HomeMy WebLinkAbout2016-463-6/19/2017 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2016-463
RESOLUTION APPROVING THE USE OF NOT TO EXCEED
$1,475,000 IN NORTHEAST INDUSTRIAL SITE URBAN
RENEWAL AREA TAX INCREMENT FINANCING DISTRICT
FUNDS FOR SITE GRADING.
WHEREAS, the City of Waterloo, Iowa has established the Northeast Industrial Site
Urban Renewal Area (the "Urban Renewal Area") and is undertaking certain projects within the
Urban Renewal Area, including infrastructure improvements for future development of the
Northeast Site Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore authorized contracts
for site grading in the Northeast Industrial Site Urban Renewal Area(the"Project"); and
WHEREAS, in order to advance funds for the cost of the Project, it is necessary to make
certain findings under Chapter 403 of the Code of Iowa; and
WHEREAS, it is the intention of the City to certify the amount of funds so advanced,
together with interest, for reimbursement under Iowa Code Section 403.19; and
WHEREAS, the amount of funds to be advanced for the Project shall not exceed
$1,475,000.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 4688 there has been established the Northeast
Industrial Site Urban Renewal Area Tax Increment Revenue Fund(the Tax Increment Fund), into
which all incremental property tax revenues received from the Northeast Industrial Site Urban
Renewal Area are deposited. The Council finds the Project to be an Urban Renewal Project as
defined in Iowa Code Chapter 403, and further approves an advance of City funds for said
Proj ect.
Section 2. It is hereby directed that an amount not to exceed $1,475,000 be advanced
from time to time from the Capital Projects Fund in order to pay the costs of the Project. The
advance shall be treated as an internal loan from the Capital Projects Fund and shall be repaid to
the Capital Projects Fund from the Tax Increment Fund at the earliest opportunity, without
interest.
Section 3. The Chief Financial Officer and other City officials having responsibility for
the books and records of the City shall take such actions as are necessary to comply with this
Resolution, including but not limited to inclusion of these amounts in the budget, the advance
and transfer of funds for the Project, and certification for reimbursement under Iowa Code
Section 403.19.
PASSED AND ADOPTED this 19th day of June 2017.
Quentin Hart, Mayor
Resolution No. 2017-463
Page 2..
ATTEST:
elley Felc e
City Clerk