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Home My WebLink About2010-1056-11/22/2010RESOLUTION NO. 2010-1056 RESOLUTION AUTHORIZING CERTIFICATION TO THE COUNTY AUDITOR THE CITY'S EXPENDITURES THAT QUALIFY FOR REIMBURSEMENT FROM THE TAX INCREMENT FUND IN THE RATH AREA 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 Rath Area 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 Sch .revs, CMC City Clerk Exhibit "A" Cumulative as of June 30, 2010 Project Designation: Rath Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) NO DATE OF ISSUANCE OR EXPENDITURE SOURCE DESCRIPTION OF INDEBTEDNESS CUMULATIVE AMOUNT AMOUNT INCURRED Rath Demolition 7/12/90 Principal $475,000.00 G.O. Bonds $475,000.0 Interest $214,879.93 G.O. Bonds $689,879.9 Powers Manufacturing Expansion 6/12/91 Principal $150,000.00 G.O. Bonds $839,879.9 Interest $63,222.49 G.O. Bonds $903,102.4 Powers Manufacturing Expansion 5/15/92 Principal $150,000.00 G.O. Bonds $1,053,102.4 Interest $60,979.05 G.O. Bonds $1,114,081.4 Powers Manufacturing 6/94 Principal $300,000.00 G.O. Bonds $1,414,081.4 Interest $208,445.40 G.O. Bonds $1,622,526.8 Powers Manufacturing Improvements 6/95 Principal $50,000-00 G.O. Bonds $1,672,526.8 Interest $22,936.28 G.O. Bonds $1,695,463.1 Administration Fees FY 97 Principal $1,068.51 2000 GO Bonds $1,696,531.6 Recording fees FY98 Principal $1,200.00 2000 GO Bonds $1,697,731.6 Demo Grant - Crystal Interest on Advance 99-00 Principal $100,000.00 99, 00 GO Bonds $1,797,731.6 Principal $11,178.22 2000 GO Bonds $1,808,909.8 Land Improvements 3-00 Principal $12,400.00 1998 GO Bonds $1,821,309.8 Interest on $125,846.73 Interest $74,646.27 98, 99, 00 GO Bonds $1,895,956.1 Crystal Ice Rebate 75% 2002* Principal $96,488.74 Tax Rebate $1,992,444.8 60% 2003* $77,119.20 $2,069,564.0 45% 2004* $60,475.50 $2,130,039.5 30% 2005* $46,819.80 $2,176,859.3 15% 2006* $24,076.87 $2,200,936.26 Crystal II Fund 406 Principal $450,000.00 2006 GO Bonds 2,650,936.26 Interest $252,561.3 2006 GO Bonds $2,903,497.56 Crystal II Rebate 50% 2010* Principal $58,500.00 Tax Rebate $2,961,997.56 50% 2011* $58,500.00 $3,020,497.56 50% 2012* $58,500.00 $3,078,997.56 50% 2013* $58,500.00 $3,137,497.56 50% 2014* $58,500.00 $3,195,997.56 50% 2 $58,500.00 3,254,497.56 50% 2016* $58,500.00 3,312,997.56 50% 2017* $58,500.00 $3,371,497.56 50% 2018* $58,500.00 $3,429,997.56 50% 2019* $58,500.00 $3,488,497.56 Powers 100% Principal $38,646.42 Tax Rebate $3,527,143.98 80% 2011* $30,917.1 $3,558,061.12 60% 2012* $23187.85 $3,581,248.97 $3,600,572.18 50% 2013* $19,323.21 50% 2014* $19,323.21 $3,619,895.39 RD 80% 2010* Principal $22,260.33 Tax Rebate $3,642,155.72 60% 2011* $19,477.79 $3,661,633.51 50% 2012* $16,695.25 3,678,328.76 40% 2013* $13,912.71 $3,692,241.47 2014* $11,130.17 $3,703,371.64 _40% 30% 2015* $11,130.17 3,714,501.81 30% 2016* $8,347.62 ,722,849.43 20% 2017* $8,347.62 ,731,197.05 20% 2018* $5,565.08 3,736,762.13 20% 2019* $5,565.08 3,742,327.21 Rath Area Redevelopment Fund 411 6/01 Principal $115,000.00 2001 GO Bonds $3,857,327.21 Interest $54,605.87 2001 GO Bonds $3,911,933.0 Rath Area Redevelopment Fund 412 Principal $29,183.76 2002 GO Bonds $3,941,116.8 Interest $10,890.01 2002 GO Bonds $3,952,006.8 Exhibit "A" " Cumulative as of June 30, 2010 Project Designation: Rath Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) NO DATE OF ISSUANCE OR EXPENDITURE SOURCE DESCRIPTION OF INDEBTEDNESS CUMULATIVE AMOUNT AMOUNT INCURRED Rath Area Redevelopment Fund 413 Principal $121,885.41 2003 GO Bonds $4,073,892.2 Interest $29,182.00 2003 GO Bonds $4,103,074.2 Rath Area Redevelopment Fund 413 Principal $102,488.00 2003 GO Bonds $4,205,562.2 Interest $46,034.00 2003 GO Bonds $4,251,596.2 Rath Area Redevelopment Fund 414 Principal $75,000.00 2004 GO Bonds $4,326,596.2 Interest $32,317.50 2004 GO Bonds $4,358,913.761 Rath Area Redevelopment Fund 14 Taxable From NE Ind. Park Principal $61,994.76 2004 GO Bonds $4,420,908.5A Interest $30,268.97 2004 GO Bonds $4,451,177.4 Rath Area Development Fund 414 From NE Ind. Park Principal $6,656.31 2004 GO Bonds $4,457,833.80 Interest $3,250.34 2004 GO Bonds $4,461,084.1 State of Iowa BCRLF Loan Principal $280,000.00 State Loan $4,741,084.14 1999 GO Bonds Refinanced - Deduct Old Debt Service Principal ($44,472.00) 1999 GO Bonds $4,696,612.14 Interest ($16,043.00) 1999 GO Bonds $4,680,569.14 1999 GO Bonds Refinanced - Add New Debt Service - Fund 407 Principal $44,784.00 2007 GO Bonds $4,725,353.14 Interest $12,532.00 2007 GO Bonds $4,737,885.14 Rath Area Redevelopment Fund 407 (taxable) Principal $150,000.00 2007 GO Bonds $4,887,885.1 Interest $52,301.50 2007 GO Bonds $4,940,186.6 Rath Area Redevelopment Fund 408 (taxable) Principal $100,000.00 2008 GO Bonds $5,040,186.6 Interest $27,500.00 2008 GO Bonds $5,067,686.6 Rath Area Redevelopment Fund 409 (taxable) Principal $50,000.00 2008 GO Bonds $5,117,686.64 Interest $11,665.81 2008 GO Bonds $5,129,352.4 Asbestos Removal - Rath Admin Bldg Principal $125,008.37 Advance $5,254,360.8 2001 GO Bond Original Interest - Ref Interest ($11,023.87) 2001 GO Bonds $5,243,336.9 2009 GO Bonds - 2001 GO Bonds Ref Interest $7,472.88 2009 GO Bonds $5,250,809.8 Asbestos Removal - Rath Admin Bldg Principal $122,943.56 Advance $5,373,753.3 Secor Economic Dev Grant Principal $104,400.00 Advance $5,478,153.3 Loan Document Preparation Principal $9,764.34 Advance $5,487,917.7 CMC Site Purchase Principal $155,019.00 Advance $5,642,936.7 Rath Area Redevelopment Fund 410 (taxable) Principal $350,000.00 2010 GO Bonds $5,992,936.7 Interest $67,122.08 2010 GO Bonds $6,060,058.81 Rath Public Works Building - Fund 410 (exempt) Principal $700,000.00 2010 GO Bonds $6,760,058.81 Interest $93,209.08 2010 GO Bonds $6,853,267.8 2002 GO Bonds Refinanced - Deduct Old Debt Service Principal $15183.76 2002 GO Bonds $6,838,084.13 Interest ($2,797.01) 2002 GO Bonds $6,835,28 . 