HomeMy WebLinkAbout2017-495-6/26/2017 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319)291-4323.
RESOLUTION NO. 2017-495
RESOLUTION APPROVING THE USE OF EAST WATERLOO
UNIFIED URBAN RENEWAL AREA TAX INCREMENT FINANCING
FUNDS (MIDPORT AREA) IN AN AMOUNT NOT TO EXCEED
$245,000 FOR THE RELEASE OF PROPERTY BY THE FEDERAL
AVIATION ADMINISTRATION FOR ECONOMIC DEVELOPMENT.
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 the future development of the
MidPort Business Park, and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution No.
2013-173 adopted on March 4, 2013 authorized an agreement with AECOM Technical Services,
Inc. for services relating to obtaining the FAA's authorization to release land located near the
airport to the City for future development; and the Federal Aviation Administration has
authorized the release of the property, 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,
without interest, for reimbursement under Iowa Code Section 403.19, and
WHEREAS, the amount of funds to be advanced for the Project shall not exceed
$245,000.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 4902 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 an amount not to exceed $245,000 shall 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 26th day of June 2017.
Quentin Hart, Mayor
Resolution No. 2017-495
Page 2
ATTEST:.-
elley F c e
City Cle