HomeMy WebLinkAbout2017-467-6/19/2017 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2017-467
RESOLUTION APPROVING THE USE OF NOT TO EXCEED
$160,000 IN DOWNTOWN URBAN RENEWAL AREA TAX
INCREMENT FINANCING DISTRICT FUNDS FOR A GRANT
TO BREAD TO BEER, LLC FOR THE SINGLE SPEED
BREWERY PROJECT.
WHEREAS, the City of Waterloo, Iowa has established the Downtown Urban Renewal
Area (the "Urban Renewal Area") and is undertaking certain projects within the Urban Re
newal
Area, including the acquisition of real property and economic development grants to developers
for future development of the Downtown Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore approved and
authorized execution of a development agreement and related grant to Bread to Beer, LLC for the
SingleSpeed Brewing project to develop property located in the Downtown 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
$160,000.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 5249 there has been established the Downtown
Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into which all
incremental property tax revenues received from the Downtown 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 amounts not to exceed $160,000 be advanced from
time to time from the Capital Improvements Fund in order to pay the costs of the Project. The
advance shall be treated as an internal loan from the Capital Improvements Fund and shall be
repaid to the Capital Improvements 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. 2017-467
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