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Home My WebLink About2010-1054-11/22/2010RESOLUTION NO. 2010-1054 RESOLUTION AUTHORIZING CERTIFICATION TO THE COUNTY AUDITOR THE CITY'S EXPENDITURES THAT QUALIFY FOR REIMBURSEMENT FROM THE TAX INCREMENT FUND IN THE MIDPORT/AIRPORT 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 MidPort/Airport 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. L Ernest G. Clark, Mayor ATTEST: ;Suzy Sc a €s, CMC City Clerk EXHIBIT "A" Cumulative as of June 30, 2010 Project Designation: Airport Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Date Of Issuance or Expenditure Source Amount Description of Indebtedness incurred Cumulative Amount Site Development FY 1996 Principal $220,648.35 1996 GO Bonds $220,648.35 MidPort Blvd. FY 1996 Principal $170,748.90 1996 GO Bonds $391,397.25 Rail Improvements FY 1996 Principal $8,682.75 1996 GO Bonds $400,080.00 Interest $205,357.39 1996 GO Bonds $605,437.39 Loan - Cedar Falls BDC Principal $10,000.00 ADVANCE $615,437.39 Interest 97-00 $1,058.63 $616,496.02 Interest FY 01 $300.00 $616,796.02 Interest FY 02 $275.00 $617,071.02 Basic Materials (AADA) FY 1997 Principal $100,000.00 ADVANCE $717,071.02 Interest 97-00 $10,561.65 $727,632.67 Interest FY 01 $3,000.00 $730,632.67 Interest FY 02 $3,000.00 $733,632.67 Interest FY 03 $3,180.82 $736,813.49 Interest FY04 $2,537.26 $739,350.75 Interest FY05 $2,400.00 $741,750.75 Interest FY06 $2,100.00 $743,850.75 Interest FY07 $1,800.00 $745,650.75 Interest FY08 $1,500.00 $747,150.75 Interest FY09 $1,200.00 $748,350.75 Interest FY10 $900.00 $749,250.75 Interest FY11 $600.00 $749,850.75 InterestFY12 $300.00 $750,150.75 MIDPORT BLVD. RISE PHASE 1 6/97 Principal $129,945.07 1997 GO Bonds $880,095.82 Rail Spur Improvements FY 97 Princi al $116,629.00 1998 GO Bonds $996,724.82 Interest $119,366.30 1998 GO Bonds $1,116,091.12 Site Development FY 98 Principal $141,120.56 1998 GO Bonds $1,257,211.68 MidPort Blvd. FY 98 Principal $47,137.12 1998 GO Bonds $1,304,348.80 Rail Spur Improvements FY 98 Principal $77,449.07 1998 GO Bonds $1,381,797.87 Interest $123,689.79 1998 GO Bonds $1,505,487.66 Site Development FY 99 Principal $28,285.68 1999 G O Bonds $1,533,773.34 MidPort Blvd. FY 99 Principal $266,086.66 1999 G O Bonds $1,799,860.00 Sanitary Sewer FY 99 Principal $793,792.01 1999 G O Bonds $2,593,652.01 Interest $707,864.43 1999 G O Bonds $3,301,516.44 Site Development FY 00 Principal $106,524.92 2000 GO Bonds $3,408,041.36 Interest $55,651.00 $3,463,692.36 Sanitary Sewer FY 98-99 Principal $214,142.37 Advance $3,677,834.73 CB Richard Ellis Principal $210,000.00 Contract $3,887,834.73 Water Tap - WTT Principal $4,535.93 Advance $3,892,370.66 Water Tap - Adv. Heat Treat Principal $6,531.29 Advance $3,898,901.95 WTT Properties Tax Rebate TIF Rebate $29,912.18 $31,504.14 $32,634.15 Agreement 100% 2001 $3,928,814.13 100% 200 $3,960,318.27 100% 200 $3,992,952.42 Clear Windows Rebate TIF Rebate Agreement Page 1 of 3 EXHIBIT "A" Cumulative as of June 30, 2010 Project Designation: Airport Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19121 75%2004 $13,243.08 006195.50 60%2005 $0.00 006195.50 45% 2006 $14,526.00 $4,020,721.50 30% 2007 $8,715.58 $4,029,437.08 15% 2008 $2,346.00 $4,031,783.08 Advanced Heat