HomeMy WebLinkAbout2018-392-6/4/2018 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-392
RESOLUTION APPROVING THE USE OF NOT TO EXCEED
$420,000 IN EAST WATERLOO UNIFIED URBAN RENEWAL
AREA TAX INCREMENT FINANCING FUNDS FOR
ECONOMIC DEVELOPMENT GRANT TO CENTRAL
PROPERTY HOLDINGS, LLC AND RELATED
ADMINISTRATIVE EXPENSES.
WHEREAS, the City of Waterloo, Iowa has established the East Waterloo Unified Urban
Renewal Area (the "Urban Renewal Area") and is undertaking certain projects within the Urban
Renewal Area, including site development for the future development of the Logan area, and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution 2017-
622 adopted on August 7, 2017, approved and authorized execution of a development agreement
and economic development grant to Central Property Holdings, LLC to develop a grocery store
in the area, 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
$420,000.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 5323 there has been established the East Waterloo
Unified Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into
which all incremental property tax revenues received from the East Waterloo Unified 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
Proj ect.
Section 2. It is hereby directed that an amount not to exceed $420,000 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 4th day of June 2018.
Quentin Hart, Mayor
Resolution No. 2018-392
Page 2
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Kelley F hle
City ClerkA