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Home My WebLink About2012-1124-11/19/2012IV Prepared by Carol Failor, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703. RESOLUTION NO. 2012-1124 RESOLUTION AUTHORIZING CERTIFICATION TO THE COUNTY AUDITOR THE CITY'S EXPENDITURES THAT QUALIFY FOR REIMBURSEMENT FROM THE TAX INCREMENT FUND IN THE NORTHEAST INDUSTRIAL 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 Northeast Industrial Area 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. ATTEST: Suzy Schars, CMC City Clerk Ernest G. Clark, Mayor EXHIBIT "A" Cumulative as of June 30, 2012 Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 1 Indebtedness Oualifvine for Tax Increment Reimburcempnt 11ndPr RPrfinn 4n3 79!91 No. Source Description of Indebtedness Cumulative Amount AMOUNT INCURRED Land Acquisition 8/95 Principal $245,447.90 Land Contract $245,447.9 Land Acquisition Principal $362,178.20 Land Contract $607,626.1 Sanitary Sewer FY 97-98 Principal $215,725.99 Advance $823,352.0 Dirt Credit 1997 2000 - $126,796.00 2001- $63,203.00 2002 - $110,908.00 2003- $46,492.50 Principal $347,400.00 Agreement $1,170,752.0 Engineering FY 97-00 Principal $105,796.41 G.O.Bonds $1,276,548.5 Recording fees FY 97-00 Principal $3,048.75 G.O.Bonds $1,279,597.2 Northeast Drive FY 1997 Principal $97,276.80 G.O. Bonds $1,376,874.0 T.G. Drive FY 1998 Principal $125,410.59 G.O. Bonds $1,502,284. R & N Investments 11 Rebate 50% 200 50% 20 (cancelled) 50% 2005 50% 2006 50% 2007 Principal $0 TIF Tax Rebate $1,502,284.64 $1,502,284.64 $1,502,284.64 $1,502,284.64 $1,502,284.64 Interstate Brands Rebate 75% 200 60% z 45% 200 30% 200 15% 2007 Principal $21,999.00 $18,402.00 $16,027.56 $10,989.48 $4,642.41 TIF Tax Rebate $1,524,283.64 $1,542,685.64 $1,558,713.2 $1,569,702M $1,574,345.01 Financing FY 1997-2000 Interest $417,660.53 G.O. Bonds $1,992,005.6 Plat Engineering Fund 411 Principal $5,000.00 2001 G.O. Bonds $1,997,005.6 Interest $3,450.00 $2,000,455.6 GT Drive II Fund 411- Construction Fund412- Construction Principal $182,868.00 2001 G.O. Bonds $2,183,323.6 $2,255,287.3 Interest $71,963.68 Principal $48,630.00 2002 G.O. Bonds $2,303,917.3 $2,325,790.4 Interest $21,873.14 Fund 412 -RISE Application Principal $4,500.00 2002 G.O. Bonds $2,330,290.44 $2,333,429.44 Interest $3,139.00 WIDA FY 2003 Interest $8,482.82 Contract $2,341,912.2 WIDA FY2004 Interest $10,820.89 Contract $2,352,733.1 WIDA FY2005 Interest $4,276.29 Contract $2,357,009.44 Cedar Valley FY2004 Principal $13,200.00 Contract $2,370,209.44 Cedar Valley FY2005 Principal $17,500.00 Contract $2,387,709.44 Cedar Valley FY2006 Principal $17,500.00 Contract $2,405,209.4 Cedar Valley FY2007 Principal $17,500.00 Contract $2,422,709.44 Cedar Valley FY2008 Principal $32,000.00 Contract $2,454,709.44 Cedar Valley FY2009 Principal $33,168.00 Contract $2,487,877.44 Cedar Valley FY2010 Principal $32,000.00 Contract $2,519,877.44 Cedar Valley FY2011 Principal $9,500.00 Contract $2,529,377.44 Cedar Valley FY2012 Principal $16,166.00 Contract $Z545,543.44 Gray Transportation Rebates Principal TIF Tax Rebate 50%2005 $31,493.93 50%2006 $32,391.28 50%2007 $26,788.28 A$2Z692Z332.0 50%2008 $27,139.08 50% 2009 $28,976.01 EXHIBIT "A" Cumulative as of June 30, 2012 Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 1 Indebtedness Oualifvin¢ for Tax Increment Reimbursement ilndPr CPrfinn 4n319/91 Ferguson Enterprises Fund 414 Principal $3,500,000.00 2004 G.O. Bonds $6,192,332.0 Interest $1,708,885.00 $7,901,217.0 Ferguson Enterprises Rebates FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013* FY2014* FY2015* FY2016* Principal $392,733.25 $435,187.68 $467,334.00 $461,864.00 $462,500.00 $458,210.00 $374,184.00 $374,184.00 $374,184.00 $374,184.00 TIF Tax Rebate $8,293,950.2 $8,729,137.9 $9,196,471.9 $9,658,335.9 $10,120,835.9 $10,579,045.9 $10,953,229.9 $11,327,413.9A $11,701,597.9 $12,075,781.9 Etrin er Land Contract Principal $350,000.00 Land Contract $12,425,781.9 FY2007 Interest $3,161.67 $12,428,943.6 FY2008 Interest $2,499.56 $12,431,443.1 OFI Properties Principal TIF Tax Rebate $12,431,443.1 50% FY2009 $52,758.13 $12,484,201.3 50% FY2010 $54,310.00 $12,538,511.3 50% FY2011 $54,384.00 $12,592,895.31 50% FY2012 $53,880.001 $12,646,775.3 50% FY2013* $37,352.00 $12,684,127.3 Veteran Enterprises, Ltd. Principal TIF Tax Rebate $12,684,127.31 50% FY2013 $27,926.00 $12,712,053.3 50% FY2014* $27,926.00 $12,739,979.3 50% FY2015* $27,926.00 $12,767,905.3 50% FY2016* $27,926.00 $12,795,831.3 50% FY2017 $27,926.00 $12,823,757.3 1999 GO Bonds Refinanced - Deduct Old Debt Service Principal ($208,847.00) 1999 G.O. Bonds $12,614,910.3 Interest ($75,341.00) $12,539,566.3 2007 GO Bonds -1999 GO Bonds Refinanced - Add New Debt Svc Principal $210,281.00 2007 G.O. Bonds $12,749,847.31 Interest $58,851.00 $12,808,698.31 Fund 414 Taxable Reallocate Bonds for NE Site Projects - 2008 Principal ($69,651.07) 2004 G.O. Bonds $12,739,047.2 Interest $34,007.24 $lZ705,040.00 2001 GO Bonds Refinanced - Deduct Interest ($15,180.06) 2001 G.O. Bonds $12,689,859.9 2009 GO Bonds - 2001 GO Bonds Interest $9,564.06 2009 G.O. Bonds $12,699,424.0 Veterans Ent Grant Principal $207,093.00 Advance $12,906,517.0 2002 GO Bonds Refinanced - Deduct Old Debt Service Principal ($35,000.00) 1999 G.O. Bonds $12,871,517.0 Interest ($6,250.00) $12,865,267.0 2010 GO Bonds - 2002 GO Bonds Refinanced - Add New Debt Svc Principal $35,266.02 2007 G.O. Bonds $12,900,533,0 Interest $3,241.25 $12,903,774.2 2004 GO Bonds Refinanced (Fund 414) - Deduct Old Debt Service Principal ($2,175,000.00) 1999 G.O. Bonds $10,728,774.2 Interest ($600,422.50) $10,128,351, $12,303,351. 2011 GO Bonds - 2004 GO Bonds Refinanced Principal $2,175,000.00 2011 G.O. Bonds Interest $278,885.44 $12,582,237.2 &B Enterprises Principal $7,000.00 Advance $12,589,2372 McCloud Legal Expenses Principal $258.75 Advance $12,58Q 495.9 EXHIBIT "B" Cumlative as of June 30, 2012 Project Designation: Northeast Industrial Area 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 1996 $0.00 $0.0 2 FY 1997 $0.00 $0.0 3 FY 1998 $0.00 $0.0 4 FY 1999 $201,360.86 $201,360.8 5 FY 2000 $110,300.50 $311,661.3 6 FY 2001 $194,966.55 $506,627.91 7 FY 2002 $321,469.26 $828,097.1 8 FY 2003 $381,390.68 $1,209,487.8 9 FY 2004 $458,310.16 $1,667,798.01 10 FY2005 $651,752.82 $2,319,550.8 11 FY2006 $464,313.36 $2,783,864.1 12 FY2007 $1,446,002.26 $109,650.08 $4,339,516.5 13 FY2008 $1,063,218.88 $26,036.60 $5,428,772.01 14 FY2009 $891,841.05 $4,972.61 $6,325,585.6 15 FY2010 $862,108.93 $1,153.42 $7,188,848.0 16 FY2011 $665,367.52 $1,239.16 $7,855,454.7 17 FY2012 $594,439.87 $89.63 $8,449,984.2 18 FY2013* $594,439.87 $9,044,424.0