HomeMy WebLinkAbout2018-385-6/4/2018Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-385
RESOLUTION APPROVING THE USE OF NOT TO EXCEED
$375,000 IN SAN MARNAN URBAN RENEWAL AREA TAX
INCREMENT FINANCING FUNDS FOR THE ACQUISITION
OF PROPERTY GENERALLY LOCATED IN THE SAN
MARNAN TIF DISTRICT.
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.
2018-114 adopted on February 26, 2018, approved and authorized execution of an Exchange
Agreement and Assignment of Real Estate Contract with L & H Farms, Ltd. For the acquisition
of property in Black Hawk County for exchange of property within the San Martian TIF District
(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
$375,000, 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. 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 an amount not to exceed $375,000 be advanced from
time to time from the Capital Projects Fund in order to pay the costs of the Project. The advance
shall be treated as an internal loan from the Capital Projects Fund and shall be repaid to the
Capital Projects 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 4t' day of June 2018.
Quentin Hart, Mayor �—
Resolution No. 2018-385
Page 2
ATTEST:
�iv,-/
Melle Fel le
City Clerk