2002 GO Bonds Refinanced - Add New Debt Service - Fund 410 Principal $15,390.68, 2010 GO Bonds $6,850 677.8[:�:� Interest 14 .53 2010 GO Bonds 12 3,11 EXHIBIT "B" Cumulative as of June 30, 2010 Project Designation: Rath Tax Increment Redevelopment Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Year Received Amount Received from Payments under Sec. 402.12(2) Other Revenue Received Cumulative Amount 1 FY 1992 $0.00 $0.00 21 FY 1993 $0.00 $0.00 3 FY 1994 $0.00 $0.00 4 FY 1995 $0.00 $0.00 5 FY 1996 $22,881.52 $22,881.52 6 FY 1997 $24,374.46 $47,255.98 7 FY 1998 $24,812.00 $72,067.98 8 FY 1999 $44,009.63 $116,077.61 9 FY 2000 $43,454.87 $159,532.48 10 FY 2001 $90,959.54 $250,492.02 11 FY 2002 $171,794.01 $422,286.03 12 FY 2003 $199,314.21 $621,600.24 13 FY 2004 $195,574.51 $817,174.75 14 FY 2005 $273,005.03 $1,090,179.78 15 FY 2006 $243,503.71 $17333,683.49 16 FY2007 $389,654.09 $38,456.17 $1,761,793.75 17 FY2008 $395,139.29 $14,337.72 $2,171,270.76 18 FY2009 $569,358.38 $5,156.91 $2,745,786.05 19 FY2010 $574,520.69 $1,620.21 $3,321,926.95 201 FY2011 * $559,252.00 $3,881,178.95 * estimated Values Exhibit "A" 06/30/2006 - Annual Project Designation: Rath Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) NO DATE OF ISSUANCE OR EXPENDITURE SOURCE DESCRIPTION OF INDEBTEDNESS CUMULATIVE AMOUNT AMOUNT INCURRED Crystal II Fund 406 Principal $450,000.00 G.O. Bonds $450,000.00 Interest $252,561.30 G.O. Bonds $702,561.30 Crystal II Rebate 50% 2009* 50% 2010* 50% 2011* 50% 2012* 50% 2013* 50% 2014* 50% 2015* 50% 2016* 50% 2017* 50% 2018* 50% 2019* 50% 2020* $58,500.00 Tax Rebate $761,061.30 $58,500.00 $819,561.30 $878,061.30 $936,561.30 $58,500.00 $58,500.00 $58,500.00 $995,061.30 58,500.001 $1,053,561.30 $58,500.00 $1,112,061.30 $58,500.00 $1,170,561.30 $58,500.00 $1,229,061.30 $58,500.00 $1,287,561.30 $1,338,149.30 $1,396,649.30 $50,588.00 $58,500.00 Powers 100% 2009* 80% 2010* 60% 2011* 50% 2012* 50% 2013* Principal $46,800.00 Tax Rebate $1,443,449.30 $37,440.00 $1,480,889.30 28,080.001 $1,508,969.30 $23,400.00 $1,532,369.30 $23,400.00 $1,555,769.30 CVRD 80%20091 70% 2010* 60% 2011* 50% 2012* 40% 2013* 40% 2014* 30% 2015* 30% 2016* 20% 2017* 20% 2018* Principal $22,464.00 Tax Rebate $1,578,233.30 $1,597,889.30 $1,614,737.30 $1,628,777.30 $19,656.00 $16,848.00 $14,040.00 $11,232.00 $1,640,009.30 $11232.00 $1,651,241.30 $5,424.001 $1,656,665.30 $5,424.00 $1,662,089.30 $5,616.00J $1,667,705.30 $5,616.001 $1,673,321.30 *Estimated