HomeMy WebLinkAbout2016-923-11/21/2016 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2016-923
RESOLUTION APPROVING CERTIFICATION TO THE
BLACK HAWK COUNTY AUDITOR OF EXPENDITURES
THAT QUALIFY FOR REIMBURSEMENT INCLUDING THE
RELEASE OF APPROXIMATELY $300,000 IN REVENUE IN
THE FY2016 NORTHEAST INDUSTRIAL AREA TAX
INCREMENT DISTRICT AND PLACE THE CERTIFICATION
ON FILE.
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 RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA, that the City Clerk is instructed to certify to the County Auditor all
expenditures of the City that qualify for reimbursement, including the release of approximately
$300,000 in revenue from the Tax Increment Fund in the Northeast Industrial Area Tax
Increment District, as indicated in attached Exhibit"A" and Exhibit`B", are hereby approved.
PASSED AND ADOPTED this 21St day of November, 2016.
Quentin Hart, Mayor
ATTEST:
69YA3�
Kelley Fele 1
City Clerk
Schedule"1"
Cumulative as of June 30,2016
Project Designation:
Northeast Industrial Area Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualif in for Tax Increment Reimbursement Under Section 403.19(2)
No. Source Description of Indebtedness Cumulative Amount
AMOUNT INCURRED
Land Acquisition 8/95 Principal $245,447.90 Land Contract $245,447.90
Land Acquisition Principal $362,178.20 Land Contract $607,626,10
Sanitary Sewer FY 97-98 Principal $215,725,99 Advance $823,352,09
Dirt Credit 1997 Principal $347,400,00 Agreement $1,170,752.09
2000-$126,796.00
2001-$63,203.00
2002-$110,908.00
2003-$46,49150
Engineering FY 97-00 Principal $105,796,41 G,O.Bonds $1,276,548.50
Recording fees FY 97-00 Principal $3,048.75 G.O.Bonds $1,279,597.25
Northeast Drive FY 1997 Principal $97,276.80 G.O.Bonds $1,376,874,05
T.G.Drive FY 1998 Frincipal $125,410.59 G.O.Bonds $1,502,284.64
R&N Investments II Rebate Principal TIF Tax Rebate $1,502,284.64
so% 2003 $0
50% 2004 $1,502,284.6
(cancelled) 50% 2005 $1,502,284.64
SO% 2006
$1,502,284.64
50% 2007 $1,502,284.64
$1,502,284.64
Interstate Brands Rebate Principal TIF Tax Rebate $1,502,284,64
75% 2003 $21,999.00
60%2004 $1,524,283.64
$18,402.00 $1,542,685.64
45%2005 $16,027.56
30%2006 $1,558,713.20
15%2007 $0.00 $1,558,713.20
15% 2014 $000 $1,558,713.20
$15,631,00 $1,574,344.20
Financing 997-2000 1Interest $417,660.53LG:O.B—..ds $1,992,004.73
Plat Engineering Fund 411 Principal $5,000.00 Interest $1,997,004.73
2001 G.O.Bonds
$3,450.00 $2,000,454.73
GT Drive II $2,000,454.73
Fund 411-Construction Principal $182,868.00 $2,183,322.73
Interest $71,963.68 2001 G.O.Bonds
$2,255,286.41
Fund412-Construction Principal $48,630.00 $2,303,916.41
2002 G.O.Bonds
Interest $21,873.14 $2,325,789.55
