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HomeMy WebLinkAbout2015-474-06/22/2015 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 . RESOLUTION NO. 2015-474 RESOLUTION APPROVING AN ADVANCE OF FUNDS FOR REPAYMENT FROM THE SAN MARNAN 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 San Marnan 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 San Marnan Urban Renewal Area; and WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution No. 2014-813 adopted on September 15, 2014, approved and authorized execution of a Real Estate Purchase Agreement between the City of Waterloo, as Buyer, and the L&H Farms, Inc. , as Sellers, relating to the Seller' s real property located generally in the San Marnan Urban Renewal Area, Waterloo, Iowa which property will be included in the future development of the San Marnan 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 $141, 949. 00, 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. 4956 there has been established the San Marnan Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund) , into which all incremental property tax revenues received from the San Marnan 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 up to $141, 949. 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 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 . II II I i rnest G. Clark, Mayor ATTEST: Suzy Ses, CMC City Clarerk CERTIFICATE STATE. .OF__ZOWA 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 hcretc) 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 . t'� 3 L r,-A ity C erk',-_ IvTaterloo, Iowa SEAL