HomeMy WebLinkAbout2013-999-11/25/2013Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2013-999
RESOLUTION AUTHORIZING CERTIFICATION TO THE
COUNTY AUDITOR THE CITY'S EXPENDITURES THAT
QUALIFY FOR REIMBURSEMENT FROM THE TAX
INCREMENT FUND IN THE MIDPORT/AIRPORT 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
MidPort/Airport 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.
- -, /� /,- -,-/ 4 K - t�.
Ernest G. Clark, Mayor
ATTEST:
Suzy Scha es, CMC
City Clerk
EXHIBIT "A"
Cumulative as of June 30, 2013
Project Designation: Airport Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
No.
Date Of Issuance or
Expenditure
Source Amount
Description of
Indebtedness
incurred
Cumulative
Amount
Site Development FY 1996
Principal $220,648.35
1996 GO Bonds
$220,648.35
MidPort Blvd. FY 1996
Principal $170,748.90
1996 GO Bonds
$391,397.25
Rail Improvements FY 1996
Principal $8,682.75
1996 GO Bonds
$400,080.00
Interest $205,357.39
1996 GO Bonds
$605,437.39
Loan - Cedar Falls BDC
Principal $10,000.00
ADVANCE
$615,437.39
Interest 97-00 $1,058.63
$616,496.02
Interest FY 01 $300.00
$616,796.02
Interest FY 02 $275.00
$617,071.02
Basic Materials (AADA) FY
1997
Principal $100,000.00
ADVANCE
$717,071.02
Interest 97-00 $10,561.65
$727,632.67
Interest FY 01 $3,000.00
$730,632.67
Interest FY 02 $3,000.00
$733,632.67
Interest FY 03 $3,180.82
$736,813.49
Interest FY04 $2,537.26
$739,350.75
Interest FY05 $2,400.00
$741,750.75
Interest FY06 $2,100.00
$743,850.75
Interest FY07 $1,800.00
$745,650.75
Interest FY08 $1,500.00
$747,150.75
Interest FY09 $1,200.00
$748,350.75
Interest FY10 $900.00
$749,250.75
InterestFY11 $600.00
$749,850.75
Interest FY12 $300.00
$750,150.75
MIDPORT BLVD. RISE PHASE 1
6/97
Principal $129,945.07
1997 GO Bonds
$880,095.82
Rail Spur Improvements FY 97
Principal $116,629.00
1998 GO Bonds
$996,724.82
Interest $119,366.30
1998 GO Bonds
$1,116,091.12
Site Development FY 98
Principal $141,120.56
1998 GO Bonds
$1,257,211.68
MidPort Blvd. FY 98
Principal $47,137.12
1998 GO Bonds
$1,304,348.80
Rail Spur Improvements FY 98
Principal $77,449.07
1998 GO Bonds
$1,381,797.87
Interest $123,689.79
1998 GO Bonds
$1,505,487.66
Site Development FY 99
Principal $28,285.68
1999 G O Bonds
$1,533,773.34
MidPort Blvd. FY 99
Principal $266,086.66
1999 G O Bonds
$1,799,860.00
Sanitary Sewer FY 99
Principal $793,792.01
1999 G O Bonds
$2,593,652.01
Interest $707,864.43
1999 G O Bonds
$3,301,516.44
Site Development FY 00
Principal $106,524.92
2000 GO Bonds
$3,408,041.36
Interest $55,651.00
$3,463,692.36
Sanitary Sewer FY 98-99
Principal $214,142.37
Advance
$3,677,834.73
CB Richard Ellis
Principal $210,000.00
Contract
$3,887,834.73
Water Tap - WTT
Principal $4,535.93
Advance
$3,892,370.66
Water Tap - Adv. Heat Treat
Principal $6,531.29
Advance
$3,898,901.95
WTT Properties Tax Rebate
TIF Rebate
$29,912.18
$31,504.14
$32,634.15
Agreement
100% 2001
$3,928,814.13
100/ 2002
$3,960,318.27
100% 2003
$3,992,952.42
Clear Windows Rebate
TIF Rebate
Agreement
