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Home My WebLink About2013-997-11/25/2013Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323. RESOLUTION NO. 2013-997 RESOLUTION AUTHORIZING CERTIFICATION TO THE COUNTY AUDITOR THE CITY'S EXPENDITURES THAT QUALIFY FOR REIMBURSEMENT FROM THE TAX INCREMENT FUND IN THE LOGAN AVENUE 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 Logan Avenue Tax Increment District, as indicated in attached Exhibit "A", be and the same is hereby approved. PASSED AND ADOPTED this 25th day of November, 2013. 1�� /rn'�e-ftG. Clark, Mayor ATTEST: uzy Sch res, CMC City Clerk Exhibit "A June 30, 2013 Project Designation: Logan Avenue Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement YT A ce,.#, — en21or'M DATE OF NO. ISSUANCE OR SOURCE DESCRIPTION OF INDEBTNESS Cumulative EXPENDITURE Amount AMOUNT INCURRED Land Acquisition 6/1/2004 Principal $522,545.25 Contract $522,545.25 Interest $122,659.86 $645,205.11 Misc. Improvements FY2002 Bonds Principal $19,598,08 2002 GO Bonds $664,803.19 Interest $6,945.64 $671,748.83 Hy Vee Lease FY2005 Principal $90,000.00 2005 GO Bonds $761,748.83 Interest $31,320.00 $793,068.83 Hy Vee Lease & Misc Principal $50,000.00 $843,068.83 Improvements Fund 406 taxable 2006 GO Bonds Interest $25,656.82 $868,725.65 Logan TIF Improvements Fund 414 taxable Princi al $40,000.00 2004 GO Bonds $9081725.65 Interest $17,236.02 $925,961.67 Logan TIF Improvements Fund 407 taxable Principal $50,000.00 2007 GO Bonds $975,961.67 Interest $17,728.00 $993,689.67 Logan TIF Improvements Fund 408 taxable Principal $75,000.00 2008 GO Bonds $1,068,689.67 Interest $23,750.00 $1,092,439.67 1 Logan TIF Improvements Fund 410 taxable Principal $100,000.00 2010 GO Bonds $1,192,439.67 Interest $18,155.28 $1,210,594.95 1 2002 GO Bonds Refinanced - Deduct Old Principal $13,762.14) $1,196,832.81 Debt Service 2002 GO Bonds Interest ($3,173.13) $1,193,659.68 Principal $14,028.16 $1,207,687.84 2002 GO Bonds Refinanced - Add New Debt Service -Fund 410 2010 GO Bonds Interest $1,645.58 $1,209,333.42 2004 GO Bonds Refinanced (Fund 414) - Principal $21,333,31 $1,188,000.11 Deduct Old Debt Service 2004 GO Bonds Interest $5,522.67 $1,182,477,44 Principal $21,333.31 $1,203,810.75 2004 GO Bonds Refinanced (Fund 414) - Add New Debt Service -Fund 411 2011 GO Bonds Interest $2,253.28 $1,206,064.03 2006 GO Bonds Refinanced (Fund 406) - Principal $30,750.00 $1,175,314.03 Deduct Old Debt Service 2006 GO Bonds Interest $7,947.06 $1,167,366.97 Principal $30,750.00 $1,198,116.97 2006 GO Bonds Refinanced (Fund 406) - Add New Debt Service - Fund 413 (2013) 2013 GO Bonds Interest $2,894.20 $1,201,011.17 2008 GO Bonds Reallocated to San Marnan - Principal $75,000.00) $1,126,011.17 FY11 2008 GO Bonds Interest ($23,750.00) $1,102,261.17 2007 GO Bonds Reallocated to San Marnan - Principal $19,140.80) $1,083,120.37 FY11 2008 GO Bonds Interest ($6,786.56) $1,076,333.81 2005 GO Bonds Refinanced (Fund 405) - PrinCi al $55,000.00) $1,021,333.81 ,)nnr, r,n Ta,,,,14� Deduct Old Debt Service Interest ($11,520.00 V v✓ vv LV 11uJ $1,009,813.81 2005 GO Bonds Refinanced (Fund 405) - Add New Debt Service - Fund 412 (2012) Principal $55,000.00 2013 GO Bonds $1,064,813.81 Interest $5,424.01 $1,070,237.82 Logan Plaza Retail Building 100%2012 100%2013 100% 2014* 100% 2015* 100% 2016* 100% 2017* Principal $0.00 Rebate $1,070,237.82 $0.00 $1,070,237.82 $37,584.00 $1,107,821.82 $37,584.00 $1,145,405.82 $37,584.00 $1,182,989.82 $37,584.00 $1,220,573.82 Walgreen's 100%2012 100%2013 100% 2014* 100% 2015* 100% 2016* 100% 2017* Principal $52,934.00 Rebate $1,273,507.82 $70,346.00 $1,343,853.82 $51,386.00 $1,395,239.82 $51,386.00 $1,446,625.82 $51,386.00 $1,498,011.82 $51,386.00 $1,549,397.82 Avita 100%2012 100%2013 74% 2014* 50% 2015* 50% 2016* 50% 2017* 50% 2018* 50% 2019* Principal $89,982.00 Rebate $1,639,379.82 $87,806.00 $1,727,185.82 $60,702.00 $1,787,887.82 $41,014.00 $1,828,901.82 $41,014.00 $1,869,915.82 $41,014.00 $1,910,929.82 $41,014.00 $1,951,943.82 $41,014.00 $1,992,957.82 D&L 100% 2012* 100% 2013* 100% 2014* 100% 2015* 100% 2016* Principal Rebate $1,992,957.82 $1,992,957.82 $1,992,957.82 $1,992,957.82 $1,992,957.82 CVS Pharmacy 100% 2015* 100% 2016* 100% 2017* 100% 2018* 100% 2019* 100% 2020* Principal $45,058.00 Rebate $2,038,015.82 $45,058.00 $2,083,073.82 $45,058.00 $2,128,131.82 $45,058.00 $2,173,189.82 $45,058.00 $2,218,247.82 $45,058.00 $2,263,305.82 CVS Principal $610.10 Advance $2,263,915.92 Government Relations Contract Principal $8,000.00 Advance $2,271,915.92 Government Relations Contract Principal $28,000.00 Advance $2,299,915.92 Exhibit "B June 30, 2013 Project Designation: Logan Avenue Tax Increment Redevelopment Area Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Year Received Received Other Revenue Cumulative Amount 1 FY2005 $0.00 $0.00 $0.00 2 FY2006 $0.00 $0.00 $0.00 31 FY2007 $45,666.48 $0.00 $45,666.48 41 FY2008 $146,296.25 $1,481.70 $193,444.43 5 FY2009 $163,601.69 $527.23 $357,573.35 6 FY2010 $163,569.43 $128.91 $521,271.69 7 FY2011 $239,397.71 $295.63 $760,965.03 8 FY2012 $262,508.01 $268.30 $1,023,741.34 91 FY2013 $294,663.41 $203.77 $1,318,608.52 101 FY2014* 1 $263,426.00 $0.00 $1,582,034.52 * - Estimated Prepared by SGraham 11//2009 Updated by MWeidner 11/19/2011 Project Designation: Logan Avenue Tax Increment Redevelopment Area June 30, 2013 Total Expenses Certified $2,299,915.92 Less: Total Revenue Certified through 6/30/2013 $1,318,608.52 Net Revenue Certified $1,318,608.52 Net Obligation Certified as of 6/30/2013 $981,307.40 FYE2014 Revenue Estimate $263,426.00 Net Projected Obligation for FYE14 Budget Year $717,881.40 Net Obligation Certified at 6/30/2013 $1,131,542.79 Add: Principal Interest Bonds Refinanced $30,750.00 $2,894.20 $33,644.20 $55,000.00 $5,424.01 $60,424.01 Current Year Debt Activity Government Relations $28,000.00 Current Year Rebate Adjustments: Prior Yr Current Yr CVS Pharmacy $0.00 $270,348.00 $270,348.00 Avita Developments, LLC $418,372.00 $443,560.00 $25,188.00 Less: Current Year PPEL $0.00 Current Year Interest Earnings ($203.77) Current Year Rebate Adjustments: Prior Yr Current Yr Logan Plaza Retail Building $187,920.00 $150,336.00 ($37,584.00) Walgreens $334,318.00 $328,824.00 ($5,494.00) Principal Interest Bonds Refunded ($30,750.00) ($7,947.06) ($38,697.06) ($55,000.00) ($11,520.00) ($66,520.00) Bonds Reallocated ($75,000.00) ($23,750.00) ($98,750.00) ($19,140.80) ($6,786.56) ($25,927.36) TIF Revenue Adjustment from Prior Year Estimate to Actual $262,508.01 $294,663.41 ($32,155.40) Subtract Current Year Revenue Estimate Reported Previously ($262,508.01) Logan Ave TIF Schedule 13.xls Net Certified FY2013 Prepared by SGraham 11//2009 Updated by MWeidner 11/19/2011 Net Obligation Certified as of 6/30/2013 $981,307.40 Variance $0.00 Reconciliation to TIF Indebtedness/Increment Tax Reconciliation from BHC Net Obligation Certified as of 6/30/2011 (from above) $981,307.40 FYE2011 Projected Revenue per BHC 12/2010 ($239,398.00) FYE2012 Projected Revenue per BHC 12/3/2010 ($264,963.00) Projected TIF Indebtedness Remaining at end of next fiscal year Per BHC TIF Tax Reconciliation $476,946.40 FYE2011 Projected Revenue per BHC 12/3/2010 ($239,398.00) Per City FYE2011 Budget $236,340.00 Variance ($3,058.00) Logan Ave TIF Schedule 13.x1s Net Certified FY2013