HomeMy WebLinkAbout2016-11-21-J10 TIF Certification_Hickman West► o Woukee
`IWIj� THE KEY TO GOOD LIVING
AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: November 21, 2016
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 Jenny Blankenship
from Public Financial Management (PFM) on projecting the annual tax increment
revenues for FY2018. Based upon the preliminary information we have received from the
Dallas County Auditor's Office, City staff recommends certifying $593,285 in the
Hickman West urban renewal district. All of the residential tax increment generated
within this district will be released.
FISCAL EMPACT INCLUDING COSTBENEFIT ANALYSIS:
COMMISSIONBOARD/COMNIITTEE COMMENT:
STAFF REVIEW AND COMMENT: An outline of the expenditures is provided in the Memo
dated 11/21/2016.
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
if. City TIF Forms
PREPARED BY:
REVIEWED BY:
Linda Burkhart ��
PUBLIC NOTICE INFORMATION —
NAME OF PUBLICATION:
DATE OF PUBLICATION:
►,1 4 Waukee
�-i p THE KEY TO GOOD LIVING Memo
To: Mayor Peard, Councilmember's Bergman, Harrison, Hughes, Lyon and Peterson,
City Administrator Moerman
From: Linda Burkhart, Finance Director
CC:
Date: November 21, 2016
Re: Annual Certification of Tax Increment
Attach:
City staff has again worked with Jenny Blankenship, Director with Public Financial
Management (PFM) on projecting the annual tax increment revenues for FY2018.
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 (Exhibit A). FY18 will be the first year of eligibility for
the Gateway and Autumn Ridge Residential districts, and no estimates were provided by the
Dallas County Auditor, so staff has provided our best estimates for this certification.
Staff recommends the release of all residential tax increment valuation, or approximately,
$7,548,832 generated within Hickman West, Waukee 2000 and the Gateway districts, unless
otherwise directed by the Waukee City Council. Staff recommends capturing 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 $4,876,454 or 3.71% in TIF
valuation. Hickman West district valuations increased $308,925 or 1.37% and the URA 2000
district decreased $1,905,735 or-1.75%.
The Council's approval of the attached resolutions prior to December 15t will ensure we meet
the annual December 1st 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
Finance Director
Waukee City Hall 230 W Hickman Road Waukee IA 50263
Office: (515) 987-4522 Facsimile: (515) 987-1845
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flN/JICE OEI.E RiMENr
Hickman West - $22.820,652 Valuation
Estimated Tax Increment: $ 593,285
2008C Bond - (WRA Outfall/Bike Trail) Bond Refunded
Exhibit A
TIF $ Requested
Amount to Certify/
(Decertify)
Balance
06/30/2018
$0
($1,117,287)
$0
2014A Bond - (Alices Road Projects)
$201,906
$9,167,739
2016B Bond - (Refundin 2008C)
$384,315
$1,198,155
$813,840
Brick/Regency/ValleyBrick/Regency/Valley Bank Development Agreement
$363,000
Dallas County Habitat for Humanity Grant
$9,000
$9,000
Administrative & Legal Fees
$1,213
$1,213
TIF Interest Earnings FY16
$3,149)
$3,149)
$0
Total -Hickman West
$593,285
$87,932
$10,344,579
111 1.
:111•
2010C Bond -(PW Bldg) -- - -:•:_
$69,933
$212,220
2012E Bond -(Refunding 2007A)
$346,050
$1,055,300
20120 Bond - (Alices Road Sewer Ph 1)
$454,500
$1,357,600
2013E Bond - (Alices Road Bridge)
$259,800
$780,200
2013C Bond - (Refund 2006B)
$279,768
$575,915
20130 Bond - (Alices Road-Univ to Ashworth)
$908,700
$4,898,738
2014A Bond - (Alices Road Projects)
$398,600
$1,909,900
Fiscal Fees for Debt Service
$3,000
$3,000
$0
PFM FY16 Fees
$10,000
1 $10,000
$0
Bailey Chapel Development Areement
($1,000)
$0
Crossing At Alices Development Areement
$22,660
$1,934,865
Alices Road/180 Project Engineering
$1,567,000
Sidewalks FY16
$1,258
$45
$0
Administrative & Legal Fees
$30,051
$30,051
$0
TIF Interest Earnings FY16
($4,311)
($4,311)
$0
Waukee Hardware- FaSade Improvement Grant
$0
$0
0
Total Waukee URA 2000
$2,780,009
$37,785
$14,292,738
• 1
Administrative & Legal Fees FY16
$6,689
$6,689
$0
Esker Ridge Consulting FY16
$28,508
$28,508
$0
Burt Property Consulting FY16
$11,537
$11,537
$0
GPP Enhancements Phase I FY16
$8,358
$382,588
$374,230
Total - Gateway
$55,092
$429,322
$374,230
11
Administrative & Legal Fees FY16
$4,024
$4,024
$0
Engineerin -Alices Road (Univ to Hickman) FY14-FY16
$109,176
$294,059
$184,883
Total -Autumn Ride
$113,200
$298,083
$184,883
TOTAL - ALL DISTRICTS
$3,541,586
$853,122
$25,195,430
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 $ 593,285.00 (the
"Annual Payment") which shall come due in the fiscal year beginning July 1, 2017 with respect to
the City's 2014A Bond, 2016B Bond, Brick/Regency Development Agreement,
Administrative & Legal Fees, and Dallas County Habitat for Humanity Grant; 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, 2017;
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
2017/2018 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 $ 593,285.00 for appropriation
from the Urban Renewal Tax Revenue Fund to the Annual Payment in the fiscal year beginning
July 1, 2017.
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, 2016 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 21 st, 2016.
William F. Peard, Mayor
Attest:
Rebecca D. Schuett, City Clerk
ROLL CALL VOTE AYE NAY ABSENT ABSTAIN
Anna Bergman
Brian Harrison
Shelly Hughes
Larry R. Lyon
Rick Peterson
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
Urban Renewal Area Name: Hickman West
County: Dallas
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*:
$ 1,208,368
*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 21st day of
November 1 2016
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: Waukee
Urban Renewal Area Name: Hickman West
County:
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. 2016B Bond - Refunding 2008C 9/20/2016 1,198,155
F�'X' this box if a rebate agreement. List administrative details on lines above.
2. Dallas County Habitat for Humanity Grant 5/3/2016 9,000
FJW this box if a rebate agreement. List administrative details on lines above.
3. Administrative & Legal Fees 11/2016 1,213
n'X' this box if a rebate agreement. List administrative details on lines above.
4.
R'X' this box if a rebate agreement. List administrative details on lines above.
5.
n'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.
Total For City TIF Form 1.1 Page 1: 1,208,368
* "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:
Urban Renewal Area Number: 25008
West
County: Dallas
(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
Urban Renewal Area Generate Less Than The Maximum Available TIF Increment Tax:
2014A Bond
2016B Bond
Dallas County Habitat for Humanity Grant
Administative & Legal Fees
Less -Interest Earnings FY16
Waukee would like $22,820,652 in valuation ***
* * Please release 100% of residential valuation ***
Amount
Requested:
201,906
384,315
9,000
1,213
-3,149
Dated this 21st day of November 1 2016
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 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 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 FY16 -3,149
2008C Bond Refunding-1,117,287
Total Reduction In Indebtedness For This Urban Renewal Area:-1,120,436
Dated this 21st day of November 2016
Finance Director (515) 978-7919
Signature of Authorized Official Telephone