Page 1 of 4
EXHIBIT "A"
Cumulative as of June 30, 2013
Project Designation: Airport Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
75%2004
60%2005
45% 2006
30% 2007
15% 2008
Advanced Heat Treat Rebate
100%2002
100%2003
100% 2004
Fed Ex Tax Rebate
50%2008
50%2009
50%2010
50%2011
50%2012
Criterion Tax Rebate
50%2008
50%2009
50%2010
50%2011
50%2012
Advanced Heat Treat Rebate II
50%2010
50%2011
50%2012
50%2013
50% 2014*
50% 2015*
50% 2016*
Magee Properties Rebate
50%2009
50%2010
50%2011
50%2012
50%2013
Accurate Gear Rebate
50%2012
50%2013
50% 2014*
50% 2015*
50% 2016*
ConAjyra Rebate
90%2010
90%2011
90%2012
90%2013
90% 2014*
90% 2015*
90% 2016*
90% 2017*
80% 2018*
80% 2019*
70% 2020*
70% 2021*
70% 2022*
60% 2023*
60% 2024*
60% 2025*
50% 2026*
50% 2027*
50% 2028*
50% 2029*
Empire Enterprises
50%2011
50%2012
50% 2013
50% 2014*
Page 2 of 4
EXHIBIT "A"
Cumulative as of June 30, 2013
Project Designation: Airport Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
50% 2015*
$6,600.00
$11,314,512.25
LaFor e LLC
TIF Rebate
Agreement
50%2013
$32,740.00
$11,347,252.25
50% 2014*
$30,586.00
$11,377,838.25
50% 2015*
$30,586:00
$11,408,424.25
50% 2016*
$30,58600
$11,439 010.25
50% 2017*
$30,586.00
$11,469,596.25
50% 2018*
$30,586:00
$11,500,182.25
50% 2019*
$30,586.00
$11,530,768.25
50% 2020*
$30,586.00
$11,561,354.25
Schwickerath
TIF Rebate
Agreement
50%2013
$2,844.00
$11,564,198.25
50% 2014*
$2,658.00
$11,566,856.25
50% 2015*
$2,658.00
$11,569,514.25
50% 2016*
$2,658.00
$11572172.25
50% 2017*
$2,658.00
$11,574,830.25
Tournier Manufacturing
TIF Rebate
Agreement
58%2013
$21,120.00
$11,595,950. 5
Bob & Kaye Huff (TKE Holdings)
TIF Rebate
Agreement
50%2010
$0.00
$11,595,950.25
50%2011
$0.00
$11,595,950425
50%2012
$7,854.00
$11,603,804.25
50%2013
$4,952.00
$11,608,756.25
50% 2014*
$4,626.00
$11,613,382.25
Anthony& Christopher Huff
TIF Rebate
Agreement
50%2012
$1,458.00
$11,614,840.25
50%2013
$3,512.00
$11,618,352.25
50% 2014*
$3,282.00
$11,621,634.25
50% 2015*
$3,282.00
$11,624,916.25
50% 2016*
$3,282.00
$11,628,198.25
Cedar Valley Warehouse LLC
TIF Rebate
Agreement
50% 2017*
$19,918.00
$11,648,116.25
50% 2018*
$19,918.00
$11,668,034.25
50% 2019*
$19,918.00
$11,687,952.25
50% 2020*
$19,91800
$11,707,870.25
50% 2021*
$19,918.00
$11,727,788.25
CPM Acquisition, Cory
TIF Rebate
Agreement
50% 2014*
$10,058.00
$11,737 846.25
50% 2015*
$10,058.00
$11,747,904.25
50% 2016*
$10,058.00
$11,757,962.25
50% 2017*
$10,05800
$11,768,020.25
50% 2018*
$10,058.00
$11,778,078.25
Howard L Allen Investments
TIF Rebate
Agreement
50% 2015*
$17,008.00
$11,795,086.25
50% 2016*
$17,008.00
$11,812,094.25
50% 2017*
$17,008.00
$11,829,102.25
50% 2018*
$17,00800
$11,846,110.25
50% 2019*
$17,008.00
$11,863,118.25
M&R Iowa LLC Fed Ex
TIF Rebate
Agreement
$11,86 118.25
50% 2016*
$12,841.42
$11,875,959.67
50% 2017*
$12,841:42
$11,888,801.09
50% 2018*
$12,841.42
$11,901,642.51
50% 2019*
$12,84142
$11,914,483.93
50% 2020*
$12,841.42
$11,927,325.35
H drite Chemical Co.
