HomeMy WebLinkAbout2017-464-6/19/2017 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2017-464
RESOLUTION APPROVING THE USE OF NOT TO EXCEED
$100,000 IN SAN MARNAN URBAN RENEWAL AREA TAX
INCREMENT FINANCING FUNDS FOR THE SAN MARNAN
ROAD LANE RECONFIGURATION PROJECT.
WHEREAS, the City of Waterloo, Iowa has established the San Marnan Urban Renewal
Area (the "Urban Renewal Area") and is undertaking certain projects within the Urban Renewal
Area, including improving road lane reconfigurations for future development of the San Marnan
Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore approved and
authorized consulting and contracting services related to the road lane reconfiguration within the
San Marnan 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
$100,000.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 4956 there has been established the San Mannan
Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into which all
incremental property tax revenues received from the San Marnan 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 Project.
Section 2. It is hereby directed that an amount not to exceed $100,000 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. 2017-464
Page 2
ATTEST:,-
elley Fele
City Clerk