HomeMy WebLinkAbout2018-473-6/25/2018Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-473
RESOLUTION APPROVING THE USE OF NOT TO EXCEED
$8,050,000 IN EAST WATERLOO UNIFIED URBAN
RENEWAL AREA TAX INCREMENT FINANCING DISTRICT
FUNDS FOR OPROPERTY ACQUISITION AND ECONOMIC
DEVELOPMENT GRANTS FOR THE NORTH CORSSING,
LLC PROJECT.
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 2016-
079 adopted on January 25, 2016 and Resolution 2016-809 adopted on October 10, 2016;
approved and authorized a Development Agreement with North Crossing, LLC for the
redevelopment of Logan Plaza and surrounding land, for the development of a multi -phased
project.
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,
without interest, for reimbursement under Iowa Code Section 403.19; and
WHEREAS, the amount of funds to be advanced for the Project shall not exceed
$8,050,000.
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
Project.
Section 2. It is hereby directed that an amount not to exceed $8,050,000 shall be
advanced from time to time from the Capital Improvements Fund in order to pay the costs of the
Project. The advance shall be treated as an internal loan from the Capital Improvements Fund
and shall be repaid to the Capital Improvements 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 25th day of June 2018.
Sharon Juon, May ' Pro Tem
Resolution No. 2018-473
Page 2
ATTEST:
Kelley Felch
City Clerk