Treat Rebate TIF Rebate Agreement 100%2002 $43,149.60 $4,074,932.68 100%2003 $44,697.34 $4,119,630.02 100% 2004 $46,099.04 $4,165,729.06 Fed Ex Tax Rebate TIF Rebate Agreement 50%2008 $24,433.25 190162.31 50%2009 $26,224.00 $4,216,386.31 50%2010 $25,916.00 $4,242,302.31 50% 2011* $26,294.00 $4,268,596.31 50% 2012* $26,294.00 $4,294,890.31 Criterion Tax Rebate TIF Rebate Agreement 50%2008 $3,119.76 $4,298,010.07 50%2009 $3,080.18 $4,301,090.25 50%2010 $3,036.00 304126.25 50% 2011* $3,036.00 307162.25 50% 2012* $3,036.00 310198.25 Advanced Heat Treat Rebate II TIF Rebate Agreement 50%2010 $37,584.00 $4,347,782.25 50% 2011* 7,584.00 $4,385,366.25 50% 2012* $37,584.00 $4,422,950.25 50% 2013* $37,584.00 $4,460,534.25 50% 2014* $37,384.00 $4,498,118.25 50% 2015* $37,584.00 $4,535,702.25 50% 2016* $22,55000 $4,558,252.25 Magee Properties Rebate TIF Rebate Agreement 50%2009 $6,126.00 $4,564,378.25 50%2010 $6,054.00 $4,570,432.25 50% 2011* $6,126.00 $4,576 558.25 50% 2012* $6,126.00 582 684.25 50% 2013* $6,126.00 $4,588,810.25 Accurate Gear Rebate TIF Rebate Agreement 50% 2013* $6,372.00 595182.25 50% 2014* $6,372.00 601554.25 50% 2015* $6,372.00 $4,607,926.25 50% 2016* $6,372.00 $4,614,298.25 50% 2017* $6,372.00 $4,620,670.25 ConAjua Rebate TIF Rebate Agreement 90%2010 $440,056.00 $5,060,726.25 90% 2011* $440,056.00 $5,500,782.25 90% 2012* $440,056.00 $5,940,838.25 90% 2013* $440,056.00 $6,380,894.25 90% 2014* $440,056.00 $6,820,950.25 90% 2015* $440,056.00 7 261 006.25 90% 2016* $440,056.00 $7,701,062.25 90% 2017* $440,056.00 $8,141,118.25 80% 2018* $391,160.00 $8,532,278.25 80% 2019* $391,160.00 $8,923,438.25 70% 2020* $342,266.00 $9,265,704.25 70% 2021* $342,266.00 $9,607,970.25 70% 2022* $342,266.00 $9,950,236.25 60% 2023* $293,370.00 $10,243,606.25 60% 2024* $293,370.00 $10,536,976.23 60% 2025* $293,370.00 $10,830,346.25 50% 2026* $244,476.00 $11,074,822.25 50% 2027* $244,476.00 $11,319,298:25 50% 2028* $244,476.00 $11,563,774.25 50% 2029* $244,476.00 $11,808,250.25 Cedar Valley Economic Development (Marketing) Principal $4,500.00 Contract $11,812,750.25 Midport Sign Fund 412 Principal $51,825.00 412 GO Bonds $11,864,575.25 Interest $23,665.40 412 GO Bonds $11,888,240.65 Page 2 of 3 EXHIBIT "A" Cumulative as of June 30, 2010 Project Designation: Airport Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) Midport Sign Fund 411 Principal $11,069.00 411 GO Bonds $11,899,309.65 Interest $7,637.70 411 GO Bonds $11,906,947.35 Cedar Valley FY2004 Principal $17,500.00 Contract $11,924,447.35 Fund 413 Taxable Principal $200,000.00 413 GO Bonds $12,124,447.35 Interest $76,609.00 $12,201,056.35 Fund 413 Taxable - Reallocate out of Mid ort Principal $102,488.00 413 GO Bonds $12,098,568.35 Interest $38,889.00 $12,059,679.35 Fund 413 Tax Exempt Principal $100,000.00 413 GO Bonds $12,159,679.35 Interest $26,177.00 $12,185,856.35 Fund 413 Tax Exempt - Reallocate out of Mid ort Principal $55,358.8 413 GO Bonds $12,130,497.48 Interest $14,490.00 $12,116,007.48 Fund 413 Tax Exempt - Reallocate to Chamberlain Principal $41,466.93 413 GO Bonds $12,074,540.55 Interest $10,856.00 $12,063,684.55 Fund 414 Taxable - Reallocate out of NE Ind Park Principal $1,000.00 414 GO Bonds $12,064,684.55 Interest $488.00 $12,065,172.55 Greater Cedar Valley