HomeMy WebLinkAbout2013-1002-11/25/2013Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2013-1002
RESOLUTION AUTHORIZING CERTIFICATION TO THE
COUNTY AUDITOR THE CITY'S EXPENDITURES THAT
QUALIFY FOR REIMBURSEMENT FROM THE TAX
INCREMENT FUND IN THE SAN MARNAN 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 San
Marnan 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:
Suzy Sches, CMC
City Cler
EXHIBIT "A"
— — --- --
June 30, 2013
Project Designation: San Marnan Tax Increment Development Area
Schedule 1 _
Indebtedness
—_ _ — Qualif�g for Tax Increment Reimbursement
Under Section 403.19(2)
No.
Date Of Issuance
or Expenditure
Source
Description of Indebtedness
Cumulative
Amount
AMOUNT
INCURRED
Land Acquisition FY 1999
$548,856.00
Contract debt
$548,856.00,
Interest FY 02
$106,427.98
$655,283.98
Interest FY 03
$42,502.01
$697,785.99
Interest FY 04
$16,795.35
$714,581.34
Interest FY 05
$11,094.86
$176,820.20
Interest FY 06
$12,570.24
$82,962.46
Interest FY 07
$12,303.70
$52,764.15
Interest FY 08
$7,665.0
$758,215.23
Road FY 1999_
Recording Fees FY 99
Design & Construction Eng.
Construction of Rd & Sewer
Financing FY 98-00
Principal
$2,373.60
G. O. Bonds
$760,588.83
Principal
$15,419.70
G. O. Bonds
$776,008.53
Principal
$78,364.41
G. O. Bonds
$854,372.94
Interest
$64,919.28
G. O. Bonds
$919,292.22
GMAC Tax Rebates
75% 2003
60% 2004
45% zoos
30% 2006
15% 2007
Principal
TIF Rebate
$126,460.50
$1,045,752.72
$121,497.60
$1,167,250.32
$105,821.10
$1,273,071.42
$72,557.49
$1,345 628.91
$31,691.70
$1,377,320.61
VGM Tax RebatesPrincipal
50% 2009
50%2010
50% 2011
50o/,2012
50%2013
TIF Rebate
$50,788.00
$1,428,108.61
$152,742.00
$1,580,850.61
$102,094.00
$1,682,944.61
$101,146.00
$1,784,090.61
$111,138.00
$1,895,228.61
CV Medical HQ
5T%2 9
50%2010
50% 2011
50% 2012
50%2013*
Principal
TIF Rebate
$117,232.07
$2,012,460.68
$86,068.00
$2,098,528.68
$86,186.00
$2,184,714.68
$55,455.01
$2,240,169.69
$0.00
$2,240,169.69
WW Grainger, Inc.
100%2012
100,0 2013
100%2014•
100% 2015*
100%2016*
100% 2017*
49%2018*
$2,240,169.69
$186,234.00
$2,426,403.69
$193,342.00
$2,619,745.69
$180,624.00
$2,800,369.69
$180,624.00
$2,980,993.69
$180 624.00
$3,161,617.69
$180,624.00
$3,342,241.69
$88,506.00
$3,430,747.69
Financial Resource Advisors
100%2012
loo%2013
100% 2014*
100% 2015*
100% 2016*
100% 2017*
s2%2018*
Principal
TIF Rebate
$3,430,747.69
$74,596.00
$3,505,343.69
$72,824.00
$3,578,167.69
$68,034.00
$3 646 201.69
$68,034.00
$3,714,235. 9
$68,034.00
$3,782,269.69
$68,034.00
$3,850,303.69
$35378.00
$3,885,681.69
Cardinal Medical Office
100%2013
]00%2014*
100%2015*
ioo2ols*
100%2017*
100% 2018*
80% 2019*
Principal
TIF Rebate
$100,128.00
$3,985,809 69
$46,216.00
$4,032,025.69
$46,216.00
$4,078,2 1.69
$46,216.00
$4,124,457.69
$46,216.00
$4,170,673.69
$46,216.00
$4,216,889.69
$36 972.00
861.69
$4,251861.69
MBAK
loo %2014*
100% 2013*
100% 2016*
Principal
TIF Rebate
$57,124.00
$4,310,985.69
$57 124.00
$4 368 109.69
$57,124.00
$4,425,233.69
EXHIBIT "A"
June 30, 2013
Project Designation: San Marnan Tax Increment Development Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
10o*i 2017* $57,124.00 $4 482 357.69
100%2018' $57,124.00 $4,539A81.69
10011019* $57,124.00 $4,596,605.69
100%2020* $57,124.00 $4,653,729.69
36%2021* $20564.00 $4,674.293.69
Cardinal Veterans Clinic
89%2014*
89%2015*
89% 2016*
89%2017'
899/, 2018*
