HomeMy WebLinkAbout2021-11-29-D01C_02 TIF CertificationsAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: November 29, 2021
AGENDA ITEM:Consideration of approval of 2022-2023 Tax Increment Financing (TIF)
Indebtedness Certifications to Dallas County Auditor
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: As required by Iowa Code Section 403.19, TIF
Indebtedness Certifications are due to the County Auditor by December 1st annually.
City staff has worked with staff from Public Financial Management (PFM) on projecting
the annual tax increment revenues for FY2023. Based upon the preliminary valuations,
the estimated revenues for each Certification are as follows:
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 11/15/2021 and Exhibit A.
.
RECOMMENDATION: Approve the motion, directing Finance Director to complete and
submit the annual Indebtedness Certification forms to the Dallas County
Auditor prior to December 1, 2021 as required.
ATTACHMENTS: I. Memo / Exhibit A
Estimated
Valuation
%
Increase/
(Decrease)
Estimated TIF
Revenue
#25021 - Waukee Unified URA 96,655,021$ -48.9%1,611,895$
#25033 - Waukee Consolidated URA 122,752,321$ 16.8%3,145,576$
#25036 - Waukee Autumn Ridge URA 28,302,489$ 1.6%725,498$
#25038 - Waukee Southwest Business Park URA 4,488,588$ 26.9%115,059$
#25045 - North Waukee Residential URA 10,745,883$ 100.0%275,457$
Total All Districts 262,944,302$ -19.3%5,873,485$
*FY23 - Large portion of Unified District Expired
FY2023 - All TIF Districts
D1C2
II. City TIF Forms
PREPARED BY:Linda Burkhart
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
M emo
To: Mayor Clarke, Councilmember’s Bergman Pierce, Bottenberg, Crone, Lyon and Sinclair
City Administrator Moerman
From: Linda Burkhart, Finance Director
Date: November 29, 2021
Re: Annual Certification of Tax Increment
Attach: Exhibit A
City staff has worked with Public Financial Management (PFM) staff members Matt Stoffel
and Jon Burmeister, on projecting the annual tax increment revenues for FY2023.
Based upon the preliminary valuations we have received from the Dallas County Auditor's
Office, City staff is proposing to certify 100% of the available tax increment within the Unified
District (Hickman West and Waukee 2000), Consolidated District (Gateway, Waukee Central,
Waukee West), Waukee Southwest Business Park District, Autumn Ridge Residential District
and North Waukee Residential URA District(Exhibit A).
Staff recommends 100% of the available tax increment associated with all districts, and does
not recommend the release of any valuation.
The preliminary estimates from PFM, show an overall decrease of $62,703,219 or -19.3% in
TIF valuation. The decrease in valuation is a result of a major portion of the URA2000 distirct
within the Unified district has reached it’s 20 year life and expires at the end of FY22.
Estimated valuation per district are as follows:
Prior Year
FY22 Valuation
Estimated FY22
Valuation
%
Increase
Estimated TIF
Revenue
#25021 - Waukee Unified URA 189,166,819$ 96,655,021$ -48.9%1,611,895$
#25033 - Waukee Consolidated URA 105,086,016$ 122,752,321$ 16.8%3,145,576$
#25036 - Waukee Autumn Ridge URA 27,857,992$ 28,302,489$ 1.6%725,498$
#25038 - Waukee Southwest Business Park URA 3,536,694$ 4,488,588$ 26.9%115,059$
#25045 - North Waukee Residential URA -$ 10,745,883$ 100.0%275,457$
Total All Districts 325,647,521$ 262,944,302$ -19.3%5,873,485$
