HomeMy WebLinkAbout2017-492-6/26/2017 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2017-492
RESOLUTION APPROVING THE USE OF RATH URBAN RENEWAL
AREA TAX INCREMENT FINANCING FUNDS IN AN AMOUNT
NOT TO EXCEED $5,000 FOR THE YEAR ENDING JUNE 30, 2017
TO FINANCE ADMINISTRATIVE EXPENSES.
WHEREAS, the City of Waterloo, Iowa has established the Rath Urban Renewal Area
(the "Urban Renewal Area") and is undertaking certain projects within the Urban Renewal Area,
including marketing the area for future development of the Rath Urban Renewal Area, and
WHEREAS, in furtherance thereof the City Council has heretofore approved and
authorized administrative expenses for economic development purposes within the Rath 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 $5,000
for the year ending June 30, 2017.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 4949 there has been established the Rath Urban
Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into which all
incremental property tax revenues received from the Rath 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 $5,000 be advanced from
time to time from the General Fund in order to pay the costs of the Project. The advance shall be
treated as an internal loan from the General Fund and shall be repaid to the General 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 26th day of June 2017.
Quentin Hart, Mayor
ATTEST:
Kelley F c e
City Cler