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Home My WebLink About2016-11-21-J13 TIF Certification_Gateway'NO 4 Waukee ' I &I I THE KEY 10 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 [Gateway] 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 estimates, City staff recommends certifying an estimates $55,092 in the Gateway urban renewal district. All of the residential tax increment generated within this district will be released. FISCAL IMPACT INCLUDING COSTBENEFIT 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: REVIEWED BY: Linda Burkhart 1 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 2013 Gateway 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 $ 55,092.00 (the "Annual Payment") which shall come due in the fiscal year beginning July 1, 2018 with respect to the City's Esker Ridge Engineering, Burt Property Consulting, Grand Prairie Parkwav Enhancements Phase I Consulting, 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 $ 55,092.00 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 2151, 2016. Attest: William F. Peard, Mayor 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: Waukee 201 County Urban Renewal Area Number: 25033 (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': $ 429,322 '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 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: 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: Waukee 2013 Gateway County: Dallas Urban Renewal Area Number: 25033 (Use five -digit Area Number Assigned by the County Auditor) Individual TIF Indebtedness Type/Description/Details: Date Approved*: Total Amount: 1. Administrative & Legal Fees FY16 11/2016 6,689 n'X' this box if a rebate agreement. List administrative details on lines above. 2. Esker Ridge Engineering FY16 11/2016 28,508 FIX' this box if a rebate agreement. List administrative details on lines above. 3. Burt Property Consulting FY16 11/2016 11,537 n'X' this box if a rebate agreement. List administrative details on lines above. 4. Grand Prairie Parkway Enhancements Phase I - FY16 11/2016 382,588 n'Xthis 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: 429,322 "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: Waukee 2013 Gateway County: Dallas Urban Renewal Area Number: 25033 (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: Administrative & Legal Fees FY16 Esker Ridge Engineering FY16 Burt Property Consulting FY16 Grand Prairie Parkway Enhancements Phase I - FY16 * Waukee would like $ 2,119,095 In valuation *** *** Please release 100% of residential valuation and capture 100% of remaining increment*** Dated this 21st dayof November Amount Requested: 6,689 28,508 11,537 8,358 2016 Finance Director (515)978-7919 Signature of Authorized Official Telephone