HomeMy WebLinkAbout2015-472-6 /22/2015 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
RESOLUTION NO. 2015-472
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 environmental site assessment for the future
development of the MidPort Business Park; and
WHEREAS, in furtherance thereof the City Council has
heretofore on March 30, 2015 authorized an agreement
with the HR Green, Inc . for a complete Phase I
Environmental Site Assessment and combined technical
memo outlining ground water levels for the Airport Area
Industrial Park; 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 $12, 700 .
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 $12, 700 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
i
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 .
/",f-��e a'l
Er e t G. Clark, Mayor
ATTEST:
�2- 11--� triz�
uzy chares, CMC
City lerk
CERTIFICATE
STATE OF IOWA )
SS
COUNTY OF BLACK HAWK )
I, the undersigned City Clerk of Waterloo, Iowa, do
hereby certify that attached is a true and complete copy of
the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a true
and complete copy of the action taken by said Council with
respect to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in
full force and effect, and have not been amended or
rescinded in any way; that meeting and all action thereat
was duly and publicly held in accordance with a notice of
meeting and tentative agenda, a copy of which was timely
sPrvPd on each member of the Council and posted on a
bulletin board or other prominent place easily accessible to
the public and clearly designated for that purpose at the
principal office of the Council (a copy of the face sheet of
said agenda being attached hereto) pursuant to the local
rules of the Council and the provisions of Chapter 21, Code
of Iowa, upon reasonable advance notice to the public and
media at least twenty-four hours prior to the commencement
of the meeting as required by said law and with members of
the public present in attendance; I further certify that the
individuals named therein were on the date thereof duly and
lawfully possessed of their respective city offices as
indicated therein, that no Council vacancy existed except as
may be stated in said proceedings, and that no controversy
or litigation is pending, prayed or threatened involving the
incorporation, organization, existence or boundaries of the
City or the right of the individuals named therein as
officers to their respective positions .
WITNESS my hand and the seal of said Municipality
hereto affixed this 22nd day of June 2015 .
)--S I , a Z'C_�
ity ler aterloo, Iowa
SEAL