HomeMy WebLinkAbout2017-468-6/19/2017Prepared by LeAnn M Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2017-468
RESOLUTION APPROVING THE USE OF NOT TO EXCEED
$60,000 IN EAST WATERLOO UNIFIED URBAN RENEWAL
AREA TAX INCREMENT FINANCING FUNDS FOR THE
KWWL PROPERTY ACQUISITION PROJECT.
WHEREAS, the City of Waterloo, Iowa has established the East Waterloo
Unified Urban Renewal Area (the "Urban Renewal Area") and is undertaking certain
projects within the Urban Renewal Area, including the acquisition of real property for
future development of the East Waterloo Unified Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore approved and
authorized execution of a Real Estate Purchase Agreement for the property located at 500
E. 4th St., which property will be included in the future development of the East Waterloo
Unified 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
$60,000, including closing costs.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of
Waterloo, Iowa, as follows:
Section 1. Pursuant to Ordinance No. 5323 there has been established the East
Waterloo Unified Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment
Fund), into which all incremental property tax revenues received from the East Waterloo
Unified 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 $60,000.00 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.
Resolution No. 2017-468
Page 2
ATTEST:
Kelley F
City Cle
Quentin Hart, Mayor