89% 2019*
8912020*
89%2021"
89%2022*
89%2023*
Principal
$56,326.00
$56,326.00
$56,326.00
$56,326.00
$56,326.00
$56,326.00
$56,326.00
$56,326.00
$56,326.00
$56,326.00
TIF Rebate
$4,730,619.69
$4,786,945.69
$4,843,271.69
$4,899,597.69
$4,955,923.69
$5,012,249.69
$5,068,575.69
$5,124,901.69
$5,181,227.69
$5,237,553.69
MFGC LLC
72%2016*
71%2017*
71%2018*
71%2019*
71%2020*
71%2021*
71%2022*
71%2023*
— —
71 2oza*
71%2025*
Principal
$31,228.00
$30,794M
$30,794.00
$30,794.00
$30,794.00
$30,794.00
$30,794.00
$30,794.00$5,484,339.69
$30,794.00
$30,794.00
TIF Rebate
$5,268,781.69
575.69
$5,29U75.691
$5,330,369.69
$5,361,163.69
$5,391,957.69
$5,422,751.69
$5,453,545.69
$5,515,133.69
$5,545,927.69
CBE Land Purchase
Principal
Interest
$740,000.00
$245,900.00
2005 GO Bonds
$6,285,927.69
2005 GO Bonds
$6,531,827.69
VGM Access Road
Principal
Interest
$600,000.00
$197,330.00
2005 GO Bonds
$7,131,827.69
2005 GO Bonds
$7,329,157.69
VGM Fund 406 - FY2006
Principal
Interest
$400,000.00
$223,315.02
2006 GO Bonds
$7,729,157.69
2006 GO Bonds
$7,952,472.71
San Marnan Development
Fund 407 FY2007
Principal
Interest
$100,000.00
$35,153.50
2007 GO Bonds
$8,052,472.71
2007 GO Bonds
$8,087, 626.21
San Marnan Development
Fund 408 FY2008
Principal
Interest
$200,000.00
$59,000.00
2008 GO Bonds
$8,287,626.21
2008 GO Bonds
$8,346,626.21
San Marnan Development - Fund
406 - Refund old Debt
Principal
Interest
($280,000.00)
($76,862.50)
2006 GO Bonds
$8,066,626.21
2006 GO Bonds
$7,989,763.711
San Marnan Development - Fund
413 - Refinance 406 Funds
Principal
Interest
$280,000.00
$23,153.60
2013 GO Bonds
$8,269,763.711
2013 GO Bonds
$8,292,917.31
San Marnan Development - Fund
405 - Refund old Debt
Principal
Interest
$355,000.00
$66,865.00
2005 GO Bonds
$7,937,917.31
2005 GO Bonds
$7,871,052.31
San Marnan Development - Fund
412 -Refinance 406 Funds
Principal
Interest
$355,000.00
$35,569.00
2012 GO Bonds
$8,226,052.31
2012 GO Bonds
$8,261,621.31
San Marnan Development - Fund
405 - Refund old Debt
Principal
Interest
$445,000.00
$84,160.00
2005 GO Bonds
$7,816,621.31
2005 GO Bonds
$7,732,461.311
San Marnan Development - Fund
412 -Refinance 406 Funds
Principal
Interest
$445,000.00
$44,575.97
2012 GO Bonds
$8,177,461.31
2012 GO Bonds
$8,222,037.28
Fund 407 - Reallocated from
Logan Ave
Principal
Interest
$19,140.80
$6,786.57
2007 GO Bonds
$8,241,178.08
$8,247,964.65
Fund 407 - Reallocated from
Martin Rd
Principal
Interest
$48,071.35
$17,044.18
2007 GO Bonds
$8,296,036.00
$8,313,080.18
Fund 408 - Reallocated from
Logan Ave
Principal
Interest
$75,000.00
$23,750.00
2008 GO Bonds
$8,388,080.18
$8,411,830.1
Fund 408 - Reallocated from
Martin Rd
Principal
Interest
$80,000.00
$25,000.00
2008 GO Bonds
$8,491,830.18
$8,516,830.18
L&H Farms
Advance
$439,179.20
Advance
$8,956,009.38
Dry Run Sewer Study (FYI 0)
Advance
$19.69
Advance
$8,956,029.07
Dry Run Sewer Study (FY11)
Advance
$9,539.75
Advance
$896556882
L&H Farms
Advance
$751,943.25
Advance
$9,717,512.0
Env. Site Assessment
Advance
$5,999.28
Advance
$9 723 511.35
FYI GCVA
Principal
$16,167.00
Contract
$9,739,678.35
FY13 GCVA
Principal
$24,000.00
Contract
$9,763,678.35
L&H Farms
Advance
$334,109.50
Advance
1 $10,097,787.85
* Estimated
EXHIBIT "B"
June 30 2013
Project Designation:
San Marnan Tax Increment Development Area
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19 2
No.
