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Home My WebLink AboutRESOLUTION NO. 2023-119RESOLUTION NO. 2023-119 RESOLUTION APPROVING THE TIF CERTIFICATION FORMS WHEREAS, the City of Fairfax has debt obligations which are paid with Tax Increment Funds; and WHEREAS, the City of Fairfax is required to annually certify the amount needed of the available Tax Increinent Funds; and WHEREAS, the Fairfax City Council has reviewed the debt requirements a��d the certification forrns as completed by the city clerk/treasurer. NOW, THEREFORE, BE IT RESOLVED that the Fairfax City Couticil does hereby approve the TIF Certification Forins as subinitted by the city clerk/treasurer on October 10, 2023, for the 2025 fiscal year. BE IT FURTHER RESOLVED, by the City Council of the City of Fairfax, Iowa, that the Mayor and City Clerk/Treasurer are hereby authorized and directed to execute said Resolution and file the required paperwork with Linn County Auditor before December 1, 2023, in order to receive the amount of Tax Increment Funds as certified. Passed and approved this l Otl' day of October, 2023. AYES: Nurre, Daly, Pacha, Volk, and Wainwright NAYS: None �� '� Jo Ann Beer, Mayor ATTEST: � ��..�--- Cyi ia Stimson, Clerk/Treasurer cin TiF FORM 1- INDEBTEDNESS CERTiFICATION Cover Sheet CODE OF IOWA SECTION 403.19 TAX INCREMENT FINANCING (T!F} 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 Area Number Assigned by the County Auditor) I hereby certify to the Gounty Auditor that for the Urban Renewal Area within fhe City and County named above the City has outstanding loans, advances, indebtedness, or bonds, none of which have been previously certified, in the coilective 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 lowa. Urban Renewal Area Indebtedness Not Previously Certified'`: $ 2,134,199 '`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. (Fife 'CITY TIF FC?RM 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 T1F '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 �1� day of �'g��Z ,„,,.�� ✓ � �' ' .�1� �� Sign ture of Authorized Official Telephone f CIT�r TIF FORM 1.1 - I o be attached to GI I Y I IF f UKM 1- INUtt3 1�UNt55 G�FZ I It-IC;A I IUN Page 1 TIF INDEBTEDNESS NOT PREVIOUSLY CERTIFIED ELIGIBLE FOR TAX COL�ECTIONS NEXT FISCAL YEAR City: Fairfax County: Linn _ Urbari Renewal Area Name: FAIRFAX Urban Renewal Area Urban Renewal Area Number. 57050 (Use five-digit Area Number Assigned by the County Auditor) Individual TIF Indebtedness Type/Description/Details: �� Date Approved': Total Amount: 1. $4,575,000 GO Annual Appropriation Urban Renewal Bond, Series 2020B 09-12-2023 - AA Res. 423,II63 $355,000 Principal FY25 $68,262.50 Interest FY25 $600 Fees FY25 �'X' this box if a rebate agreement. List administrative details on lines above. 2. $1,300,000 GO Bond, Series 2023 06-13-2023 1,710,336 $1,300,000 Principal $403,136.25 interest $7,200 Fees �'X' this box if a rebate agreement. List administrative details on lines above. 3 �'X' this box if a rebate agreement. List administrative details on lines above. 4. �'X' this box if a rebate agreement. List administrative details on lines above. 5. �'X' this box if a rebate agreement. List administrative details on lines above. If rnore indebtedness entry lines are needed continue to Form 1.1 Page 2. Total For City TIF Form 1.1 Page 1: 2,134,199 '"Date Approved" is the date that the local governing body initiafly 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 Legaily Availabie T1F Increment 7ax Is Requested Use One Certification Per Urban Renewal Area City: Fairfax County: Linn Urban Renewal Area Narne: FAIRFAX Urban Renewal Area Urban Renewal Area Number: 57050 (Use five-digit Area Number Assigned Cy 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 Amount Urban Renewal Area Generate Less Than The Maximum Availabfe TIF Increment Tax; Requested: The Ciry of Fairfax is requesting the amount necessary for the FY25 TIF payments. 1,350,000 Dated this ��day of ( (�`� c?rt �. ��`� �� . ,% �'l._. ��y_tJ "�lO._��(��% Signa are of Authorized Official Telephone CITY TIF FORM 3 TIF INDEBTEDNESS HAS BEEN REDUCED BY REASON OTHER TNAN APPLICATION OF TIF INCREMENT TAX RECEIVED FROM THE COUN7Y TREASURER CERTtFICATION TO COUNTY AUDITOR 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 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 previousiy 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 wi11 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 n�mbers for reference. Amount individua� TIF Indebtedness Type/Description/Details: Reduced: $2,170,000 GO, Series 2018 the part of the FY2023 payments made from another source 180,1$1 $1,270,000 GO, Series 2020 the part of the FY2023 payments made from another source 103,618 $1,300,000 GO, Series 2021 the FY2022 payments were made from another source $139,000 GO, Series 2010 the part of the remaining TIF interest & fees not needed since 106,600 off on 7-17-2023 3,942 Total Reduction In Indebtedness For This Urban Renewat Area: 394,341 Dated this Jl� day of ��J��p� _ ��-� �� ,n ` L� . �G �� 4�: Sign ture of Authorized O ficial Telephone r