $ 17,728.00 $2,806,744.18 Martin Road Dev. taxable FY 2008 Principal $ 80,000.00 2008 GO Bonds $2,886,744.18 Interest $ 25,000.00 $2,911,744.18 Corstang Purchase FY2009 Principal $196,020.00 Advance $3,107,764.18 San Sewer Desi—JF-Y2010 Principal $558.00 Advance $3,108,322.18 2002 GO Bonds Refinanced - Deduct Old Debt Service Principal $29,403.282002 GO Bonds $3,078,918.90 Interest $5,907.08 $3,073,011.82 2002 GO Bonds Refinanced - Add New Debt Service - Fund 410 Principal $29,639.76 GO Bonds $3,102,651.58 Interest2010 $3,063.42 $3,105,715.00 *estimated EXHIBIT "B" Cumulative as of June 30, 2010 Project Designation: Martin Road Tax Increment Redevelopment Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Year Rec Amount eceive from Payments under Sec. 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 $3,573.58 $3,573.58 4 FY 2000 $7,314.98 $10,888.56 5 FY 2001 $76,616.52 $87,505.08 61 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 FY2005 $123,495.49 $413,962.86 10 FY2006 $150,499.75 $564,462.61 11 FY2007 $171,278.42 $101,903.67 $837,644.70 12 FY2008 $204,129.43 $18,939.01 $1,060,713.14 13 FY2009 $255,746.77 $5,108.00 $1,321,567.91 14 FY2010 $249,984.54 $460.98 $1,572,013.43 15 FY2011-1 $392,061.00 $1,964,074.43 * - Estimated Exhibit "A 7/1/05 - 06/30/2006 - ANNUAL Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19121 NO. DATE OF ISSUANCE OR EXPENDITURE SOURCE DESCRIPTION OF INDEBTNESS Cumulative Amount AMOUNT INCURRED Martin Road Development FY2006 Principal $100,000.00 G.O. Bonds G.O. Bonds $100,000.00 Interest $57,473.78 $157,473.78 Wilbert Vault Rebates 90% 2008* 90% 2009* 90% 2010* 90% 2011 * 90% 2012* 90% 2013* 90% 2014* 90% 2015* 90% 2016* Principal TIF Rebates $157,473.78 $22,302.00 $179,775.78 $22,302.00 $202,077.78 $22,302.00 $224,379.78 $22,302.00 $246,681.78 $22,302.00 $268,983.78 $22,302.00 $291,285.78 $22,302.00 $313,587.78 $22,302.00 $335,889.78 $22,302.00 $358,191.78 Rain Soft Rebates 100% 2010* 100% 2011* 100% 2012* 100% 2013* 100% 2014*1 Principal TIF Rebates $358,191.78 $11,100.00 $369,291.78 $11,100.00 $380,391.78 $11,100.00 $391,491.78 $11,100.00 $402,591.78 $11,100.00 $413,691.78 *estimated