Year Received
Amount Other Revenue Cumulative Amount
Received from Received
Payments under
1
FY 1997
$0.00
$0.00
2
FY 1998
$0.00
$0.00
3
FY 1999
$0.00
$0.00
4
FY 2000
$0.00
$0.00
5
FY 2001
$0.00
$0.00
6
FY 2002
$115,934.72
$115,934.72
7
FY 2003
$146,872.14
$180,000.00
$442,806.86
8
FY 2004
$177,843.34
$620,650.20
9
FY 2005
$205,851.80
$826,502.00
10
FY2006
$214,330.06
$1,040,832.06
11
FY2007
$199,764.79
$6,118.47
$1,246,715.32
12
FY2008
$395,258.07
$10,724.47
$1,652,697.86
13
FY2009
$690,161.90
$1,252.06
$2,344,111.82
14
FY2010
$715,267.61
$943.98
$3,060,323,41
15
FY2011
$898,340.12
$353.67
$3,959,017.20
16
FY2012
$1,057,234.37
$995.06
$5,017,246.63
17
FY2013
$1,240,893.60
$345.77
$6,258,486.00
18
FY2014*
$1,150,340.00
$7,408,826.00
*Estimated
Project Designation: San Marnan Tax Increment Development Area
June 30, 2013
Total Expenses Certified
Less: Total Revenue Certified through 6/30/2013 $6,258,486.00
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
L&H Farms Advance
New Bonds Issued
2013D (2006B)
2012B (2005A)
2012C (2005B)
Bonds Reallocated - Logan Ave
Fund 407
Fund 408
Bonds Reallocated - Martin Rd
Fund 407
Fund 408
Current Year Rebate Adjustments:
Cardinal Medical Office
VGMD
Cardinal Veterans Clinic
MFGC, LLC
Less:
Prepared by MWeidner 11/12/2007
$10,097,787.85
$6,258,486.00
$3,839,301.85
$1,150,340.00
$2,688,961.85
$3,697,221.75
$24,000.00
$334,109.50
Principal Interest
$280,000.00 $23,153.60 $303,153.60
$355,000.00 $35,569.00 $390,569.00
$445,000.00 $44,575.97 $489,575.97
Principal Interest
$19,140.80 $6,786.57 $25,927.37
$75,000.00 $23,750.00 $98,750.00
Principal Interest
$48,071.35 $17,044.18 $65,115.53
$80,000.00 $25,000.00 $105,000.00
Prior Yr Current Yr
$344,474.00 $368,180.00 $23,706.00
$507,916.00 $517,908.00 $9,992.00
$0.00 $563,260.00 $563,260.00
$0.00 $308,374.00 $308,374.00
Current Year PPEL $0.00
Current Year Interest Earnings ($345.77)
Current Year Rebate Adjustments: Prior Yr Current Yr
Financial Resource Advisors $476,584.00 $454,934.00 ($21,650.00)
San Marnan TIF Certification Schedule 13.xls Net Certified FY2013
Prepared by MWeidner 11/12/2007
MBAK
$431,028.00
$420,432.00
($10,596.00)
WW Gainger
$1,208,658.00
$1,190,578.00
($18,080.00)
Bonds Refunded
Principal
Interest
($280,000.00)
($76,862.50)
($356,862.50)
VGM
($355,000.00)
($66,865.00)
($421,865.00)
CBE
($445,000.00)
($84,160.00)
($529,160.00)
TIF Revenue Adjustment from Prior Year Estimate to Actual
$1,057,234.37
Subtract Current Year Revenue Estimate Reported Previously
Net Obligation Certified as of 6/30/2013
Variance
$1,240,893.60 ($183,659.23)
($1,057,234.37)
$3,839,301.85
$0.00
Reconciliation to TIF Indebtedness/Increment Tax Reconciliation from BHC
Net Obligation Certified as of 6/30/2010 (from above)
FYE2011 Projected Revenue per BHC 12/3/2010
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
$3,839,301.85
($898,131.00)
($1,047,090.00)
$1,894,080.85
($898,131.00)
$1,150,340.00
$252,209.00
San Marnan TIF Certification Schedule 13.x1s Net Certified FY2013