TIF Rebate
Agreement
$11,927 325.35
50% 2015*
$28,798.00
$11,956,123.35
50% 2016*
$28,798.00
$11,984,921.35
50% 2017*
$28,79800
$12,013,719.35
50% 2018*
$28,798.00
$12,042,517.35
50% 2019*
$28,798.00
$12,071,315.35
Cedar Valley Economic
Principal
$4,500.00
Contract
$12,075,815.35
Midport Sign Fund 412
Principal
$51,825.00
412 GO Bonds
$12,127,640.35
Interest
$23,665.40
412 GO Bonds
$12,151,305.75
Midport Sign Fund 411
F�
Principal
$11,069.00
411 GO Bonds
$12,162,374.75
Interest
$7,637.70
411 GO Bonds
$12,170,012.45
Page 3 of 4
EXHIBIT "A"
Cumulative as of June 30, 2013
Project Designation: Airport Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
Cedar Valley FY2004
Principal $17,500.00
Contract
$12,187,512.45
Fund 413 Taxable
Principal $200,000.00
413 GO Bonds
$12,387,512.45
Interest $76,609.00
$12,464,121.45
Fund 413 Taxable - Reallocate
out of Mid ort
Principal $102,488.00
413 GO Bonds
$12,361,633.45
Interest $38,889.00
$12,322,744.45
Fund 413 Tax Exempt
Principal $100,000.00
413 GO Bonds
$12,422,744.45
Interest $26,177.00
$12,448,921.45
Fund 413 Tax Exempt -
Reallocate out of Mid ort
Principal $55,358.87
413 GO Bonds
$12,393,562.58
Interest $14,490.00
$12,379,072.58
Fund 413 Tax Exempt -
Reallocate to Chamberlain
Principal $41,466.93
413 GO Bonds
$12,337,605.65
Interest $10,856.00
$12,326,749.65
Fund 414 Taxable - Reallocate
out of NE Ind Park
Principal $1,000.00
414 GO Bonds
$12,327,749.65
Interest $488.00
$12,328,237.65
Greater Cedar Valley Alliance
FYE2005
$17,500.00
Principal
Contract
$12,345,737.65
Greater Cedar Valley Alliance
FYE2006
$17,500.00
Principal
Contract
$12,363,237.65
Greater Cedar VaH—ey—ATrEnce
FYE2007
$17,500.00
Principal
Contract
$12,380,737.65
Greater Cedar Valley Alliance
FYE2008
$32,000.00
Principal
Contract
$12,412,737.65
Greater Cedar Valley Alliance
FYE2009
$32,000.00
Principal
Contract
$12,444,737.65
Greater Cedar Valley Alliance
FYE2010
$32,000.00
Principal
Contract
$12,476,737.65
reater Cedar Valley Alliance
FYE2011
$9,500.00
Principal
Contract
$12,486,237.65
Greater Cedar a ey iance
FYE2012
$16,167.00
principal
Contract
$12,502,404.65
Greater Cedar Valley Alliance
FYE2013
$24,000.00
Principal
Contract
$12,526,404.65
1998 GO Bonds Refinanced -
Deduct Old Debt Service
Principal $153,991.00
1998 GO Bonds
$12,372,413.65
Interest $25,186.00
$12,347,227.65
1999 GO Bonds Refinanced -
Deduct Old Debt Service
Principal $482,216.00
1999 GO Bonds
$11,865,011.65
Interest $173,967.00
$11,691,044.65
1998 GO Bonds Refinanced -
Add New Debt Service
Principal $155,051.00
2007 GO Bonds
$11,846,095.65
Interest $22,397.00
$11,868,492.65
1999 GO Bonds Refinanced -
Add New Debt Service
Principal $485,540.00
2007 GO Bonds
$12,354,032.65
Interest $135,891.00
$12,489,923.65
Fund 409 Taxable
