HomeMy WebLinkAbout2015-355-5/18/2015 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
RESOLUTION NO. 2015-355
RESOLUTION APPROVING THE TRANSFER OF FUNDS
RECEIVED FROM THE STATE OF IOWA FOR THE REFUND OF
CONSTRUCTION SALES TAX PAID IN CONJUNCTION WITH
THE CONSTRUCTION OF THE CEDAR VALLEY SPORTSPLEX TO
THE WATERLOO DEVELOPMENT CORPORATION IN AN AMOUNT
NOT TO EXCEED THE TOTAL AMOUNT RECEIVED FROM THE
STATE OF IOWA, CURRENTLY ANTICIPATED AT
$633, 800 . 22 .
WHEREAS, the Waterloo Development Corporation, Waterloo,
Iowa raised funds for the construction of the Cedar Valley
SportsPlex and paid sales tax on the construction materials, and
WHEREAS, the City of Waterloo owns the Cedar Valley
SportsPlex and received a construction sales tax refund from the
State of Iowa, and
WHERAS, sales tax proceeds should be forwarded to the
Waterloo Development Corporation, and be used to reduce the
mortgage owed on the facility, eliminating debt owed by the City
of Waterloo, Iowa by the end of the lease term.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA
that a transfer of funds in an amount not to exceed $633, 800 . 22,
from the State of Iowa to the Waterloo Development Corporation
for the refund of construction sale tax be hereby approved.
FROM TO AMOUNT
City of Waterloo Waterloo Development $633, 800 . 22
Corporation
PASSED AND ADOPTED this 18th day of May 2015 .
est G.
Cl- arlk, Mayor
ATTEST:
S
(A
Suzy char
es, CMC
City Clerk