HomeMy WebLinkAbout2016-11-21-J11 TIF Certification_Waukee 2000ky, Waukee
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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 [Waukee 2000]
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 recommend certifying $2,780,009 in the
Waukee 2000 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 11/21/2016.
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
II. City TIF Forms
PREPARED BY: Linda Burkhart 1
REVIEWED BY:
PUBLIC NOTICE INFORMATION —
NAME OF PUBLICATION:
DATE OF PUBLICATION:
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 Waukee 2000 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 $ 2,780,009.00 (the
"Annual Payment") which shall come due in the fiscal year beginning July 1, 2017 with respect to
the City's 2010C Bonds, 2012B/D Bonds, 2013B/C/D Bonds, 2014A Bond, Fiscal Fees for Debt
Service, Crossing at Alice's Development Agreement, Sidewalk FY16, PFM Fees FY16 and
Administrative and Legal 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, 2017; and
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 certifies up to $ 2,780,009.00 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 ", 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
County: Dallas
Urban Renewal Area Name: Waukee Urban Renewal Area TIF 2000
Urban Renewal Area Number: 25021 (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*:
$ 43,096
*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:
County: Dallas
Urban Renewal Area TIF 2000
Urban Renewal Area Number:25021 (Use five -digit Area Number Assigned by the County Auditor)
Individual TIF Indebtedness Type/Description/Details: Date Approved": Total Amount:
1. Fiscal Fees 11/2016
FI'X' this box if a rebate agreement. List administrative details on lines above.
2. PFM Financial Fees 11/2016
Fj'X' this box if a rebate agreement. List administrative details on lines above.
3. Sidewalks FY16 11/2016
FIXthis box if a rebate agreement. List administrative details on lines above.
4. Administrative / Legal Fees 11/2016
FI'X' this box if a rebate agreement. List administrative details on lines above.
5.
F'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.
3,000
10,000
AC
30,051
Total For City TIF Form 1.1 Page 1: 43,096
* "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
County: Dallas
Urban Renewal Area Name: Waukee Urban Renewal Area TIF 2000
Urban Renewal Area Number: 25021 (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:
2012D Bond
2013E Bond
2013C Bond
2013D Bond
2014A Bond
Fiscal Fees for Debt Service
PFM Financial Fees
Crossing at Alices Development Agreement Rebate
Sidewalks FY16
Administrative & Legal Fees
Less - Interest Earnings
*** Waukee would like $106,932,769 in valuation ***
* " Please release 100% of residential valuation ***
Dated this 21st day of November
FAmount
R, nested:
69,933
346,050
454,500
259,800
279,768
908,700
398,600
3,000
10,000
22,660
1,258
30,051
-4,311
2016
Finnce 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
County: Dallas
Urban Renewal Area Name: Waukee Urban Renewal Area TIF 2000
Urban Renewal Area Number: 25021 (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:
Bailey Chapel Development Agreement -Cancel
Interest Earnings FY16
Amount
Reduced:
-1,000
-4,311
Total Reduction In Indebtedness For This Urban Renewal Area: -5,311
Dated this 21 st day of November
Finance Director
Signature of Authorized Official
2016
(515)978-7919
Telephone