HomeMy WebLinkAbout2018-469-6/25/2018Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-469
RESOLUTION APPROVING THE USE OF MARTIN
ROAD URBAN RENEWAL AREA TAX INCREMENT
FINANCING FUNDS IN AN AMOUNT NOT TO EXCEED
$14,000 FOR THE YEAR ENDING JUNE 30, 2018 TO
FINANCE ADMINISTRATIVE EXPENSES.
WHEREAS, the City of Waterloo, Iowa has established the Martin Road 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 Martin
Road Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore approved and
authorized administrative expenses for economic development purposes within the Martin
Road 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
$14,000 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. 5249 there has been established the Martin
Road Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into
which all incremental property tax revenues received from the Martin Road 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 amounts not to exceed $14,000 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.
Resolution No. 2018-469
Page 2
Sharon Juon, Mayor Pro Tem
ATT1 ST:
1
Kelley Fel 1
City Clerk