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Home My WebLink About2013-1001-11/25/2013Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323. RESOLUTION NO. 2013-1001 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 25th day of November, 2013. Ernest G. Clark, Mayor ATTEST: 6 f Suzy Ark ares, CMC City Exhibit "A" Cumulative as of June 30 2013 - - - Project Designation_ Rath Tax Increment Redevelopment Area Schedule 1 Indebtedness4 ualifying for Tax Incrementei t Rmbursement - - Under Section 403.19(2) T NO DATE OF ISSUANCE OR EXPENDITURE SOURCE DESCRIPTION OF INDEBTEDNESS CUMULATIVE AMOUNT I AMOUNT INCURRED Rath Demolition 7/12/90 Principal $475,000.00 G.O. Bonds $475,000.00 - Interest $214,879.93 G.O. Bonds $689,879.93 Powers Manufacturing Expansion 6/12/91 Princi al $150,000.00 G.O. Bonds $839,879.93 Interest $63,222.49 G.O. Bonds $903,102.4 Powers Manufacturing Expansion 5/15/92 Principal $150,000.00 G.O. Bonds $1,053,102.42 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 L Interest $208,445.40 G.O. Bonds $1,622,526.87- Powers Manufacturing Improvements 6/95 Principal $50,000.00 G.O. Bonds $1,672 526.87 - _ -_ - - - - Interest $22,936.28 G.O. Bonds $1,695,463.15 Administration Fees FY 97 Principal $1,068.51 2000 GO Bonds $1,696,531.66 Recording fees FY98 Principal $1,200.00 2000 GO Bonds $1,697,731.66 Demo Grant - Crystal Interest on Advance 99-00 Principal $100,000.00 99, 00 GO Bonds $1,797,731.66 Principal $11,178.22 2000 GO Bonds $1,808,909.88 Land Improvements 3-00 Principal $12,400.00 1998 GO Bonds $1,821,309.88 Interest on $125,846.73 Interest $74,646.27 98, 99, 00 GO Bonds $1,895,956.15 Crystal Ice Rebate 75% 2002 -60% 2003 45% 2004 30% 2005 15% 2006 Principal $96,488.74 Tax Rebate $1,992,444.89 $304,980.11 $77,119.20 $2,069,564.09- $60,475.50 $2,130,039.59 $46,819.80 $2,176,859.39 $24,076.87 $2,200,936.26 Crystal II Fund 406 Principal $450,000.00 2006 GO Bonds $2,650,936.26 _ Interest $252,561.30 2006 GO Bonds $2,903,497.56 Crystal II Rebate 70% 2014* 70% 2015* 70% 2016* 70% 2017* - - - 70% 2018* 7_0%_2019* _70% 2020* 70% 202_1* 70% 2022* 70% 2023* Principal $58,500.00 Tax Rebate $2,961,997.56 � - - - - -- - -- - rt $585,000.00 $58,500.00 $3,020,497.56 $58,500.00 $3,078,997.56 $58,500.00- $3,137,497.56 $58,500.00 $3,195,997.56 $58,500.00 $3,254,497.56 $58,500.00 $3,312,997.56 $58,500.00 $3,371,497.56 $3,429,997.56 $58,500.00 $58,500.00 $3,488,497.56 Powers 100% 2014* - - - - - - - - 80%° 2015* 60% 2016* 50%- 2017* 50% 2018* Principal $38,646.42 Tax Rebate $3,527,143.98 - - - - - - - - - - - - - - - - - - - - $131,397.83 $30,917.14 $3,558,061.12 $23,187.85 $3,581,248.97 $19,323.21 $3,600,572.18 $19323.21 $3,619,895.39 80% 2010 CVRD - -- -- - - - - - ---- -- - -- 60% 2011 50% 2012 40% 2013- - - - - - - _ 40% 2014* 30% 2015* 30% 2016* 20% 2017* 20% 2018* 20% 2019* Principal $0.00 Tax Rebate $3,619,895.39 _ - - - - - - - - - - - - - -- - - - $0.00 $0.00 $3,619,895.39 $0.00 $3,619,895.39 $0.00 $3,619,895.39 $0.00 $3,619,895.39 $0.00 $3,619,895.39 $0.00 $3,619,895.39 $0.00 $3,619,895.39-_- $0.00 $3,619,895.39 $0.00 $3,619,895.39 Rath Area Redevelopment Fund 411 6/01 Principal $115,000.00 2001 GO Bonds $3,734,895.39 Interest $54,605.87 2001 GO Bonds $3,789,501.26 Rath Area Redevelopment Fund 412 Principal $29,183.76 2002 GO Bonds $3,818,685.02 - - Interest $10,890.01 2002 GO Bonds $3,829,575.03 Rath Area Redevelopment Fund 413 Principal $121,885.41 2003 GO Bonds $3,951,460.44 Interest $29,182.00 2003 GO Bonds $3,980,642.44 Rath Area Redevelopment Principal $102,488.00 2003 GO Bonds $4,083,130.4411 -- - - ---- — — ----- ---- Exhibit "A" — --- — _ ----. ' Cumulative as of June 30, 2013 -- — — — --- -- — — ---- -- — -- ---- --- — — — --- Project Designation: Rath Tax Increment Redeveloyment 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 