Principal $155,000.00
2009 GO Bonds
$12,644,923.65
Interest $37,543.26
$12,682,466.91
Welter Purchase
Principal $349,018.34
Advance
$13,031,485.25
WIDA Purchase
Principal $14,367.18
Advance
$13,045,852.43
LaFor e Grant
Principal $214,463.00
Advance
$13,260,315.43
FAA Land Release
Principal $111,618.00
Advance
$13,371,933.43
2002 GO Bonds Refinanced -
Deduct Old Debt Service
Principal $36,825.00
1999 GO Bonds
$13,335,108.43
Interest $146,172.66
$13,188,935.77
2002 GO Bonds Refinanced -
Add New Debt Service - Fund
410
Principal $37,091.02
2010 GO Bonds
$13,226,026.79
$75,805.14
Interest
$13,301,831.93
Standard Trucking Grant
Principal $99,985.00
Advance
$13,401,816.93
Cedar Valley Warehouse, LLC
Grant
Principal $221,350.00
Advance
$13,623,166.93
Andrew Lusson Grant
Principal$56,575.50
Advance$13,679,742.431
"Estimated
Page 4 of 4
EXHIBIT "B"
Cumulative as of June 30 2013
Project Designation: Airport Tax Increment Redevelopment
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 03.19(2)
No.
Year Received
Amount Received
from Payments under
Sec. 402.12(2)
Other Revenue
Received
Cumulative Amount
1
FY 1996
$0.00
$0.00
2
FY 1997
$0.00
$0.00
3
FY 1998
$0.00
$0.00
4
FY 1999
$0.00
$0.00
5
FY 2000
$199,485.92
$199,485.92
6
FY 2001
$173,980.54
$373,466.46
7
FY 2002
$215,717.04
$589,183.50
8
FY 2003
$226,422.30
$815,605.80
9
FY 2004
$238,607.04
$1,054,212.84
10
FY2005
$329,246.96
$1,383,459.80
11
FY2006
$272,132.01
$1,655,591.81
12
FY2007
$352,005.51
$53,241.43
$2,060,838.75
13
FY2008
$490,903.37
$22,100.85
$2,573,842.97
14
FY2009
$905,538.28
$24,935.40
$3,504,316.65
15
FY2010
$1,153,257.70
$31,855.29
$4,689,429.64
16
FY2011
$1,217,346.57
$22,119.44
$5,928,895.65
17
FY2012
$1,286,480.54
$1,187.52
$7,216,563.71
18
FY2013
$1,452,505.80
$1,894.54
$8,670,964.05
19
FY2014*
$1,447,609.00
$10,118,573.05
*ESTIMATED
Project Designation: Airport Tax Increment Redevelopment Area
June 30, 2013
Total Expenses Certified
Less: Total Revenue Certified through 6/30/2013 $8,670,964.05
Prepared by MWeidner 11/21/2008
$13,679,742.43
Net Revenue Certified $8,670,964.05
Net Obligation Certified as of 6/30/2013 $5,008,778.38
FYE14 Revenue Estimate $1,447,609.00
Net Projected Obligation for FYE14 Budget Year $3,561,169.38
Net Obligation Certified at 6/30/2012
$6,168,668.12
Add:
Current Year Debt Activity
Greater Cedar Valley Alliance
$24,000.00
$24,000.00
Cedar Valley Warehouse, LLC
$221,350.00
$221,350.00
Andrew Lusson
$56,575.50
$56,575.50
Current Year Rebate Adjustments:
Prior Yr
Current Yr
Cedar Valley Warehouse, LLC
$0.00
$99,590.00
$99,590.00
CPM Acquisition Corp
$0.00
$50,290.00
$50,290.00
Howard L Allen Investments
$0.00
$85,040.00
$85,040.00
M&R Iowa, LLC (Fed Ex)
$0.00
$64,207.10
$64,207.10
Hydrite Chemical Co.
