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Home My WebLink About2013-998-11/25/2013Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323. RESOLUTION NO. 2013-998 RESOLUTION AUTHORIZING CERTIFICATION TO THE COUNTY AUDITOR THE CITY'S EXPENDITURES THAT QUALIFY FOR REIMBURSEMENT FROM THE TAX INCREMENT FUND IN THE MARTIN ROAD 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 Martin Road 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: y Sch res, CMC City Clerk Exhibit"A Cumulative as of June 30, 2013 Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement ilndpr Gartinn 4(13_T9tn NO. DATE OF ISSUANCE OR EXPENDITURE SOURCE DESCRIPTION OF INDEBTNESS Cumulative Amount AMOUNT INCURRED Recording Fees FY 1998 - 1999 Principal $464.50 1999 GO Bonds $464.50 Design & Construction Engineering FY 1997 - 2001 Principal $20,328.07 1999 GO Bonds $20,792.57 Construction of Road & SewerFinancin FY 1999 - 2001 Principal $165,433.36 1999 GO Bonds $186,225.93 FY 1998 - 2000 Interest $148,169.07 1999 GO Bonds $334,395.00 Brock Inc. Property Contract 5/18/2004 Principal $385,000.00 Contract $719,395.00 Interest $55,598.78 $774,993.78 Denso Project Expenses - Fund 412 F, 2004 Principal $51,218.16 2002 GO Bonds $826,211.94 Interest $20,299.47 2002 GO Bonds $846,511.41 Martin Road Development - Fund 406 FY2006 Principal $100,000.00 2006 GO Bonds $946,511.41 Interest $57,473.78 $1,003,985.19 Denso Tax Rebates 30%2007 30% 2008 30% 2009 30% 2010 30%2011 Principal TIF Rebate $1,003,985.19 $14,055.53 $1,018,040.72 $17,072.82 $1,035,113.54 $18,329.83 $1,053,443.37 $18,115.17 $1,071,558.54 $18,140.07 $1,089,698.61 Wilbert Vault Rebates 90%2008 90%2009 90%2010 90%2011 90%2012 90%2013 90% 2014* 90% 2015* 90% 2016* 90% 2017* Principal TIF Rebate $25,367.50 $1,115,066.11 $25,045.82 $1,140,111.93 $24,686.00 $1,164,797.93 $24,720.00 $1,189,517.93 $24,490.00 $1,214,007.93 $22,604.00 $1,236,611.93 $21,116.00 $1,257,727.93 $21,116.00 $1,278,843.93 $21,116.00 $1,299,959.93 $7,418.64 $1,307,378.57 Rain Soft Rebates 100% 2009 100% 2010 100% 2011 100% 2012 100% 2013 Principal TIF Rebate $1,307,378.57 $12,844.23 $1,320,222.80 $12,698.00 $1,332,920.80 $12,716.00 $1,345,636.80 $12,598.00 $1,358,234.80 $13,124.00 $1,371,358.80 Young Development (Country Estates) 100% 2010 100% 2011 100% 2012 100% 2013 100% 2014* 100% 2015* 100% 2016* 100% 2017* 100% 2018* Principal TIF Rebate $1,371,358.80 $16,100.00 $1,387,458.80 $16,122.00 $1,403,580.80 $15,972.00 $1,419,552.80 $15,216.00 $1,434,768.80 $14,216.00 $1,448,984.80 $14,216.00 $1,463,200.80 $14,216.00 $1,477,416.80 $14,216.00 $1,491,632.80 $2,770.49 $1,494,403.29 Exhibit "A Cumulative as of June 30, 2013 Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19121 Stephen Riley 100% 2010 100% 2011 100% 2012 100% 2013 100% 2014* 100% 2015* Principal TIF Rebate $1,494,403.29 $19,498.00 $1,513,901.29 $19,548.00 $1,533,449.29 $19,368.00 $1,552,817.29 $16,028.00 $1,568,845.29 $14,972.00 $1,583,817.29 $14,972.00 $1,598,789.29 Maurer 100% 2011 100% 2012 100% 2013 100% 2014* 100% 2015* Principal TIF Rebate $1,598,789.29 $56,178.00 $1,654,967.29 $55,656.00 $1,710,623.29 $65,472.00 $1,776,095.29 $61,164.00 $1,837,259.29 $61,164.00 $1,898,423.29 JARF (Fahr Beverage) 100% 2011 100% 2012 100% 2013 100% 2014* 100% 2015* 100% 2016* Principal TIF Rebate $1,898,423.29 $22,268.00 $1,920,691.29 $22,062.00 $1,942,753.29 $20,642.00 $1,963,395.29 $19,284.00 $1,982,679.29 $19,284.00 $2,001,963.29 $23,526,00 $2,025,489.29 Watessa 100% 2012 100% 2013 100% 2014* 100% 2015* 68% 2016* 50% 2017* 50% 2018* 50% 2019* 50% 2020* 50% 2021* Principal TIF Rebate $2,025,489.29 $41,396.00 $2,066,885.29 $48,422.00 $2,115,307.29 $45,238.00 $2,160,545.29 $45,238.00 $2,205,783.29 $30,762.00 $2,236,545.29 $22,618.00 $2,259,163.29 $22,618.00 $2,281,781.29 $22,618.00 $2,304,399.29 $22,618.00 $2,327,017.29 $22,618.00 $2,349,635.29 Deer Creek 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Principal $2,349,635.29 $300,000.00 $2,649,635.29 $200,000.00 $2,849,635.29 $200,000.00 $3,049,635.29 $200,000.00 $3,249,635.29 $200,000.00 $3,449,635.29 $200,000.00 $3,649,635.29 $200,000.00 $3,849,635.29 $200,000.00 $4,049,635.29 $200,000.00 $4,249,635.29 $200,000.00 $4,449,635.29 $200,000.00 $4,649,635.29 $200,000.00 $4,849,635.29 $756,299.48 $5,605,934.77 Corstang Enterprises 2013 2014* 2015* 2016* Principal $5,605,934.77 $38,063.00 $5,643,997.77 $18,129.00 $5,662,126.77 $18,129.00 $5,680,255.77 $18,129.00 $5,698,384.77 PTL Properties, LLC 100% 2013 100% 2014* 100% 2015* 100% 2016* 22% 2017* Principal TIF Rebate $5,698,384.77 $26,946.00 $5,725,330.77 $23,534.00 $5,748,864.77 $23,534.00 $5,772,398.77 $23,534.00 $5,795,932.77 $5,178.00 $5,801,110.77 Exhibit "A Cumulative as of June 30, 2013 Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement ITndpr RPrfinn df1310171 50% 2018* 50% 2019* 50% 2020* 50% 2021* 50% 2022* $11,766.00 $5,812,876.77 $11,766.00 $5,824,642.77 $11,766.00 $5,836,408.77 $11,766.00 $5,848,174.77 $11,766.00 $5,859,940.77 SVW Properties, LLC 100% 2013 100% 2014* 100% 2015* 100% 2016* 22% 2017* 50% 2018* 50% 2019* 50% 2020* 50% 2021* 50% 2022* Principal TIF Rebate $5,859,940.77 $27,170.00 $5,887,110.77 $24,396.00 $5,911,506.77 $24,396.00 $5,935,902.77 $24,396.00 $5,960,298.77 $5,368.00 $5,965,666.77 $12,198.00 $5,977,864.77 $12,198.00 $5,990,062.77 $12,198.00 $6,002,260.77 $12,198.00 $6,014,458.77 $12,198.00 $6,026,656.77 1999 GO Bonds Refinanced - Deduct Old Debt Service Principal -$82,507.00 1999 GO Bonds $5,944,149.77 Interest -$29,395.00 $5,914,754.77 1999 GO Bonds Refinanced - Add New Debt Service - Fund 407 Principal $82,971.00 2007 GO Bonds $5,997,725.77 Interest $23,222.00 $6,020,947.77 Martin Road Dev. FY2007 (taxable) Principal $50,000.00 2007 GO Bonds $6,070,947.77 Interest $17,728.00 $6,088,675.77 Martin Road Dev. FY 2008 