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Home My WebLink About2013-1000-11/25/2013Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323. RESOLUTION NO. 2013-1000 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 25th day of November, 2013. Ernest G. Clark, Mayor ATTEST: Su`Zy Scares, CMC City Clerk EXHIBIT "A" Cumulative as of June 30, 2013 Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) 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 $607,626.10 Sanitary Sewer FY 97-98 Principal $215,725.99 Advance $823,352.09 Dirt Credit 1997 2000 - $126,796.00 2001 - $63,203.00 2002 - $110,908.00 2003- $46,492.50 Principal $347,400.00 Agreement $1,170,752.09 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 $1,279,597.25 Northeast Drive FY 1997 Principal $97,276.80 G.O. Bonds $1,376,874.05 T.G. Drive FY 1998 Principal $125,410.59 G.O. Bonds $1,502,284.64 R & N Investments II Rebate 50% 2003 50% 2004 (cancelled) 50% 2005 50% 2006 50% 2007 Principal $0 TIF Tax Rebate $1,502,284.6 $1,502,284.6 $1,502,284.6 $1,502,284.64 $1,502,284.64 Interstate Brands Rebate 75% 2003 60% 2004 45% 2005 30% 2006 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 $1,542,685.6 $1,558,713.20 $1,569,702.68 $1574,345.09 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 $2,255,287.30 Interest $71,963.68 Principal $48,630.00 2002 G.O. Bonds $2,303,917.30 $2,325,790.44 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 $2,341,912.26 WIDA FY2004 Interest $10,820.89 Contract $2,352,733.15 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 $2,405,209.44 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 $2,545,543.44 Cedar Valley FY2013 Principal $24,000.00 Contract $2,569,543.44 Gray Transportation Rebates Principal TIF Tax Rebate 50% 2005 $31,493.93 $2,601,037.3 50%2006 $32,391.28 $2,633,428.65 50%2007 $26,788.28 $2,660,216.93 50% 2008 50%2009 $27,139.08 $2,687,356.01 $28,976.01 $2,716,332.0 Ferguson Enterprises Fund 414 Principal $3,500,000.00 2004 G.O. Bonds $6,216,332.0 EXHIBIT "A" Cumulative as of June 30, 2013 Project Designation: Northeast Industrial Area Tax Increment RedeveloRment Area Schedule 1 Indebtedness Oualifvina for Tax Increment Reimbursement Under Section 403.1912) Interest $1,708,885.00 $7,925,217.0 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 $349,570.00 $349,570.00 $349,570.00 TIF Tax Rebate $8,317,950.2 $8,753,137.9 $9,220,471.95 $9,682,335.95 $10,144,833.9 $10,977,229.9 $11,326,799. $11,676,369.95 $12,025,939.95 Etrin er Land Contract Principal $350,000.00 Land Contract $12,375,939.95 FY2007 Interest $3,161.67 $12,379,101.6 FY2008 Interest $2,499.56 $12,381,601.18 OFI Properties Principal TIF Tax Rebate $12,381,601.18 50% FY2009 $52,758.13 $12f434,359.31 50% FY2010 $54,310.00 $12,488,669-31 50% FY2011 $54,384.00 $12,543,053.31 50% FY2012 $53,880.00 $12,596,933.31 50% FY2013 $37,352.00 $12f634,285.31 Veteran Enterprises, Ltd. Principal TIF Tax Rebate $12,634f285.31 50% FY2013 $13,635.00 $12,647,920.31 50% FY2014* $39,115.00 $12,687,035.31 50% FY2015* $25,480.00 $12,712,515.31 50% FY2016* $25,480.00 $12,737,995.31 50% FY2017* $25,480.00 $12,763,47531 1999 GO Bonds Refinanced - Deduct Old Debt Service Principal ($208,847.201 1999 G.O. Bonds $12,554,628.31 Interest $75,344.00 $12,479,284.31 2007 GO Bonds -1999 GO Bonds Refinanced - Add New Debt Svc Principal $210,281.00 2007 G.O. Bonds $12,689,565.31 Interest $58,851.00 $12,748 416.31 Fund 414 Taxable Reallocate Bonds for NE Site Projects - 2008 Principal $69,651.07 2004 G.O. Bonds $12,678,765.24 Interest ($34,007.24) $12,644,758.0 2001 GO Bonds Refinanced - Deduct Interest ($15,180.06) 2001 G.O. Bonds $12,629,577.94 2009 GO Bonds - 2001 GO Bonds Interest $9,564.06 2009 G.O. Bonds $12,639,142.00 Veterans Ent Grant Principal $207,093.00 Advance $12,846,235.00 2002 GO Bonds Refinanced - Deduct Old Debt Service Principal ($35,000.00) 1999 G.O. Bonds $12,811,235.00 Interest ($6,250.00) $12,804,985.O 2010 GO Bonds - 2002 GO Bonds Refinanced - Add New Debt Svc Principal $35,266.02 2007 G.O. Bonds $12,840,251. Interest $3,241.25 $12,843,492.27 2004 GO Bonds Refinanced (Fund 414) - Deduct Old Debt Service Principal $2,175,000.00 1999 G.O. Bonds $10,668,492.2 Interest $600,422.50 $10,068,069.7 $12,243,069.77 2011 GO Bonds - 2004 GO Bonds Refinanced Principal $2,175,000.00 2011 G.O. Bonds Interest $278,885.44 $12,521,955.21 R&B Enterprises Principal $7,000.00 Advance $12,528,955.21 McCloud Legal Expenses Principal $258.75 Advance $12,529,213.96 2013 GO Bonds - Taxable Principal $220,000.00 2013 G.O. Bonds $12,749,213.96 Interest $30,028.19 $12,779,24 .15 2013 GO Bonds - Non Taxable Principal $50,000.00 2013 G.O. Bonds $12,829,242.1 Interest $5,775.09 $12,835 017.24 "L511MA 1 L EXHIBIT "B" 7771 Project Designation: Cumlative as of June 30, 2013 Northeast Industrial Area Tax Increment Redevelopment Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Year Received Amount Received Other Revenue Cumulative Amount from Payments Received under Sec. 40212 1 FY 1996 $0.00 $0.00 2 FY 1997 $0.00 $0.00 3 FY 1998 $0.00 $0.00 4 FY 1999 $201,360.86 $201,360.86 5 FY 2000 $110,300.50 $311,661.36 6 FY 2001 $194,966.55 $506,627.91 7 FY 2002 $321,469.26 $828,097.1 8 FY 2003 $381,390.68 $1,209,487.85 9 FY 2004 $458,310.16 $1,667,798.01 10 FY2005 $651,752.82 $2,319,550.83 11 FY2006 $464,313.36 $2,783,864.1 12 FY2007 $1,446,002.26 $109,650.08 $4,339,516.53 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 $7,855,454.70 17 FY2012 $594,439.87 $89.63 $8,449,984.20 18 FY2013 $869,000.64 $0.00 $9,318,984.84 19 FY2014* $900,000.00 $10,218,984.84 "L511MA 1 L Prepared by SGraham 11/2009 Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area June 30, 2013 Total Expenses Certified Less: Total Revenue Certified through 6/30/2013 $9,318,984.84 Net Revenue Certified Net Obligation Certified as of 6/30/2013 FYE14 Revenue Estimate Net Projected Obligation for FYE14 Budget Year Net Obligation Certified at 6/30/2012 Add: Current Year Debt Activity Greater Cedar Valley Alliance 2013 G.O. Bonds (Taxable) 2013 G.O. Bonds (Non Taxable) Current Year Rebate Adjustments: Prior Yr Less Current Yr $12,835,017.24 $9,318,984.84 $3,516,032.40 $900,000.00 $2,616,032.40 $4,139,511.76 $24,000.00 $250,028.19 $55,775.09 Current Year PPEL $0.00 Current Year Interest Earnings $0.00 Current Year Rebate Adjustments: Prior Yr Current Yr Veteran Enterprises $139,630.00 $129,190.00 ($10,440.00) Ferguson Enterprises, Inc. $4,174,564.93 $4,100,722.93 ($73,842.00) TIF Revenue Adjustment from Prior Year Estimate to Actual $594,439.87 $869,000.64 ($274,560.77) Subtract Current Year Revenue Estimate Reported Previously ($594,439.87) Net Obligation Certified as of 6/30/2013 $3,516,032.40 Variance $0.00 Reconciliation to TIF Indebtedness/Increment Tax Reconciliation from BHC Net Obligation Certified as of 6/30/2011 (from above) $3,516,032.40 FYE2011 Projected Revenue per BHC 12/3/2010 ($650,899.00) NE Industrial Park Cert Schedule 13.x1s Net Certified FY2013 FYE2012 Projected Revenue per BHC 12/3/2010 Projected TIF Indebtedness Remaining at end of next fiscal year Per BHC TIF Tax Reconciliation FYE2011 Projected Revenue per BHC 12/3/2010 Per City FYE2011 Budget Variance Prepared by SGraham 11/2009 ($653,000.00) $2,212,133.40 ($650,899.00) $900,000.00 $249,101.00 NE Industrial Park Cert Schedule 13.x1s Net Certified FY2013 EXHIBIT "A" 06/30/2006 - Annual Project Designation: Northeast Industrial Area Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Source Description of Indebtedness Cumulative Amount AMOUNT INCURRED Cedar Valley FY2006 Principal Principal $17,500.00 Contract TIF Tax Rebate $17,500.00 OFI Properties $17,500.00 FY2009* $37,050.00 $54,550.00 FY2010* $37,050.00 $91,600.00 FY2011*1 $37,050.00 $128,650.00 FY2012*1 $37,050.00 $165,700.00 FY2013* $37,050.001 $202,750.00 * Estimated