Fun 413 Interest $46,034.00 2003 GO Bonds $4,129,164.44 Rath Area Redevelopment Fund 414 Principal $75,000.00 2004 GO Bonds $4,204,164.44 Interest $32,317 2004 GO Bonds $4,236,481.94 Rath Area Redevelopment Fund 414 Taxable From NE Ind. Park Principal $61,994.76 2004 GO Bonds $4,298,476.70 Interest $30,268.97 2004 GO Bonds $4,328,745.6 Rath Area Development Fund 414 From E Ind. Park Principal $6,656.31 2004 GO Bonds $4,335,401.9 Interest $3,250.34 2004 GO Bonds $4,338,652.32 State of Iowa BCRLF Loan Principal $280,000.00 State Loan $4 618 652.32 1999 GO Bonds Refinanced - Deduct Old Debt Service Principal ($44,472.00) 1999 GO Bonds 574180.32 Interest ($16,043.00) 1999 GO Bonds 558137.32 1999 GO Bonds Refinanced - Add New Debt Service - Fund 407 Principal $44,784.00 2007 GO Bonds $4,602,921.32 _ _ _ _ r Interest $12,532.00 2007 GO Bonds $4,615,453.32 Rath Area Redevelopment Fund 407taxable ( ) Principal $150,000.00 2007 GO Bonds $4,765,453.3 Interest $52,301.50 2007 GO Bonds $4,817,754.8 Rath Area Redevelopment Fund 408 (taxable) Principal $100,000.00 2008 GO Bonds $4,917,754.82 I Interest $27,500.00 2008 GO Bonds $4,945,254.82 Rath Area Redevelopment Fund 409taxable ( ) Principal $50,000.00 2009 GO Bonds $4,995,254.82 Interest $11,665.81 2009 G0 Bonds $5,006,920.63 Asbestos Removal - Rath Admin Bldg Principal $125,008.37 Advance $5,131,929.00 t- 2001 2001 GO Bond Original Interest - Ref Interest ($11,023.87) 2001 GO Bonds $5,120,905.13 2009 GO Bonds - 2001 GO Bonds Ref Interest $7,472.88 2009 GO Bonds $5,128,378.01 Asbestos Removal - Rath Admin Bldg Principal $122,943.56 Advance $5,251,321.57 Secor Economic Dev Grant Principal $104,400.00 Advance $5,355,721.5 L Loan Document Preparation Principal $9,764.34 Advance $5,365,485.91 CMC Site Purchase Principal $155,019.00 Advance $5,520,504.91 Rath Area Redevelopment Fund 410taxable ( ) Principal $350,000.00 2010 GO Bonds $5,870,504.91 Interest $67,122.08 2010 GO Bonds $5,937,626.99 Rath Public Works Building - Fund 410 (exempt) Principal $700,000.00 2010 GO Bonds $6,637,626.99 Interest $93,209.08 2010 GO Bonds $6,730,836.07 2002 GO Bonds Refinanced - Deduct Old Debt Service Principal 15183.76 2002 GO Bonds $6,715,652.31 Interest ($2,797.01) 2002 GO Bonds $6,712,855.30 2002 GO Bonds Refinanced - Add New Debt Service - Fund 410 Principal $15,390.68 2010 GO Bonds $6,728,245.98 _ Interest $1450.53 2010 GO Bonds $6,729,696.51 625 Glenwood Acquisition Principal $355.00 Advance $6,730,051.51 BCRLF Transfer Principal $280,000.00 Advance $7,010,051.51 Secor RR Spur FY11 Principal $99,111.32 Advance $7,109,162.83 123 Stanley Acquisition FYI Principal $359,459.00 Advance $7,468,621.83 Secor RR Spur FY12 Principal $94,776.85 Advance $7,563,398.68 123 Stanley Acquisition FY12 Principal $100,000.00 Advance $7,663,398.68 1823 Black Hawk St Acquisition FY12 Principal $12,237.92 Advance $7,675,636.60 Secor RR Spur FY13 Principal $17,999.81 Advance $7,693,636.41 2004 GO Bonds Refinanced (Fund 414) - Deduct Old Debt Service Principal ($40,000-00) 2002 GO Bonds $7,653,636.41 7 Interest $10,355.00 2002 GO Bonds $7,643,281.41 2004 GO Bonds Refinanced (Fund 414) - Add New Debt Service - Fund 411 Principal $40,000.00 2010 GO Bonds $7,683,281.41 _ _ _ Interest $5,560.56 2010 GO Bonds $7,688,841.97 2006 GO Bonds Refinanced (Fund 406) - Deduct Old Debt Service Principal ($315,000-00) 2006 GO Bonds $7,373,841.97 Interest ($87,547.52) 2006 GO Bonds $7,286,29 .4 2006 GO Bonds Refinanced (Fund 406) - Add New Debt Service - Fund 413 (FY13) Princi al $315,000.00 2013 GO Bonds 7 601 294.45 Interest $26,047.801 2013 GO Bonds$7,627,342.2 5 2003 GO Bonds Refinanced Fund 413 - Deduct Principal ($54,851.41)1 2006 GO Bonds 7 572 490.84 _ "A„ -- — —Exhibit _ —------------- ' Cumulative as of June 30, 2013 — — — — — Project Designation: Rath Tax Increment Redevelopment Area Schedule 1 i � ___ Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2 NO DATE OF ISSUANCE OR DESCRIPTION OF CUMULATIVE SOURCE EXPENDITURE INDEBTEDNESS AMOUNT AMOUNT INCURRED Old Debt Service Interest $5,749.00 2006 GO Bonds $7,566 741.84 2003 GO Bonds Refinanced (Fund 413) - Add New Princi al S54.851 Al 2013 GO Bonds $7,621,593.25 Interest $1,538,191 2013 GO Bonds $7,623,131.44 Debt Service - Fund 412 (FY12) Rath Area Redevelopment Fund Principal 1 $370,000.00 2013 GO Bonds $7,993,131.44 413 (taxable) t Interest 1 $49,279.111 2013 GO Bonds $8,042,410.55 EXHIBIT "B" Cumulative as of June 30, 2013 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. Other Revenue 402.12(2) Received Cumulative Amount 1 FY 1992 $0.00 $0.00 2 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 $1,333,683.49 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 20 FY2011 $558,081.89 $1,597.28 $3,881,606.12 21 FY2012 $540,285.80 $0.00 $4,421,891.92 22 FY2013 $401,074.75 $0.00 1 $4,822,966.67 23 FY2014* $397,542.00 1 $5,220,508.67 * estimated Values Project Designation: Rath Tax Increment Redevelopment Area June 30, 2013 Total Expenses Certified Less: Total Revenue Certified through 6/30/2013 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 Secor RR Spur 2013 G.O. Bonds (Taxable) Refinanced Bonds 2013D 2003A (2012A) Current Year Rebate Adjustments: Less: Current Year PPEL Current Year Interest Earnings Current Year Rebate Adjustments: $4,822,966.67 Prepared by MWeidner 11/12/2007 $8,042,410.55 $4,822,966.67 $3,219,443.88 $397,542.00 $2,821,901.88 $3,248,950.24 $17,999.81 $17,999.81 $419,279.11 $419,279.11 Principal Interest $315,000.00 $26,047.80 $341,047.80 $54,851.41 $1,538.19 $56,389.60 Prior Yr Current Yr $0.00 $0.00 $0.00 $0.00 $0.00 Prior Yr Current Yr $0.00 Refunded Bonds Principal Interest 2006B (2013D) ($315,000.00) ($87,547.52) ($402,547.52) 2003A ($54,851.41) ($5,749.00) ($60,600.41) TIF Revenue Adjustment from Prior Year Estimate to Actual $540,285.80 $401,074.75 $139,211.05 Subtract Current Year Revenue Estimate Reported Previously ($540,285.80) Net Obligation Certified as of 6/30/2013 $3,219,443.88 Rath TIF Schedule 13.x1s Net Certified FY2013 $834,716.32 ($463,147.93) Variance Prepared by MWeidner 11/12/2007 $0.00 Reconciliation to TIF Indebtedness/Increment Tax Reconciliation from BHC Net Obligation Certified as of 6/30/2011 (from above) $3,219,443.88 FYE2011 Projected Revenue per BHC 12/3/2010 ($565,967.00) FYE2012 Projected Revenue per BHC 12/3/2010 ($555,039.00) Projected TIF Indebtedness Remaining at end of next fiscal year Per BHC TIF Tax Reconciliation $2,098,437.88 FYE2011 Projected Revenue per BHC 12/3/2010 ($565,967.00) Per City FYE2011 Budget $397,542.00 Variance ($168,425.00) Rebates certified of $838,829 for properties that have still not met minimum assessments. Still have obligations of $2.3 million without those, so can still certify for all taxes for FYE2013. Rath TIF Schedule 13.x1s Net Certified FY2013 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 $58,500.00 $878,061.30 $58,500.00 $936,561.30 $58,500.00 $995,061.30 $58,500.00 $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 $1,287,561.30 58,500.001 $50,588.00 $1,338,149.30 $58,500.00 $1,396,649.30 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 $28 080.00 $1,508,969.30 $23,400.00 $1,532,369.30 $23,400.00 $17555,769.30 CVRD 80%2009 70% 2010* 60% 2011* 50% 2012* 40% 2013* 40% 2014* 30% 2015* 30% 2016* 20% 2017* 20% 2018*1 Principal $22,464.00 Tax Rebate $1,578,233.30 $19,656.00 $1,597,889.30 $16,848.00 $1,614,737.30 $14,040.00 $1,628,777.30 $11232.00 $1,640,009.30 $11,232.00 $1,651,241.30 $5,424.001 $1,656,665.30 $5,424.00 $1,662,089.30 $5,616.00 $1,667,705.30 $5,616.001 $1,673,321.30 *Estimated