HomeMy WebLinkAbout2018-464-6/25/2018Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-464
RESOLUTION APPROVING THE USE OF RATH URBAN
RENEWAL AREA TAX INCREMENT FINANCING FUNDS IN
AN AMOUNT NOT TO EXCEED $7,000 FOR THE YEAR
ENDING JUNE 30, 2018 TO FINANCE ADMINISTRATIVE
EXPENSES.
WHEREAS, the City of Waterloo, Iowa has established the Rath Urban Renewal
Area (the "Urban Renewal Area") and is undertaking certain projects within the Urban
Renewal Area, including marketing the area for future development of the Rath Urban
Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore approved and
authorized administrative expenses for economic development purposes within the Rath
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
$7,000 for the year ending June 30, 2018, including salaries and administrative expenses.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of
Waterloo, Iowa, as follows:
Section 1. Pursuant to Ordinance No. 4949 there has been established the Rath
Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into which
all incremental property tax revenues received from the Rath 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 $7,000 be advanced
from time to time from the General Fund and Capital Improvements Fund in order to pay
the costs of the Project. The advance shall be treated as an internal loan from the General
Fund and Capital Improvements Fund and shall be repaid 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 25th day of June 2018.
Sharon Juon, Mayor Pro Tem
Resolution No. 2017-464
Page 2
elley Fele
City Clerk