HomeMy WebLinkAbout2017-11-20-J17 TIF Certification_Hickman West1 ; Waukee
`WI THE KEY 10 GOOD LIVING
AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: November 20, 2017
AGENDA ITEM: Consideration of approval of obligating funds from the Urban Renewal
Tax Revenue Fund for appropriation to the payment of annual
appropriation tax increment financed obligations which shall come due
in the next succeeding fiscal year [Hickman West]
FORMAT: Resolution
SYNOPSIS INCLUDING PRO & CON: City staff has been working with Matt Stoffel from
Public Financial Management (PFM) on projecting the annual tax increment revenues for
FY2019. Based upon the preliminary information we have received from the Dallas
County Auditor's Office, City staff recommends certifying $694,529 in the Hickman
West urban renewal district. All of the residential tax increment generated within this
district will be released.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: An outline of the expenditures is provided in the Memo
dated 11/20/2017, and Exhibit A.
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Memo & Exhibit A
II. Proposed Resolution
III. City TIF Forms
PREPARED BY: Linda Burkhart k
REVIEWED BY:
PUBLIC NOTICE INFORMATION —
NAME OF PUBLICATION:
DATE OF PUBLICATION:
fflf�4 Waukee -Memo
I-� THE KEY TO GOOD LIVING
To: Mayor Peard, Councilmember's Bergman, Bottenberg, Harrison, Hughes, and Lyon
City Administrator Moerman
From: Linda Burkhart, Finance Director
CC:
Date: November 20, 2017
Re: Annual Certification of Tax Increment
Attach:
City staff has worked with Matt Stoffel, with Public Financial Management (PFM) on
projecting the annual tax increment revenues for FY2019.
Based upon the preliminary information we have received from the Dallas County Auditor's
Office, City staff is proposing to certify the attached amounts within the Hickman West, and
Waukee 2000 Urban Renewal Districts, Gateway, and Autumn Ridge Residential districts
(Exhibit A).
Staff recommends the release of all residential tax increment valuation, or approximately,
$12,039,366 generated within Hickman West, Waukee 2000 and the Gateway districts, unless
otherwise directed by the Waukee City Council. Staff recommends capturins 100% of the
residential tax increment associated with the Autumn Ridge district. Staff does not
recommend the release of any commercial valuation from the TIF funds.
The preliminary estimates from PFM, show an overall increase of $21,881,241 or 16.06% in
TIF valuation. Hickman West district valuations increased $3,796,884 or 16.64%, the URA
2000 district increased $11,642,927 or 10.89%, Gateway district increased $3,340,196 or
157.62%, and Autumn Ridge district increased $3,101,234 or 71.22%.
The Council's approval of the attached resolutions prior to December 111 will ensure we meet
the annual December 15Y deadline for filing the report with the Dallas County Auditor.
If you have any questions please be sure to contact me prior to the meeting.
