HomeMy WebLinkAbout1987-676-12.28.1987 RESOLUTION NO. 1987-676
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 Deputy 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:
EXHIBIT "I"
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 Cumulative
No. or Expenditure Source Amount Incurred Amount
#147 West Park Avenue Contract 273,409.61 Advance 273,409.61
Paving
#91 Bridge Canopy Contract 273,433.57 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.Q. Bonds 2,855,652. 14
Phase III
Study 12/20/80 Contract 111 ,000.00 Advance 2,966,652.14
UDAG #2 7/6/81 Principal 774,990.00 G.O. Bonds 3,741,642.14
Interest 422,256.23 G.O. Bonds 4,163,898.37
West Side 7/15/82 Principal 4,725,000.00 G.O. Bonds 8,888,898.37
Parking Interest 4,779,262.50 G.O. Bonds 13,668,160.87
Ramp
East Side 8/1/83 Principal 1,500,000.00 G.O. Bonds 15,168,160.87
Parking Interest 1,073,981.25 G.O. Bonds 16,242,142.12
Ramp
East Side 8/1/84 Principal. 350,000.00 G.Q. Bonds 16,592,142.12
Parking Interest 325,777.00 G.O. Bonds 16,917,919.12
Facility
Conway 8/1/84 Principal 100,000.00 G.O. Bonds 17,017,919.12
Plaza Interest 93,079.00 G.O. Bonds 17,110,998.12
Skywalk
East Fifth 5/85 Principal 50,000.00 G.Q. Bonds 17,160,998.12
Street Parking Interest 46,539.50 G.O. Bonds 17,207,537.62
Ramp
Resolution No. 1987-676
Page 2
EXHIBIT "I" (Continued)
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 Cumulative
No. or Expenditure Source Amount Incurred Amount
Tax Redeemed 5/85 Contract 5,004.49 Advance 17,212,542.11
Properties
Skywalk 8/85 Contract 25,000.00 Advance 17,237,542.11
Feasibility
Study
317 East 4th 12/85 Contract 12,000.00 Advance 17,249,542.11
East Fifth 5/86 Principal 50,000.00 G.O. Bonds 17,299,542.11
Parking Ramp 37,051.09 17,336,593.20
Ellis Hotel 8/86 Contract 15,000.00 Advance 17,351,593.20
Demolition
Ellis Hotel 8/86 Contract 27,500.00 WIDA 17,379,093.20
Demolition Advance
Paving 6/87 Principal 360,000.00 G.O. Bonds 17,739,093.20
Interest 233,134.09 17,972,227.29
400 blk E. 4th Street
500 blk Lafayette
East Fifth 6/87 Principal 100,000.00 G.O. Bonds 18,072,227.29
Street Parking Interest 64,759.47 18,136,986.76
Ramp
Conway Plaza 6/87 Principal 100,000.00 G.O. Bonds 18,236,986.76
Phase I Skywalk Interest 64,759.47 18,301,746.23
Refinancing
EXHIBIT "J"
Project Designation: Downtown Waterloo Urban Renewal and Redevelopment Program
Schedule 2
Tax Increment Reimbursement Received
Under Section 403. 19(2)
Amount Received from
No. Year Received Payments under Section 402.12(2) Cumulative Amount
1 6/8/77 22,566.19 22,566.19
2 2/7/78 50,863.50 73,429.69
3 7/12/78 37,597.65 111,027.34
4 11/9/78 61,348.93 172,376.27
5 5/9/79 64,064.22 236,440.49
6 11/79 108,826.00 345,266.49
7 5/80 107,969.08 453,235.57
Resolution No. 1987-676
Page 3
EXHIBIT "J" - (Continued)
Project Designation: Downtown Waterloo Urban Renewal and Redevelopment Program
Schedule 2
Tax Increment Reimbursement Received
Under Section 403. 19(2)
Amount Received from
No. Year Received Payments under Section 402.12(2) Cumulative Amount
8 FY 1981 319,027.40 772,262.97
9 FY 1982 385,731.14 1,157,994.11
10 FY 1983 498,275.21 1,626,269.32
11 FY 1984 435,280.53 2,168,374.40
12 FY 1985 582,411.43 2,750,785.83
13 FY 1986 773,667.04 3,563,794.44
14 FY 1987 785,000.00 4,348,794.44
15 FY 1988 829,625.00 4,393,419.00
850,000.00* 5,243,419.00
* - Estimated
PASSED AND ADOPTED this 21st day of December, 1987.
A\-- 6.!Ci---"/1/4-4./.
Bernard L. Mcl�inley, Mayor
ATTEST:
j
Mi/ 1 - j k Y`Y-k --,-.v
ch lle Temeyer, Deputy Clerk Auditor
V
.oM rTo 1loar,tok,
-)0k31
tIi
7zibi
Lai Cl)
o
tiio
c
- "t" T7tIHXH
H H
1-3 H 0
Z
trv.-)gr.oiovsb9R 16riF, rtsdITJ T-19i.v.,W• msrolftwo.:1 Z
Cn 0
C •
1-3 1-3
b9v1f.Y.Lo1 Jn9meaaodialaH inoT9-InPi xin1
( )N C.04\ noi 1'1)92 --,:sbrfj >, 0
H
N
bt-TVi03951 inlyomA C H (7)
fETOff14 (2)E1.1'0A crfiEt!).9P, shn irtotvzq
CA
7'7 0A ‘-‘-Ls0 rE
1-11 1-3
AI ,Z18PrjFrJ
S8f,' • 0 H
H
0 A..-1']•`7k 831 „ 0
C Z
7ci
• EA\.1 I8F F8{1' • U) 1-3
tljo
w
o
o
OCLPIA„ETQF ,4\ .:'So• 83C •Z
1-3
00.0 F4v,:, *00.000,028
1-3 t:J
X 1-3
0
H
,19cinc,m9G. \Teib !••:?. triPIOCIA
tritri
rorzM yairtillfaM basrri,9C 1-3
1-<
,=1 -
CCfl
TLE;d1"
,
, . ;
10Jibt,Avp.,,,n ,z3.riq9e,