HomeMy Public PortalAbout2023-115 Resolution Obligating-Certifying Funds from the Urban Renewal Tax Revenue Fund for the Payment of Tax Increment Financed Obligations for FY25RESOLUTION 2023-115
Resolution Obligating/Certifying Funds from the Urban Renewal
Tax Revenue Fund for the Payment of Tax Increment Financed
Obligations for FY25
WHEREAS, the City Council, pursuant to and in compliance with all laws applicable to the City, and in
particular the provisions of Chapter 403 of the Code of Iowa, has adopted urban renewal plans for its
urban renewal areas, as listed below; and,
WHEREAS, the City Council has adopted ordinances providing for the division of taxes levied on taxable
property and established a special fund for the deposit of such monies pursuant to Section 403.19 of the
Code of Iowa; and,
WHEREAS, the City Council has scheduled payments on an annual appropriation basis for certain debts
per lawfully adopted development agreements as referenced below, and it is now necessary for the City
Council to authorize said funds for appropriation; and,
WHEREAS, the City Council wishes to certify all other eligible debts for payment in FY25.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Riverdale, Iowa, that:
Section 1. The following TIF debts are certified to the Scott County Auditor for repayment in FY25:
Section 2.
Urban Renewal Area
Amount Certified
State Street Urban Renewal Area
$ 0.00
Welch Farm Urban Renewal Area
• Woods S & K Capital, Inc - Rebate of 31.15% of
incremental revenues
• Low -to -Moderate Income Set -Aside - Rebate of 37.69% of
incremental revenues
• Repay certified City costs - 31.16% of incremental
revenues
100% of available
incremental revenues
(maximum $381,241)
The City Council hereby obligates 100% of the incremental revenues collected from the
Woods S & K Capital, Inc, development agreement for appropriation from the Welch Farm
Urban Renewal Tax Revenue Fund to make the annual payments in FY25 beginning July 1,
2024.
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 (563) 355-2511 1 www.riverdaleia.org
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Section 3.
The City's certification of the amounts obligated for appropriation in Section 2 above are
hereby authorized and such amount shall be reflected in the City's budget for the next
succeeding fiscal year.
Section 4. All Resolutions or parts of Resolutions in conflict herewith are hereby repealed, to the
extent of such conflict.
Passed and approved this 30th day of November 2023.
ATTEST:
Anthony Heddlesten, Mayor Kelly Krell, k
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 (563) 355-2511 1 www.riverdaleia.org
CiTYTiF 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: Riverdale County: Scott
Urban Renewal Area Name: Welch Farm Urban Renewal Area
Urban Renewal Area Number: 82059 (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*:
$ 381,241
*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 28th day of November 2023
Signature,ef Authorized Official
(563) 355-2511
Telephone
CITY TIF FORM 1.1 - lobe attached to CI I Y 1 IF I-UI- M 1 - INDEI3 I EUNb SS C —(1 I1-ICA I ION Page 1
TIF INDEBTEDNESS NOT PREVIOUSLY CERTIFIED ELIGIBLE FOR TAX COLLECTIONS NEXT FISCAL YEAR.
City: Riverdale
Urban Renewal Area Name: Welch Farm Urban Renewal Area
County: Scott
Urban Renewal Area Number: 82059
(Use five -digit Area Number Assigned by the County Auditor)
Individual TIF Indebtedness Type/Description/Details:
1. Tax rebate to Woods S & K Capital, Inc
per developer's agreement: 31.15% of incremental revenues
D'X' this box if a rebate agreement. List administrative details on lines above.
2. Low -to -moderate income set -aside for Woods S & K Capital, Inc
per developer's agreement: 37.69% of incremental revenues
X�'X' this box if a rebate agreement. List administrative details on lines above.
Date Approved*:
10/10/17
Total Amount:
118,757
10/10/17 143,690
3. City legal, engineering, and administrative costs for Woods S & K Capital, Inc 10/10/17 118,794
per developer's agreement: 31.16% of incremental revenues
4.
5.
❑X 'X' this box if a rebate agreement. List administrative details on lines above.
D'X' this box if a rebate agreement. List administrative details on lines above.
D'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: 381,241
* "Date Approved" is the date that the local governing body initially approved the TIF indebtedness.