Fund 412-RISE Application Principal $4,500.00 $2,330,289.55
Interest $3,139.00 2002 G.Q.Bonds
$2,333,428.55
WIDA BY 2003
Interest $8,482.82 Contract $2,341,911.3
WIDA PY2004 Interest $10,820,89 Contract $2,352,732.26
WIDA FY2005 Interest $4,276.29 Contract $2,357,008.55
Cedar Valley FY2004 Principal $13,200.00 Contract $2,370,208.55
Cedar Valley FY2005 Principal $17,500.00 Contract $2,387,708.55
Cedar Valley FY2006 Principal $17,500.00 Contract $2,405,208,55
Cedar Valley FY2007 Principal $17,500.00 Contract $2,422,708.55
Cedar Valley FY2008 Principal $32,000.00 Contract $2,454,708.55
Cedar Valley FY2009 Principal $33,168.00 Contract $2,487,876,55
Cedar Valley FY2010 Principal $32,000.00 Contract $2,519,876.55
Cedar Valley 17Y2011 Principal $9,500.00 Contract $2,529,376.55
Cedar Valley FY2012 Principal $16,166.00 Contract $2,545,542.55
Cedar Valley FY2013 Principal $24,000.00 Contract $2,569,542,55
Cedar Valley FY2014 Principal $16,166.67 Contract $2,585,709.22
Cedar Valley FY2015 Principal $12,833.33 Contract $2,598,542.55
GCVA FY2016 Advance $16,166.67 Contract $2,614,709.22
Gray Transportation Rebates Principal TIF Tax Rebate $2,614,709.22
Schedule"1"
Cumulative as of June 30,2016
Project Designation:
Northeast Industrial Area Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualif in fox Tax IncrementReimbursement Under Section 403.19(2)
50%2005 $31,493.93
$2,643,203.15
50%2006 $32,391,28
$2,678,594.43
50%2007 $26,788.28
$2,705,382.71
50%2008 $27,139.08
$2,732,521.79
50%2009 $28,976.01
$2,761,497.80
Ferguson Enterprises Pund 414 Principal $3,500,000.00 2004 G.O.Bonds $6,261,497.80
Interest $1,708,885,00
$7,970,38280
Ferguson Enterprises Rebates Princlpal TIF Tax Rebate $7,970,382.80
FY2007 $392,733.25
FY2008 $435,187.68 $8,363,113.05
$8,798,303.73
FY2009 $467,334,00
PY2010 $461,864.00 $9,265,637.73
$9,727,501.73
FY2011
$462,500.00 $10,190,001.731
FY2012 $458,210.00 $10,648,211,73
FY2013 $374,184.00
FY2014 $349,570.00 $11371 95.73
FY2015 $328,042.00 11 371 965.73
FY2016 +''$277;498.Ot1 $11,700,007.73
$11,977,505.73
Etrin erLandContract Principal $350,000.00 Land Contract $12,327,505.73
FY2007 Interest $3,161,67 $12,330,667.40
PY2008 Interest $2,499.56 $12,333,166.96
OFI Properties Principal TIF Tax Rebate
$12,333,166.93
50%FY2009 $52,758.13
50%PY2010 $54,310.00 $12,385,925.09
50%FY2011 $.54,384 00 $12,440,235.09
$12,494,619.09
50%FY2012 $53,880.00
50%FY2013 $37,352.00 $12,548,499.09
$12,585,851.09
Veteran Enterprises,Ltd. Principal TIF Tax Rebate $12,585,851.09
50%FY2013 $13,635.00
50°,6 FY2014 $12,599,486.09
$39,115.00 $12,638,601.09
50%PY2015 $12,108.00
50%FY2016 $0.00 $12,650,709.09
$12,650,709.09
50%FY2017* 1.
