HomeMy WebLinkAboutRESOLUTION NO. 2022-86RESOLUTION NO. 2022-86
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 Increment Funds; and
WHEREAS, the Fairfax City Council has reviewed the debt requirements and the
certiiication forms as completed by the city clerk/treasurer.
NOW, THEREFORE, BE IT RESOLVED that the Fairfax City Council does hereby
approve the TIF Certification Forms as submitted by the city clerk/treasurer on September 13,
2022, for the 2024 iiscal 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, 2022, in order to
receive the amount of Tax Increment Funds as certified.
Passed and approved this 13t" day of September, 2022.
AYES: Daly, Pacha, Volk, and Wainwright
NAYS: None
ABSENT: Nurre
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Frieden, Mayor
ATTEST:
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Cy'� hia Stimson, City Clerk/Treasurer
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cin ri� FORnn a- INDEBTEDNESS CERTIFICATION Cover Sheet
CODE OF IOWA SEGTION 403.19 TAX INCREMENT FINANCING (TIF) INDEBTEDNESS
CERTIFICATION TO COUNTY AUDITOR
Due To Gounty Auditor By December 1 Prior To The Fisca{ Year TIF Increment Tax Is Requested
Use One Certification Per Urban Renewal Area
Ciry: Fairfax
County: Linn
Urban Renewal Area Name: Fairfax Urban Renewal Area
tJrban Renewal Area Number: 57050 (Use fve-digitArea NumberAssigned bythe CountyAuditor)
I hereby certify to the County Auditor that for the Urban Renewal Area within the City and Counry 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 lowa.
Urban Renewal Area Indebtedness Not Previously Certified":
$ 4,800,253
*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 9. (File 'CITY T1F 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:
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Dated this �� day of � ;,, ���f.._� , F. f�'��
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Signa ure o Authorized Official Telephone
CITY TIF FORM 1.1 - TO b8 ati2Ch8d t0 Gll Y I IF FURM 1- INGEBTEUNE55 C�R (IFIGATIUN Page 1
TIF INDEBTEDNESS NOT PREVtOUSLY CERTIFIED ELIGIBLE FOR TAX COLL,ECTIONS NEXT FlSCA� YEAR
City: Fairfax
County, Linn
Urban Renewa( Area Name: FairFax Urban Renewal Area
Urban Renewal Area Number: 57050 (Use five-digitArea NumberAssigned by the County Auditor)
_..�._._.
Individual TIF Indebtedness Type/Description/Details: Date Approved": Total Amount:
1. $2,300,000 GO Bond, Series 2022 06-28-2022 2,851,999
Principal $2,300,000.00
Interest $544,499,00
Fees $7,500.00
�'X' this box if a rebate agreement. List administrative details on lines above.
2. $4,575,000 Go Annual Appropriation Urban Renewal Bonds, Series 20208 411,243
$340,000 Principal FY24
$70,643 Interest FY24
$600 Fees FY24
�'X' this box if a rebate agreement. List administrative details on lines above.
3. $1,300,000 GO Bond, Series 2021 06-08-2021 1,537,011
$1,300,000 Principal
$227,711 Interest
$9,300 Fees
�'X' this box if a rebate agreement. List administrative details on lines above.
4.
�'X' this box if a rebate agreement. �ist administrative details on lines above.
5.
�'X' this box if a rebate agresment. List administrative details on lines above.
If more indebtedness entry lines are needed continue to Form 1.9 Page 2.
Total For City TIF Form 1.1 Page 1: 4,800,253
*"Date Approved" is the date that the local governing body initially approved the TIF indebtedness.
CITY TIF FORM 2
SPECIFIC QOLLAR REQUEST FOR AVAILAB�E 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 �egally Available TIF Increment iax Is Requested
Use One Certification Per Urban Renewal Area
City: Fairfax
County: Linn
Urban Renewal Area Name: Fairfax Urban Renewal Area
Urban RenewalArea Number: 57050 (Usefive-digitAreaNumberAssignedbytheCountyAuditor)
I hereby certify to the County Auditar that for the next fiscai year and far the Urban R�newal 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 speci#ically 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:
The Ciiy of Fairfax requests this amount to be generated from any TIF Districts with
revenue available EXCEPT #3207
Please only use TIF District #3247 if the amount requested cannot be generated from all other 71F Districts
This is because money from #3207 has LMI requirements if spent on debt.
Amount
Requested:
1,600,000
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pated this ��� day of f ��% '� �G ���,�
� � ct, � °l,✓f ��%`���� l..�c.�'�
Si ature of Authorized Offcial Telephone
CITY TIF FORM 3
TIF INDEBTEDNESS HAS BEEN REDUCED BY REASON OTHER THAN APPLICATION OF
TIF INCREMENT TAX RECEIVED FROM THE COUNTY TREASURER
CERTIFICATION 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-digitArea NumberAssigned bythe CountyAuditor)
I hereby certify to the County Auditor that for the Urban Renewal Area within the City and County named above, the
City has reduced previously certified indebtedness, by reasan other than application of TIF increment tax received
from the County Treasurer, by the total amount as shown below.
Provide su�cient detail so that the County 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.
Amount
Individual TIF Indebtedness TypelDescription/Details: Reduced:
$2,170,000 GO, Series 2018 the part of the FY2022 payments made from another source 178,556
$1,270,000 GC3, Series 2020 the paR of the FY2022 payments made from another source 105,324
$1,300,000 GO, Series 2021 the part of the FY2022 payments made from another source 24,711
Total Reduction In Indebtedness For This Urban Renewal Area: 308,591
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