$0.00
$143,990.00
$143,990.00
Less:
Current Year PPEL
$0.00
Current Year Interest Earnings
($1,894.54)
Current Year Rebate Adjustments:
Prior Yr
Current Yr
Advanced Heat Treat
$243,592.00
$237,366.00
($6,226.00)
Empire Enterprises
$35,904.00
$34,976.00
($928.00)
Bob & Kaye Huff
$17,758.00
$17,432.00
($326.00)
ConAgra
$7,000,300.00
$6,654,646.00
($345,654.00)
LaForge, LLC
$268,208.00
$246,842.00
($21,366.00)
Ronan & Lisa Schwickerath
$14,570.00
$13,476.00
($1,094.00)
Tournier Manufacturing
$93,220.00
$21,120.00
($72,100.00)
Accurate Gear
$49,886.00
$47,738.00
($2,148.00)
Anthony and Chris Huff
$15,506.00
$14,816.00
($690.00)
TIF Revenue Adjustment from Prior Year Estimate to Actual
$1,286,480.54 $1,452,505.80 ($166,025.26)
Airport TIF Certification Schedule 13.xls Net Certified FY2013
Prepared by MWeidner 11/21/2008
Subtract Current Year Revenue Estimate Reported Previously ($1,286,480.54)
Net Obligation Certified as of 6/30/2013 $5,008,778.38
Variance $0.00
Reconciliation to TIF Indebtedness/Increment Tax Reconciliation from BHC
Net Obligation Certified as of 6/30/2012 (from above) $5,008,778.38
FYE2011 Projected Revenue per BHC 12/2010 ($1,209,954.00)
FYE2012 Projected Revenue per BHC 12/3/2010 ($1,319,727.00)
Projected TIF Indebtedness Remaining at end of next fiscal year
Per BHC TIF Tax Reconciliation $2,479,097.38
FYE2011 Projected Revenue per BHC 12/3/2010 ($1,209,954.00)
Per City FYE2012 Budget $1,447,609.00
Variance $237,655.00
Airport TIF Certification Schedule 13.x1s Net Certified FY2013
EXHIBIT "A"
June 30, 2006 - Annual
Project Designation: Airport Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
No.
Date Of Issuance or
Expenditure
Source
Amount
Description of
Indebtedness
incurred
Cumulative
Amount
Basic Materials (AADA) FY
1997
Principal
ADVANCE
$0.00
Interest FY06
$2,100.00
$2,100.00
Fed Ex Tax Rebate
TIF Rebate
Agreement
$25,225.00
50% 2008*
$23125.00
50% 2009*
$23125.00
$48,350.00
30% 2010*
$23125.00
$71475.00
50% 2011*
$23125.00
$94,600.00
50% 2012*
$23,125.00
$117,725.00
Criterion Tax Rebate
Agreement
50% 2008*
$2,868.00
$120,593.00
50% 2009*
$2,868.00
$123,461.00
50% 2010*
$2,868.00
$126,329.00
50% 2011 *
$2,868.00
$129197.00
50% 2012*
$2,868.00
$132,065.00
rea er ear Valley Alliance
FYE2006
Principal
$17,500.00
Contract
$149,565.00
*Estimated