taxable Principal $80,000.00 2008 GO Bonds $6,168,675.77 Interest $25,000.00 $6,193,675.77 Corstang Purchase FY2009 Principal $196,020.00 Advance $6,389,695.77 San Sewer Design IFY2010 Principal $558.00 Advance $6,390,253.77 San Sewer Design IFY2011 Principal $425.50 Advance $6,390,679.27 2002 GO Bonds Refinanced - Deduct Old Debt Service Principal$29,403.28 2002 GO Bonds $6,361,275.99 Interest $5,907.08 $6,355,368.91 2002 GO Bonds Refinanced - Add New Debt Service - Fund 410 Principal $29,639.76 2010 GO Bonds $6,385,008.67 Interest $3,063.42 $6,388,072.09 2006 GO Bonds Refinanced - Deduct Old Debt Service Principal$75,000.00 2006 GO Bonds $6,313,072.09 Interest $20,421.26 $6,292,650.83 2006 GO Bonds Refinanced - Add New Debt Service - Fund 413 (FY13) Principal $75,000.00 2013 GO Bonds $6,367,650.83 Interest $5,788.40 $6,373,439.23 Reallocate Fund 407 G.O. Bonds to San Marnan Principal$48,071.35 2007 G.O. Bonds $6,325,367.88 Interest $17,044.18 $6,308,323.70 Reallocate Fund 408 G.O. Bonds to San Marnan Principal$80,000.00 2008 G.O. Bonds $6,228,323.70 Interest $25,000.00 $6,203,323.70 Martin Road Dev. FY 2011 taxable Principal $100,000.00 2011 GO Bonds $6,303,323.70 Interest $37,730.31 $6,341,054.01 Development Serv. FY2011 Principal $1,200.00 Advance $6,342,254.01 Failor-HurleyGrant FY2011 Principal $80,000.00 Advance $6,422,254.01 Failor-HurleyGrant FY2012 Principal $17.00 Advance $6,422,271.01 Deer Creek Dev. FY2013 Principal $80,000.001 Grant $6,502,271.01 San Sewer Design FY2012 Principal $1,505.00 Advance $6,503,776.01 'estimated EXHIBIT "B" Cumulative as of June 30, 2013 Project Designation: Martin Road Tax Increment Redevelopment Schedule 2 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2) No. Year Rec Amount Received from Payments under Sec. 402.12(2) Other Revenue Received Cumulative Amount 1 FY 1997 $0.00 $0.00 2 FY 1998 $0.00 $0.00 3 FY 1999 $3,573.58 $3,573.58 4 FY 2000 $7,314.98 $10,888.56 5 FY 2001 $76,616.52 $87,505.08 61 FY 2002 $60,214.96 $147,720.04 7 FY 2003 $67,780.85 $215,500.89 8 FY 2004 $74,966.48 $290,467.37 9 FY2005 $123,495.49 $413,962.86 10 FY2006 $150,499.75 $564,462.61 11 FY2007 $171,278.42 $101,903.67 $837,644.70 12 FY2008 $204,129.43 $18,939.01 $1,060,713.14 13 FY2009 $255,746.77 $5,108.00 $1,321,567.91 14 FY2010 $249,984.54 $460.98 $1,572,013.43 15 FY2011 $394,612.49 $888.50 $1,967,514.42 16 FY2012 $474,303.10 $32.15 $2,441,849.67 17 FY2013 $564,599.22 $74.41 $3,006,523.30 18 FY2014* $514,404.00 $3,520,927.30 " - Estimated Prepared by MWeidner 11/12/2007 Project Designation: Martin Road Tax Increment Redevelopment Area June 30, 2013 Total Expenses Certified $6,503,776.01 Less: Total Revenue Certified through 6/30/2013 $3,006,523.30 Net Revenue Certified $3,006,523.30 Net Obligation Certified as of 6/30/2013 $3,497,252.71 FYE14 Revenue Estimate $514,404.00 Net Projected Obligation for FYE14 Budget Year $2,982,848.71 Net