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Home My WebLink AboutRESOLUTION NO. 2024-77RESOLUTION NO. 2024-77 RESOLUTION APPROVING THE'TIF CERTIFICATION I�ORl�1S WI3EREAS, the City of Fairfax has debt obligations which are paid with Tax Il�crement Funds; and WHEREAS, the City of Fairfax is required to annually certify thc amotu7t needed of the available Tax Inci-e�nent Funds; and WHEREAS, the Fairfax City Council has reviewed the debt requirements and the certification forins as colnpleted by the city clerk/treasurer. NOW, THEREFORE, BE IT RESOLVED that the Fairfax City Council does liereby approve the TIF Certification Forms as subinitted by the ciry clerk/treasurer on October 8, 2024, for the 2026 fiscal year. BE IT FURTHER RESOLVED, by the City Cotulcil of tl�e City of Fairfax, Iowa, that the Mayor and City Clerk/Treasurer are l�ereby authorized and directed to execute said Resolution and file the required paperwar�k with Linn County Auditor before Decelnber 1, 2024, in order to receive the ainount of Tax Increinent Funds as certified. Passed and approved this 8`�' day of October, 2024. AYES: Nui-�-e, Daly, Wozniak, and Volk NAYS: None ABSENT: Wainwright �� c � �� '�n-��--,�.�� Jo Ann Beer, Mayor ATTEST: , �- Cy thia Stimson, City Clerk/Treasurer ar�� ciTY TiF Fo�zm �- INDEBTEDNESS CERTiFICATION Cover Sheet CODE OF IOWA SECTION 403.19 TAX ItJCREMENT 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: Fairfax County: Linn Urban Renewal Area Name: FAIRFAX Urban Renewal Area ___ Urban Renewal Area Number: 57050 (Use five-digit Rrea Number Assigned by the County Avditor) 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 showr� below, all of which qualify for repayment from the special fund referred ta in paragraph 2 of Section 4d3.19 of the Code of lowa. Urban Renewal Area Indebtedness Not Previously Certified�: $ 851,325 �There rnust 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 f+scal 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 '�ORM 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 ��day of � ��j � � ,r ,��v� � , �_ �1`�-��aa�� Sign.�ture of Authorized Official Telephone CITY TIF FORM 1.1 - i o be attaChed to C;I I Y I IF f Uh'M 1- WI�tt3 I CUNt55 Gk� K I It-I�;A I IUN Page ? TIF INDEBTEDNESS NOT PREVIOUSLY CERTIFIED ELIGIBLE FOR TAX COLLECTIONS NEXT FISCAL YEAR City: Fai��ar. County: Linn Urban Rene��ral Area Narne: F/�IRFAX Urban Renewal Area __ _ _ Urban ReneU✓al Area Nurnber. 57050 (Use five-digit Area Number Assigned by the County Auditor) lndividual TIF Indebtedness Type/Description/Details Date Approved': Tot�l Amount: � �__.....� �_ _ 1. $4,575,000 GQ Annual Appropriation Urban Renewal Bond, Series 2020B �8-13-2024 - AA,Res� 421,023 $355,000 Prir,cipal FY26 $65,422_50 Interesi FY26 $600 Fees FY26 �'X' this box if � rebate agreement. List administrative detaiis on lines above: 2. $660,000 GO Bond, Series 2024 07-09-2024 430,302 $316,8Q0 Principal (48%) $109,614 interest (4g%) $3,888 �ees (4£3%) �'X' this box if a rebate agreement. List administrative details on lines above. � �'X' this box if a rebate agreement. List administrative details on lines above. L•� �'X' this box if a rebate agreement. �ist administrative details on lines above, � �'X' this box if a rebate agreement. List administrative detaiis 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: 851,325 '"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: Fairfax County: Linn Urban Renewal Area Name: F�IRFAX Urban Renewal Area Urban Renewal Area Number: 57050 (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 Ciry requests less than the maximum legally available TIF increment tax as detailed below. Provide suffic,ient detail so that the County Audikor 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. �J Specific Instructions To County Auditor For Administering The Request That This Amount Urban Renewal Area Generafe Less Than The Maximum Available TIF Increment Tax: Requested; The City of Fairfax is requesting the amount necessary for the FY26 paynients ($1,213,036) 1,304,507 The City of Fairfax is requesting previous �rvymrnts made in FY24 & FY25 but not yet requested ($91,471) Dated this q� day of T �� `t , �. ��Q �� aa�� Signat re of Authorize Official Telephone CITY T1F FORM 3 TIF 1NDEBTEDNESS HAS BEEN REDUCED BY REASON OTHER THAN APPLICAl ION OF TIF INCREMENT TAX RECEIVED FROM THE COUNTY TREASURER GERTIFICATION TO COUNTY AUDITOR Use One Certification Per Urban Renewal Area City: Fairfax County; Linn Urban Renewal Area Name: FAIRFAX Urban Renewal Area Urbail Renelrral Are� Number: 57050 (use five-digit Area Number Assigned by tne County auditor) I hereby certify to tt�e County Auditor tt�at for ttie Urban Renewal Area within the City and County narried above, the City has reduced previously certified indebtedness, by reason other than application of 71F increment tax received from the County Treasurer, by the total amount as shown below. Provide sufficient detail so that the Counry 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: $2,170,000 GO, Series 2018 the part of the FY2024 payments made from another source An error was made in the de-certifcation amounk for FY21 $1,270,000 GO, Series 2020 the part of the FY2024 paymc�nts made from another source An error was made in the de-certification amount for �Y21 An error was made in the de-certification amount for FY22 An error was made in the de-certification amount for FY23 $1,300,�00 GO, Series 2021 the FY2024 �ay�irients were made from another source Amount Reduced: 176,681 68 42,120 -61,798 -66,99II -65,898 11 Q,000 Total Reduction In Indebtedness For This Urban Renewal Area: 134,175 Dated this � day of T D(�77r o� ��d �� " � ", l�r�-��?4� Sig, ature of Authorized Official Telephone