•.$0:09 $12,650,709.09
Twin Ci Tannery Principal TIF Tax Rebate $12,650,709.09
50%PY2014 $36,866.00
50%FY2015 $13,276.00 $12,687,575,09
• $12.700,851.09
50%FY2016 .$7,516.00
$12,708,367.09
GhIJ2 Industries,LLC $12,708,367.09
50%FY2023* $15,9T8,00
$12,724,285.09
50%FY2024* y:::$15,918:00
50%PY2025* $12 740,203.09
$15,918,00 $12,756,121.09
50%FY2026* $15,918,00
50%PY2027* $15,918.00 $12,772,039.09
$12,787,957.09
1999 GO Bonds Refinanced-Deduct Principal $208,847.00) 1999 G.O.Bonds $12,579,110.09
Old DebtService Interest $75,344.00 $12,503,766.09
2007 GO Bonds-1999 GO Bonds Principal $210,281.00 2007 G.O.Bonds $12,714,047,09
Refinanced-Add New Debt Svc Interest $58,851.00 $12,772,898.09
2007 GO Bands Refinanced-Deduct Princlpal $101,668.00) 2007 G.O.Bonds $12,671,230.09
Old Debt Service Interest ($12,064.00) $12,659,166.09
2014 GO Bonds-2007 GO Bonds Principal $96,598:00 2014 G.O.Bonds $12,755,764.09
Refinanced-Add New Debt Svc Interest $8,997.001 $12,764,761,09
Fund 414 Taxable Reallocate Bonds Principal ($69,651.07) 2004 G.O.Bonds $12,695,110.0
for NE Site Projects-2008 Interest ($34,00724) $12,661,102.78
2001 GO Bonds Refinanced-Deduct Interest $33,048,'06' 2001 G.O.Bonds $12,628,054.72
2009 GO Bonds-2001 GO Bonds Interest $0,0.46:22 2009 G.O.Bonds $12,637,100.94
Veterans Ent Grant Principal $207,093.00 Advance $12,844,193 9
2002 GO Bonds Refinanced-Deduct Principal $35,000.00 1999 G.O.Bonds $12,809,193.94
Old Debt Service Interest $6,250.00 $12,802,943,94
2010 GO Bonds-2002 GO Bonds Principal $35,266.02 2007 G.O.Bonds $12,838,209.96
Refinanced-Add New Debt Svc interest $3,241,25 $12,841,451.21
2004 GO Bonds Refinanced(Fund Principal ($2,175,000.00) 1999 G.O.Bonds $10,666,451.21
414)-Deduct Old Debt Service Interest $600,422.50) $10,066,028.71
2011 GO Bonds-2004 GO Bonds Principal $2,175,000.00 2011 G.O.Bonds $12,241,028.71
Schedule"I"
Cumulative as of June 30,2016
Project Designation:
Northeast Industrial Area Tax Increment Redevelopment Area
Schedule 1
Indebtedness Qualifying for Tax Increment Reimbursement Under Section 403.19(2)
Refinanced Interest $278,885.44
R&B Enterprises Principal $7,000.00 Advance $12,519,914.15
$12,526,914.15
McCloud Legal Expenses Principal $258.75 Advance $12,527,172.90
FY15 Administrative Expenses Principal $3,089.46 Advance $12,530,262.36
2013 GO Bonds-Taxable Principal $220,000.00 2013 G.O.Bonds $12,750,262.36
Interest $30,028.19 $12,780,290.55
2013 GO Bonds-Non Taxable Principal $50,000.00 2013 G.O.Bonds $12,830,290.55
Interest $5,775.09 $12,836,065.64
2014 GO Bonds-Taxable Principal $315,000.00 2014 G.Q.Bonds $13,151,065.64
Interest $46,697.50
$13,197,763.14
E Engineering Platting Services Principal. ;$0.0.0 Contract $13,197,763.1
JDE Engineering Roadway Principal $80,400.00 $13,278,163.1
Cons traction Design Contract
JDE Engineering Sewer and Water Advance $112,500.00 $13,390,663.14
Main Construction CRS Contract
NE San Sewer,Water Main Project Principal $1,211,318.00 Contract $14,601,981.14
FYE2016 Admin Expenses Advance ;$4,500.00 $14,606,481.14
Willard Frost Land Acquisition Principal $1,299,097.001 Contract $15,905,578.14
EXHIBIT"B"
Cumlative as of June 30,2016
Project Designation: Northeast Industrial Area Tax Increment Redevelopment
Schedule 2
Indebtedness Qualifying for Tax Increment Reimbursement
Under Section 403.19(2)
No. Year Received Amount Received Other Revenue Cumulative Amount
from Payments Received
under Sec.
