Item Coversheet

Council Communication

Department: Finance
Case/Project No.:
Submitted by: Kathy Knott 		Resolution 20-276
ITEM 6.F.		Council Action: 11/9/2020
Description

Resolution authorizing for annual certification for Tax Increment Financing Indebtedness.
Background/Discussion

According to Iowa Code Section 403.19, a city shall certify to the County Auditor on or before December 1, the amount of loans, indebtedness, or bonds which quality for payment from a Tax Increment Financing (TIF) district for each established urban renewal area.  This certification provides for the division of taxes collected attributable to specific projects.

 

The following projects require debt certification on or before December 1, 2020 for the collection of TIF funds in Fiscal Year 2022.

 

MACC-Project Reimbursement

West Broadway-2200 W. Broadway, 2012C Bonds, 2016B Bonds, Urban Renewal (URN) Costs

Original 1983 Mall-149 W. Broadway, 125 W. Broadway, 103 W. Broadway

Metro Crossing-Promissory Note, URN Costs

Playland Park-River Park Apartments, Rivers Edge Development Project, 2010C Bonds, Rivers Edge Parking, Noddle Office Building, Rivers Edge Apartments

Marketplace-Legacy CB, Iowa Finance Authority Bonds

Bluffs Northway-Walmart

Franklin Ave-Kingsridge Dr.

Bluffs Vision-MAC Ventures

 

The following projects require a reduction in debt certification on or before December 1, 2020 and to return the collection of TIF funds collected in Fiscal Year 2021.

 

Metro Crossing - Power Drive Extension

 

Recommendation

Council to approve the resolution authorizing grant appropriation, certificate of indebtedness, and direct the filing of certification to the County Auditor.
ATTACHMENTS:
DescriptionTypeUpload Date
TIF Request SummaryResolution11/2/2020
TIF Certification SheetsResolution10/30/2020
Resolution 20-276Resolution11/4/2020