Alliance FYE2005 $17,500.00 Principal Contract $12,082,672.55 Greater Cedar Valley Alliance FYE2006 $17,500.00 Principal Contract $12,100,172.55 Greater Cedar Valley Alliance FYE2007 $17,500.00 Principal Contract $12,117,672.55 Greater Cedar ey iance FYE2008 $32,000.00 Principal Contract $12,149,672.55 Greater Cedar Valley Alliance FYE2009 $32,000.00 Principal Contract $12,181,672.55 Greater Cedar Valley Alliance FYE2010 $32,000.00 Principal Contract $12,213,672.55 1998 GO Bonds Refinanced - Deduct Old Debt Service Principal ($153,991.00) 1998 GO Bonds $12,059,681.55 Interest ($25,186.00) $12,034,495.55 1999 GO Bonds Refinanced - Deduct Old Debt Service Principal ($482,216.00) 1999 GO Bonds $11,552,279.55 Interest $173,967.00) $11,378,312.55 1998 GO Bonds Refinanced - Add New Debt Service Principal $155,051.00 2007 GO Bonds $11,533,363.55 Interest $22,397.00 $11,555,760.55 1999 GO Bonds Refinanced - Add New Debt Service Principal $485,540.00 2007 GO Bonds $12,041,300.55 Interest $135,891.00 $12,177,191.55 Fund 409 Taxable Principal $155,000.00 2009 GO Bonds $12,332,191.55 Interest $37,543.26 $12,369,734.81 Welter Purchase Principal $349,018.34 Advance $12,718,753.15 WIDA Purchase Principal $14,367.18 Advance $12,733,120.33 LaFor e Grant Principal $214,463.00 Advance $12,947,583.33 FAA Land Release Principal $111,618.00 Advance $13,059,201.33 2002 GO Bonds Refinanced - Deduct Old Debt Service Principal $36,825.00 1999 GO Bonds $13,022,376.33 Interest $146,172.66 $12,876,203.67 2002 GO Bonds Refinanced - Add New Debt Service - Fund 410 Principal $37,091.02 2010 GO Bonds $12,913,294.69 $75,805.14 Interest $12,989,099.83 "Estimated Page 3 of 3 EXHIBIT "B" Cumulative as of June 30 2010 Project Designation: Airport Tax Increment Redevelopment Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 03.19(2) No. Year Received Amount Received from Payments under Sec. 402.12(2) Other Revenue Received Cumulative Amount 1 FY 1996 $0.00 $0.0 2 FY 1997 $0.00 $0.0 3 FY 1998 $0.00 $0.0 4 FY 1999 $0.00 $0.0 5 FY 2000 $199,485.92 $199,485.9 6 FY 2001 $173,980.54 $373,466.4 7 FY 2002 $215,717.04 $589,183.5 8 FY 2003 $226,422.30 $815,605.8 9 FY 2004 $238,607.04 $1,054,212.8 10 FY2005 $329,246.96 $1,383,459.8 11 FY2006 $272,132.01 $1,655,591.81 12 FY2007 $352,005.51 $53,241.43 $2,060,838.7 13 FY2008 $490,903.37 $22,100.85 $2,573,842.9 14 FY2009 $905,538.28 $24,935.40 $3,504,316.6 15 FY2010 $1,153,257.70 $31,855.29 $4,689,429.6 16 FY2011* $1,189,667.00 $5,879,096.6 *ESTIMATED EXHIBIT "A" June 30, 2006 - Annual Project Designation: Airport Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Date Of Issuance or Expenditure Source Amount Description of Indebtedness incurred Cumulative Amount Basic Materials (AADA) FY 1997 Principal ADVANCE $0.00 Interest FY06 $2,100.00 $2,100.00 Fed Ex Tax Rebate TIF Rebate Agreement $25,225.00 $48,350.00 50% 2008* $23125.00 50% 2009* $23125.00 50% 2010* $23125.00 $71475.00 $94,600.00 50% 2011* $23125.00 50% 2012* $23125.00 $117,725.00 Criterion Tax Rebate Agreement $120,593.00 50% 2008* $2,868.00 50% 2009* $2,868.00 $123,461.00 50% 2010* $2,868.00 $126,329.00 50% 2011 * $2,868.00 $129197.00 50% 2012* $2,868.00 $132,065.00 Greater Cedar Valley Alliance FYE2006 Principal $17,500.00 Contract $149,565.00 *Estimated