Linda Burkhart ,b
Finance Director
Waukee City Hall 230 W Hickman Road Waukee IA 50263
Office: (515) 987-4522 Facsimile: (515) 987-1845
a�kee
Hickman West - $26,617,536 Valuation
!Estimated Tax Increment: $ 694,529
2014A Bond - (Alices Road Projects)
Exhibit
TIF $ Requested
FY18-19
$551,906
Amount to Certify/
(Decertify)
Balance
Remaining
$8,615,833
Carry Over
from Prior Year
2016E Bond - (Refunding 2008C)
$155,000
$0
$609,745
$49,095
Brick/Regency/Valley Bank Development Areement
$363,000
Administrative&Legal Fees
$0
$0
$0
Fiscal Fees
$1,500
$1,500
$1,500
TIF Interest Earnings FY17
($13,877)
($13,877)
$0
Total -Hickman West
$694,529
($12,377)
$9590,079
$49,095
111
2010C Bond - (PW Bldg)
$69,828
$142,392
2012E Bond -(Refunding 2007A)
$349,850
$705,450
2012D Bond -(Alices Road Sewer Ph 1)
$451,100
$906,500
2013E Bond - (Alices Road Bridge)
$260,000
$520,200
2013C Bond - (Refund 2006B)
$287,068
$288,847
2013D Bond-(Alices Road-Univ to Ashworth)
$886,189
$3,992,988
$2,259,799
2014A Bond - (Alices Road Projects)
$401,500
$1,508,400
Fiscal Fees for Debt Service
$3,000
$3,000
$0
PFM FY17 Fees
$0
$0
Crossing At Alices Development Areement FY17
$354,139
$1,580,726
$570,284
Alices Road/180 Project EngineeringEngiineering
$0
$1,567,000
Sidewalks FY17
$0
$0
$7,119
Administrative & Legal Fees
$21,408
$21,408
$0
TIF Interest Earnings FY17
($5,044)
($5,044)
$0
Waukee Hardware- FaSade Improvement Grant
$6,521
$6,521
$0
$3,582
Brad Lathrop- FaPade Improvement Grant
$7,500
$7,500
$0
Total -Waukee URA 20001
$3,093,059
$33,385
$11,212,503
$2,840,783
Gateway - $5,459,291 Estimated Valuation
Estimated Tax Increment: $ 142,449 (Estimated)
Administrative & Legal Fees FY17
$34,336
$34,336
$0
Esker Ridge ConsultinFY17
$0
$0
Burt Property Consulting FY17
$0
$0
GPP Enhancements Phase I FY17
$108,113
$266,117
Total - Gateway
$142,449
$34,336
$266,117
$0
Autumn Ridge - $7,455,403 Estimated Valuation
Estimated Tax Increment: $ 194,533 (Estimated)_
Administrative & Legal Fees FY17
$521
$521
$0
Engineering-Alices Road (Univ to Hickman) FY17
$108,871
$76,012
-Ml FY18/FY19
$85,141
$85,141
$0
Total -Autumn Ridge
$194,533
$85,662
$76,012
$0
TOTAL - ALL DISTRICTS
$4,124,570
$141,006
$21,144,710
$2,889,878
THE CITY OF WAUKEE, IOWA
RESOLUTION
OBLIGATING FUNDS FROM THE URBAN RENEWAL TAX REVENUE
FUND FOR APPROPRIATION TO THE PAYMENT OF ANNUAL
APPROPRIATION TAX INCREMENT FINANCED OBLIGATIONS
WHICH SHALL COME DUE IN THE NEXT SUCCEEDING FISCAL
YEAR
WHEREAS, the City of Waukee, Iowa (the "City"), pursuant to and in strict compliance
with all laws applicable to the City, and in particular the provisions of Chapter 403 of the Code of
Iowa, has adopted an Urban Renewal Plan for the Hickman West Urban Renewal Area (the
"Urban Renewal Area"); and
WHEREAS, this Council has adopted an ordinance providing for the division of taxes
levied on taxable property in the Urban Renewal Area pursuant to Section 403.19 of the Code of
Iowa and establishing the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa
(the "Urban Renewal Tax Revenue Fund"), which fund and the portion of taxes referred to in that
subsection may be irrevocably pledged by the City for the payment of the principal and interest on
indebtedness incurred under the authority of Section 403.9 of the Code of Iowa to finance or
refinance in whole or in part projects in the Urban Renewal Area; and
WHEREAS, the City has scheduled payments in an amount up to $ 694,529.00 (the
"Annual Payment") which shall come due in the fiscal year beginning July 1, 2018 with respect to
the City's 2014A Bond, 2016B Bond, Brick/Regency Development Agreement, and Fiscal
Fees; and
WHEREAS, it is now necessary for the City Council to obligate for appropriation to the
Annual Payment, funds anticipated to be received in the Urban Renewal Tax Revenue Fund in the
fiscal year beginning July 1, 2018;
WHEREAS, the City Council desires to release 100% of the increment generated from the
Actual residential valuation in the Urban Renewal District for tax collections payable in the
2018/2019 fiscal year.
