HomeMy WebLinkAbout2015-473-6 /22/2015 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
RESOLUTION NO. 2015-473
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 the acquisition of real property for future
development of the MidPort Business Park; and
WHEREAS, in furtherance thereof the City Council has
heretofore, by Resolution No . 2014-899 adopted on October
13, 2014 , approved and authorized execution of a Real Estate
Purchase Agreement between the City of Waterloo, as Buyer,
and Ray Frank Cagley, as Seller, relating to the Seller' s
real property located generally at 3730 Wagner Road, which
property will be included in the future development of the
MidPort Business Park (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, itis 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 $110, 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 . 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 $110, 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
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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 .
ur .
rnest G. Clark, Mayor
ATTEST:
uzy Naares, 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 served
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 .
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ity Ilerk, Waterloo, Iowa
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