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HomeMy WebLinkAbout2012-1122-11/19/2012'y . 0 Prepared by Carol Failor, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703. RESOLUTION NO. 2012-1122 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 19th day of November, 2012. Ernest G. Clark, Mayor -,TTEST : `-�: �- kO_f�� Suzy Schaes, CMC City Cler �xl�iF`'tA Cumulative as of June 30, 2012 Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement TTnA— Car+inn dnZ 10171 NO. DATEOF 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 & SewerFinancing 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 F, 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 $18,140.07 $1,089,698.61 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 $1,115,066.11 $25,045.82 $1,140,111.93 $24,686.00 $1,164,797.93 $24,720.00 $1,189,517.93 $24,490.00 $1,214,007.93 $22,604.00 $1,236,611.93 $22,604.00 $1,259,215.93 $22,604.00 $1,281,819.93 $22,604.00 $1,304,423.93 Rain Soft Rebates 100% 2009 100% 2010 100°% 2011 100°% 2012 100% 2013* Principal TIF Rebate $1,304,423.93 $12,844.23 $1,317,268.16 $12,698.00 $1,329,966.16 $12,716.00 $1,342,682.16 $12,598.00 $1,355,280.16 $13,124.00 $1,368,404.16 Young Development (Country Estates) 100% 2010 100% 2011 100% 2012 100°% 2013* 100°% 2014* 100°% 2015 100°% 2016* 100% 2017* Principal TIF Rebate $1,368,404.16 $16,100.00 $1,384,504.16 $16,122.00 $1,400,626.16 $15,972.00 $1,416,598.16 `. $15,216.00 $1,431,814.16 $15,216.00 $1,447,030.16 $15,216.00 $1,462,246.16 $15,216.00 $1,477,462.16 $9,601.50 $1,487,063.66 Exhibit "A Cumulative as of June 30, 2012 Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement ITnAar CnNinn a(1'31QM1 Stephen Riley 100% 2010 100% 2011 100% 2012 100% 2013* 100% 2014* 100% 2015* Principal TIF Rebate $1,487,063.66 $19,498.00 $1,506,561.66 $19,548.00 $1,526,109.66 $19,368.00 $1,545,477.66 $16,028.00 $1,561,505.66 $16,028.00 $1,577,533.66 $16,028.00 $1,593,561.66 Maurer 100% 2011 100% 2012 100% 2013 100% 2014* 100% 2015* Principal TIF Rebate $1,593,561.66 $56,178.00 $1,649,739.66 $55,656.00 $1,705,395.66 $75,830.00 $1,781,225.66 $75,830.00 $1,857,055.66 $75,830.00 $1,932,885.66 JARF (Fahr Beverage) 100% 2011 100% 201 100% 2013* 100% 2014 100% 2015* 100% 2016 Principal TIF Rebate $1,932,885.66 $22,268.00 $1,955,153.66 $22,062.00 $1,977,215.66 $20,641.00 $1,997,856.66 $20,641.00 $2,018,497.66 $20,641.00 $2,039,138.66 $25,183.00 $2,064,321.66 Watessa 100% 2012 100% 2013* 100% 2014* 100% 2015* 68% 2016 50% 2017* 50% 2018* 50% 2019* 50% 2020* 50% 2021* TIF Rebate $2,064,321.66 $41,396.00 $2,105,717.66 $48,422.00 $2,154,139.66 $48,422.00 $2,202,561.66 $48,422.00 $2,250,983.66 $32,928.00 $2,283,911.66 $24,212.00 $2,308,123.66 $24,212.00 $2,332,335.66 $24,212.00 $2,356,547.66 $24,212.00 $2,380,759.66 $24,212.00 $2,404,971.66 Deer Creek 2011 2012 2013 2014 2015 Principal $2,404,971.66 $300,000.00 $2,704,971.66 $200,000.00 $2,904,971.66 $200,000.00 $3,104,971.66 $200,000.00 $3,304,971.66 $200,000.00 $3,504,971.66 PTL Properties, LLC 100% 2013 100% 2014* 100% 2015* 100% 2016* 22% 2017* 50% 2018* 50% 2019* 50% 2020* 50% 2021* 50% 2022* TIF Rebate $3,504,971.66 $27,600.00 $3,532,571.66 $27,600.00 $3,560,171.66 $27,600.00 $3,587,771.66 $27,600.00 $3,615,371.66 $6,072.00 $3,621,443.66 $13,800.00 $3,635,243.66 $13,800.00 $3,649,043.66 $13,800.00 $3,662,843.66 $13,800.00 $3,676,643.66 $13,800.00 $3,690,443.66 SVW Properties, LLC 100% 2013* 100% 2014* 100% 2015* 100% 2016* 22% 2017* TIF Rebate $3,690,443.66 $27,830.00 $3,718,273.66 $27,830.00 $3,746,103.66 $27,830.00 $3,773,933.66 $27,830.00 $3,801,763.66 $6,122.00 $3,807,885.66 Exhibit "A Cumulative as of June 30, 2012 Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Undpr SPrtinn W.119/91 50% 2018* 50% 2019* 50% 2026* 50% 2021* 50% 2022*1 $13,916.00 $3,821,801.66 $13,916.00 $3,835,717.66 $13,916.00 $3,849,633.66 $13,916.00 $3,863,549.66 $13,916.00 $3,877,465.66 1999 GO Bonds Refinanced - Deduct Old Debt Service Princi p $82,507.00 1999 GO Bonds $3794,958.66 Interest -$29,395.00 $3,765,563.66 1999 GO Bonds Refinanced - Add New Debt Service -Fund 407 pia p $82,971.00 2007 GO Bonds $3'848,534.66 Interest $23,222.00 $3,871,756.66 Martin Road Dev. (taxable) FY2007 Principal $50,000.00 2007 GO Bonds $3,921,756.66 Interest $17,728.00 $3,939,484.66 Martin Road Dev. (taxable) FY 2008 Principal $80,000.00 2008 GO Bonds $4,019,484.66 Interest $25,000.00 $4,044,484.66 Corstang Purchase FY2009 Principal $196,020.00 Advance $4,240,504.66 San Sewer Design FY2010 Principal $558.00 Advance $4,241,062.66 San Sewer Design FY2011 Principal $425.50 Advance $4,241,488.16 2002 GO Bonds Refinanced - Deduct Old Debt principal ($29,403.28) ) 2002 GO Bonds $4,212,084.88 Interest ($5,907.08) $4,206,177.80 2002 GO Bonds Refinanced - Add New Debt Service - Fund 410 Principal $29,639.76 GO Bonds $4,235,817.56 Interest2010 $3,063.42 $4,238,880,98 Martin Road Dev. FY 2011 (taxable) Principal $100'x'00 2011 GO Bonds $4,338,880.98 Interest $37,730.31 $4,376,611.29 Development Serv. FY2011 Principal $1,200.00 Advance $4,377,811.29 Failor-Hurley Grant FY2011 Principal $80,000.00 Advance $4,457,811.29 Failor-Hurley Grant FY2012 Principal $17.001 Advance $4,457,828.29 San Sewer Design IFY2012 Principal $1,505.00 Advance $4,459,333.29 `estimated EXHIBIT "B" Cumulative as of June 30, 2012 Project Designation: Martin Road Tax Increment Redevelopment Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Year Rece Amount Received 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 6 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 $394,612.49 $888.50 $1,967,514.42 16 FY2012 $474,303.10 $32.15 $2,441,849.67 17 FY2013* $474,303.10 $2,916,152.77 " - Estimated