HomeMy WebLinkAbout2018-396-6/4/2018 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-396
RESOLUTION APPROVING THE USE OF NOT TO EXCEED
$1,000,000 IN SAN MARNAN URBAN RENEWAL AREA TAX
INCREMENT FINANCING FUNDS FOR THE ANSBOROUGH
AVENUE IMPROVEMENTS PROJECT.
WHEREAS, the City of Waterloo, Iowa has established the San Mannan 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 Maman Urban
Renewal Area, and
WHEREAS, in furtherance thereof the City Council has heretofore by Resolution No.
2017-708 adopted on August 28, 2017, Resolution 2017-941 adopted on November 13, 2017,
Resolution 2018-241 adopted on April 9, 2018, approved and authorized easements, construction
and construction related services for Ansborough Avenue improvements within the San Mannan
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
$1,000,000, 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 Mannan
Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into which all
incremental property tax revenues received from the San Mannan 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 $1,000,000 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. 2018-396
Page 2
_ATTEST:
Kelley Felcf e
City Clerk