Obligation Certified at 6/30/2012 $2,097,483.62 Add: Current Year Debt Activity Current Year Rebate Adjustments: Prior Yr Current Yr Corstang Enterprises $0.00 $92,450.00 $92,450.00 Wilbert Burial Vault $214,725.32 $217,679.96 $2,954.64 Young Development $118,659.50 $123,044.49 $4,384.99 Deer Creek Development $1,100,000.00 $3,256,299.48 $2,156,299.48 Bonds Refinanced Principal Interest 2013D (2006B) $75,000.00 $5,788.40 $80,788.40 Less: Current Year PPEL $0.00 Current Year Interest Earnings ($74.41) Current Year Rebate Adjustments: Prior Yr Current Yr Riley $106,498.00 $104,386.00 ($2,112.00) JARF $131,436.00 $127,066.00 ($4,370.00) Maurer $339,324.00 $299,634.00 ($39,690.00) Watessa $340,650.00 $324,146.00 ($16,504.00) PTL Properties, LLC $185,472.00 $161,556.00 ($23,916.00) SVW Properties, LLC $187,022.00 $166,716.00 ($20,306.00) Bonds Reallocated out of Martin Rd Principal Interest ($48,071.35) ($17,044.18) ($65,115.53) ($80,000.00) ($25,000.00) ($105,000.00) Bonds Refunded Principal Interest 2006B ($75,000.00) ($20,421.26) ($95,421.26) Martin Rd TIF Schedule 13.xls Net Certified FY2013 $2,336,877.51 Prepared by MWeidner 11/12/2007 ($372,509.20) TIF Revenue Adjustment from Prior Year Estimate to Actual $474,303.10 Subtract Current Year Revenue Estimate Reported Previously $564,599.22 ($90,296.12) ($474,303.10) Net Obligation Certified as of 6/30/2013 $3,497,252.71 Variance $0.00 Reconciliation to TIF Indebtedness/Increment Tax Reconciliation from BHC Net Obligation Certified as of 6/30/2011 (from above) $3,497,252.71 FYE2011 Projected Revenue per BHC 12/3/2010 ($398,240.00) FYE2012 Projected Revenue per BHC 12/3/2010 ($473,070.00) Projected TIF Indebtedness Remaining at end of next fiscal year Per BHC TIF Tax Reconciliation $2,625,942.71 FYE2011 Projected Revenue per BHC 12/3/2010 ($398,240.00) Per City FYE2011 Budget $514,404.00 Variance $116,164.00 Martin Rd TIF Schedule 13.xls Net Certified FY2013 Exhibit "A 7/1/05 - 06/30/2006 - ANNUAL Project Designation: Martin Road Tax Increment Redevelopment Area Schedule 1 Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(21 NO. DATE OF ISSUANCE OR EXPENDITURE SOURCE DESCRIPTION OF INDEBTNESS Cumulative Amount AMOUNT INCURRED Martin Road Development FY2006 Principal $100,000.00 G.O. Bonds G.O. Bonds $100,000.00 Interest $57,473.78 $157,473.78 Wilbert Vault Rebates 90% 2008* 90% 2009* 90% 2010* 90% 2011 * 90% 2012* 90% 2013* 90% 2014* 90% 2015* 90% 2016* Principal TIF Rebates $157,473.78 $22,302.00 $179,775.78 $22,302.00 $202,077.78 $22,302.00 $224,379.78 $22,302.00 $246,681.78 $22,302.00 $268,983.78 $22,302.00 $291,285.78 $22,302.00 $313,587.78 $22,302.00 $335,889.78 $22,302.00 $358,191.78 Rain Soft Rebates 100% 2010* 100% 2011* 100% 2012* 100% 2013* 100% 2014* Principal TIF Rebates $358,191.78 $11,100.00 $369,291.78 $11,100.00 $380,391.78 $11,100.00 $391,491.78 $11,100.00 $402,591.78 $11,100.00 $413,691.78 *estimated