402.12(2)
1 FY 1996 $0.00 $0.00
2 FY 1997 $0.00 $0.00
3 FY 1998 $0.00 $0.00
4 FY 1999 $201,360.86 $201,360.86
5 FY 2000 $110,300.50 $311,661.36
6 FY 2001 $194,966.55 $506,627.91
7 FY 2002 $321,469.26 $828,097.17
8 FY 2003 $381,390.68 $1,209,487.85
9 FY 2004 $458,310.16 $1,667,798.01
10 FY2005 $651,752.82 $2,319,550.83
11 FY2006 $464,313.36 $2,783,864.19
12 FY2007 $1,446,002.26 $109,650.08 $4,339,516.53
13 FY2008 $1,063,218.88 $26,036.60 $5,428,772.01
14 FY2009 $891,841.05 $4,972.61 $6,325,585.6
15 FY2010 $862,108.93 $1,153.42 $7,188,848.02
16 FY2011 $665,367.52 $1,239.16 $7,855,454.70
17 FY2012 $594,439.87 $89.63 $8,449,984.20
18 FY2013 $869,000.64 $0.00 $9,318,984.84
19 FY2014 $874,260.30 $0.00 $10,193,245.14
20 FY2015 $1,475,913.82 $0.00 $11,669,158.96
21 FY2016 ;;$1;472,906.19 $2,159:84 $13,144,224.99
22 FY2017* '$1,416,517.00 $14,560,741.99
23 FY2018* $15,977,258.99
*ESTIMATE
IIS
CITY TIF FORM T-INDEBTEDNESS CERTIFICATION Cover Sheet
CODE OF IOWA SECTION 403.99 TAX INCREMENT FINANCING (TIF) INDEBTEDNESS
CERTIFICATION TO COUNTY AUDITOR
Due To County Auditor By December 1 Prior To The Fiscal Year TIF Increment Tax Is Requested
Use One Certification Per Urban Renewal Area
City: Waterloo County: Black Hawk
Urban Renewal Area Name: Waterloo Northeast Industrial Urban Renewal
Urban Renewal Area Number: 07015 (Use five-digit Area Number Assigned by the County Auditor)
I hereby certify to the County Auditor that for the Urban Renewal Area within the City and County named above the
City has outstanding loans, advances, indebtedness, or bonds, none of which have been previously certified, in the
collective amount shown below, all of which qualify for repayment from the special fund referred to in paragraph 2
of Section 403.19 of the Code of Iowa.
Urban Renewal Area Indebtedness Not Previously Certified": $ 133,577
*There must be attached a supporting itemized listing of the dates that individual loans, advances, indebtedness, or
bonds were initially approved by the governing body. (Complete and attach 'CITY TIF FORM 1.1'.)
The County Auditor shall provide the available TIF increment tax in subsequent fiscal years without further certf!cation
until the above-stated amount of indebtedness is paid to the City. However,for any fiscal year a City may elect to
receive less than the available TIF increment tax by certifying the requested amount to the County Auditor on or
before the preceding December 1. (File'CITY TIF FORM 2'with the County Auditor by the preceding December 1
for each of those fiscal years where all of the TIF increment tax is not requested.)
A City reducing certified TIF indebtedness by any reason other than application of TIF increment tax received from
the County Treasurer shall certify such reduced amounts to the County Auditor no later than December 1 of the year
of occurrence. (File'CITY TIF'FORM 3'with the County Auditor when TIF indebtedness has been reduced by any
reason other than application of TIF increment tax received from the County Treasurer.)