FY2023 - All TIF Districts
M emo
The Council’s approval of the attached motion 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
Amount to Certify/Balance Carry Over
TIF $ Requested (Decertify)Remaining from Prior Year
FY22-23 FY22-23 06/30/2023 06/30/2023
Unified URA District - $96,655,021 Estimated Valuation
Estimated Tax Increment: $ 1,611,895
2014A Bond - (Alices Road Projects) $567,806 $6,380,109
Brick/Regency/Valley Bank Development Agreement $363,000
Administrative & Legal Fees $0 $0 $0
Fiscal Fees FY23 $500 $500 $0
TIF Interest Earnings FY21 ($2,350)($2,350)$0
Total - Hickman West $565,956 ($1,850)$6,743,109 $0
2021A Bond - (CIP)$6,901,094 $6,901,094 $0
2013D Bond - (Alices Road-Univ to Ashworth) $0 $0 $2,185,326
Fiscal Fees $600 $600 $0
Alices Road/I80 Project Engineering $0 $658,198
Administrative & Legal Fees FY21 $4,066 $4,066 $0
TIF Interest Earnings FY21 ($10,097)($10,097)$0
Economic Development Grant - Old Station Craft Meats $42,500 $42,500 $0
Total - Waukee URA 2000 $6,938,163 $6,938,163 $658,198 $2,185,326
Total - Unified URA $7,504,119 $6,936,313 $7,401,307 $2,185,326
Consolidated URA District - $122,752,321 Estimated Valuation
Estimated Tax Increment: $ 3,145,576
2021B Bond - (CIP) FY22 & FY23 $1,237,363 $22,266,913 $21,029,550
2021A Bond - (CIP) FY22 & FY23 $378,472 $3,748,072 $3,369,600
2020A Bond - (North HS Roads) FY23 $681,763 $0 $13,565,299
2019A Bond - (Kettlestone Blvd/Greenbelt PhII) FY23 $197,450 $0 $1,496,300
Administrative & Legal Fees FY21 $17,181 $17,181 $0
GPP Enhancements Phase I FY17 $0 $240,386
TIF Interest Earnings FY21 ($1,236)($1,236)$0
KC Kettlestone Development Agreement FY23 $339,114 $0 $2,295,778 $110,651
Hurd Waukee Development Agreement FY23 $119,588 $0 $82,113
Fridley Theatres Development Agreement FY23 $344,493 $0 $1,722,467
Kettleview LLC Development Agreeement FY23 $199,782 $0 $3,668,536
Total - Gateway $3,513,970 $26,030,930 $47,470,029 $110,651
Administrative & Legal Fees FY21 $702 $702 $77,075 $0
Total - Waukee West $702 $702 $77,075 $0
Administrative & Legal Fees FY21 $0 $0 $0 $0
Deery, Deery & Deery Devleopment Agreement FY23 $176,791 $0 $442,072
Total - Waukee Central $176,791 $0 $442,072 $0
Total - Consolidated URA $3,691,463 $26,031,632 $47,989,176 $110,651
Autumn Ridge - $28,302,489 Estimated Valuation
Estimated Tax Increment: $ 725,498
Administrative & Legal Fees FY21 $150 $150 $0
Engineering - Alices Road (Univ to Hickman) FY17 $9,137 $0 $66,875
2018A - Debt Service FY23 $493,372 $493,372 $0
LMI FY23 $224,215 $224,215 $0 $131,889
TIF Interest Earnings FY21 ($1,376)($1,376)$0
Total - Autumn Ridge $725,498 $716,361 $66,875 $131,889
SW Business Park - $4,488,588 Estimated Valuation
Estimated Tax Increment: $ 115,059
Administrative & Legal Fees FY21 $0 $0 $0 $0
RJ Lawn/117Land Development Agreement FY23 $66,211 $0 $967,377
TIF Interest Earnings FY21 $0 $0 $0
Total - SW Business Park $66,211 $0 $967,377 $0
North Residential - $10,745,883 Estimated Valuation
Estimated Tax Increment: $ 275,457
Administrative & Legal Fees FY21 $665 $665 $0 $0
2021B Bond - (CIP) FY22 & FY23 $184,354 $3,840,654 $3,656,300
2021A Bond - (CIP) FY22 & FY23 $158,444 $2,381,894 $2,223,450
LMI FY23 $72,225 $72,225 $0
TIF Interest Earnings FY21 $0 $0 $0
Total - SW Business Park $415,688 $6,295,438 $5,879,750 $0
TOTAL - ALL DISTRICTS $12,402,979 $39,979,744 $62,304,485 $2,427,866
Exhibit A