NOW, THEREFORE, It is resolved by the City Council of the City of Waukee, Iowa, as
follows:
Section 1. The City Council hereby obligates up to $ 694,529.00 for appropriation
from the Urban Renewal Tax Revenue Fund to the Annual Payment in the fiscal year beginning
July 1, 2018.
Section 2. The Finance Director is hereby directed to certify the amount obligated for
appropriation in Section 1 above, on the City's December 1, 2017 certification of debt payable
from the Urban Renewal Tax Revenue Fund and to reflect such amount in the City's budget for
the next succeeding fiscal year.
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby
repealed.
Passed and approved November 20", 2017.
William F. Peard, Mayor
Attest:
Rebecca D. Schuett, City Clerk
ROLL CALL VOTE AYE NAY ABSENT ABSTAIN
Anna Bergman
R. Charles Bottenberg
Brian Harrison
Shelly Hughes
Larry R. Lyon
CITY TIF FORM 1 - INDEBTEDNESS CERTIFICATION Cover Sheet
CODE OF IOWA SECTION 403.19 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: Waukee County: Dallas
Urban Renewal Area Name: Hickman West
Urban Renewal Area Number: 25008 (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':
$ 1,500
"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 certification
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 T 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:
Dated this 20th day of November 1 2017
Finance Director (515) 978-7919
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:
Urban Renewal Area Name: Hickman West
County: Dallas
Urban Renewal Area Number:25008 (Use five -digit Area Number Assigned by the County Auditor)
Individual TIF Indebtedness Type/Description/Details: Date Approved*: Total Amount:
1. Fiscal Fees
R'X' this box if a rebate agreement.
2.
List administrative details on lines above.
FIX this box if a rebate agreement.
3.
List administrative details on lines above.
R'Xthis box if a rebate agreement.
4.
List administrative details on lines above.
R'X' this box if a rebate agreement.
5.
List administrative details on lines above.
R'X' this 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.
11 /2017 1,500
Total For City TIF Form 1.1 Page 1
1,500
* "Date Approved" is the date that the local governing body initially approved the TIF indebtedness.
CITY TIF FORM 2
SPECIFIC DOLLAR REQUEST FOR AVAILABLE TIF INCREMENT TAX FOR NEXT FISCAL YEAR
CERTIFICATION TO COUNTY AUDITOR
Due To County Auditor By December 1 Prior To The Fiscal Year
Where Less Than The Legally Available TIF Increment Tax Is Requested
Use One Certification Per Urban Renewal Area
City: Waukee
Urban Renewal Area Name: Hickman West
County:
Urban Renewal Area Number: 25008 (Use five -digit Area Number Assigned by the County Auditor)
I hereby certify to the County Auditor that for the next fiscal year and for the Urban Renewal Area within the City
and County named above, the City requests less than the maximum legally available TIF increment tax as detailed
below.
Provide sufficient detail so that the County Auditor will know how to specifically administer your request. For
example you may have multiple indebtedness certifications in an Urban Renewal Area, and want the maximum
tax for rebate agreement property that the County has segregated into separate taxing districts, but only want
a portion of the available increment tax from the remainder of the taxing districts in the Area.
Specific Instructions To County Auditor For Administering The Request That This Amount
Urban Renewal Area Generate Less Than The Maximum Available TIF Increment Tax: Requested:
2014A Bond 551,906
2016B Bond 155,000
Fiscal Fees 1,500
Less - Interest Earnings FY17-13,877
*** Waukee would like $26,617,536 in valuation ***
Please release 100% of residential valuation ***
Dated this 20th day of November
2017
Finance Director (515)978-7919
Signature of Authorized Official Telephone
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: Waukee
Urban Renewal Area Name: Hickman West
County: Dallas
Urban Renewal Area Number: 25008 (Use five -digit Area Number Assigned by the CountyAuditor)
I 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 Earnings FY17-13,877
Total Reduction In Indebtedness For This Urban Renewal Area:-13,877
Dated this 20th day of
November
2017
Finance Director (515) 978-7919
Signature of Authorized Official Telephone