Notes/Additional Information:
Please note that we removed$364,013 in debt reductions and revenue adjustments using Form 3 that did not car
ry
to this form. Net debt outstanding at 6/3012016 should be$2,761,353.15,
Dated this 23rd day of November 2016
319.291.4323
Signature of Authorized Official Telephone
CITY TIF FORM 1.1-To be attached to CITY TIF FORM 1 -INDEBTEDNESS CERTIFICATION Page 1
TIF INDEBTEDNESS NOT PREVIOUSLY CERTIFIED ELIGIBLE FOR TAX COLLECTIONS NEXT FISCAL YEAR
City: Waterloo County: Black Hawk
Urban Renewal Area Name: Waterloo Northeast Industrial Urban Renewal
Urban Renewal Area Number: 07015 (Use five-digit Area Number Assigned by the County Auditor)
Individual TIF Indebtedness Type/Description/Details: Date Approved: Total Amount:
1. Greater Cedar Valley Alliance.$16,166.67 12/21/15 16;167
FjW this box if a rebate agreement. List administrative details on lines above.
2. Administrative Expenses:$4,500 6/13/16 4,500
n X'this box if a rebate agreement. List administrative details on lines above.
3. JDE Engineering Sanitary Sewer&Water Main Construction CRS:$112,500 12/7/15 112,500
0 Xthis box if a rebate agreement. List administrative details on lines above.
4. GMJ2 Industries, LLC Tax Rebate Estimate Adjustment:$410 5/26/2015 410
Q'X'this box If a rebate agreement. List administrative details on lines above.
5.
FI Xthis box if a rebate agreement. List administrative details on lines above.
If more indebtedness entry lines are needed continue to Form 1.1 Page 2.
Total For City TIF Form 1.1 Page 1: 133,577
*"Date Approved"is the date that the local governing body initially approved the TIF indebtedness.
CITY TIF FORM 3
TIF INDEBTEDNESS HAS BEEN REDUCED BY REASON OTHER THAN APPLICATION OF
TIF INCREMENT TAX RECEIVED FROM THE COUNTY TREASURER
CERTIFICATION TO COUNTY AUDITOR
Use One Certification Per Urban Renewal Area
City: Waterloo County: Black Hawk
Urban Renewal Area Name: Waterloo Northeast Industrial Urban Renewal
Urban Renewal Area Number: 07015 (Use five-digit Area Number Assigned by the County Auditor)
hereby certify to the County Auditor that for the Urban Renewal Area within the City and County named above,the
City has reduced previously certified indebtedness, by reason other than application of TIF increment tax received
from the County Treasurer, by the total amount as shown below.
Provide sufficient detail so that the County Auditor will know how to specially administer your request_ For example,
you could have multiple indebtedness certifications in the Urban Renewal Area, and the County Auditor would need
to know which particular indebtedness certifcation(s) to reduce. If rebate agreements are involved with a reduction,
and the County has segregated the rebate property into separate TIF Increment taxing districts, provide the five-digit
county increment taxing district numbers for reference.
Individual TIF Indebtedness Type/Description/Details: Amount
Reduced:
Interest received during FYE16:$2,159.84 2,160
Ferguson Enterprises, Inc.tax rebate estimate adjustment:decrease of$15,521.68 15,522
Twin City Tannery tax rebate estimate adjustment:decrease of$2,822 2,822
Veteran Enterprises, Ltd tax rebate estimate adjustment:decrease of$58,818 58,818
Refinancing savings 2014 GO 2007 refinanced: $5,070 5,070
Refinancing savings 2009 GO 2001 refinanced:$17,868 17,868
Refinancing savings 2009 GO 2001 refinanced:$517.84 518
NE Sanitary sewer,water main project contract decrease:$112,682 112,682
Willard Frost Land Acquisition contract decrease:$142,103 142,103
JDE Enginering Platting Services:$6,450 6,450
Total Reduction In Indebtedness For This Urban Renewal Area: 364,013
Dated this 23rd day of November 2016
319.291.4323
Signature of Authorized Official Telephone