HomeMy WebLinkAbout2015-471-06/22/2015 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
RESOLUTION NO. 2015-471
RESOLUTION APPROVING AN ADVANCE OF FUNDS FOR
REPAYMENT FROM THE MIDPORT URBAN RENEWAL TAX
INCREMENT REVENUE FUND AND DIRECTING THE FILING OF
CERTIFICATION UNDER IOWA CODE SECTION 403. 19
WHEREAS, THE CITY OF WATERLOO, IOWA HAS ESTABLISHED THE
MIDPORT 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
MIDPORT URBAN RENEWAL AREA; AND
WHEREAS, IN FURTHERANCE THEREOF THE CITY COUNCIL HAS
HERETOFORE, BY RESOLUTION NO. 2014-875 ADOPTED ON OCTOBER 6, 2014
AUTHORIZED AN AGREEMENT WITH HR GREEN, INC. FOR GRANT-WRITING
SERVICES FOR TWO ENVIRONMENTAL PROTECTION AGENCY (EPA) GRANT
APPLICATIONS, INCLUDING A COMMUNITY-WIDE BROWNFIELDS HAZARDOUS
SUBSTANCE ASSESSMENT GRANT AND A PETROLEUM PRODUCTS BROWNFIELDS
PROGRAM GRANT; 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 $3, 250 .
NOW, THEREFORE, IT IS RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA, AS FOLLOWS:
SECTION 1 . PURSUANT TO ORDINANCE NO. 4749 THERE HAS BEEN
ESTABLISHED THE MIDPORT URBAN RENEWAL AREA TAX INCREMENT REVENUE
FUND (THE TAX INCREMENT FUND) , INTO WHICH ALL INCREMENTAL
PROPERTY TAX REVENUES RECEIVED FROM THE MIDPORT 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 $3, 250 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 22nd day of June 2015 .