HomeMy WebLinkAbout2018-474-6/25/2018Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-474
RESOLUTION APPROVING THE USE OF EAST WATERLOO
UNIFIED URBAN RENEWAL AREA (LOGAN) TAX
INCREMENT FINANCING FUNDS IN AN AMOUNT NOT TO
EXCEED $24,000 FOR THE YEAR ENDING JUNE 30, 2018 TO
FINANCE ADMINISTRATIVE EXPENSES AND THE
CONTRACT WITH THE GREATER CEDAR VALLEY
ALLIANCE.
WHEREAS, the City of Waterloo, Iowa has established the East Waterloo Unified Logan
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 East Waterloo
Unified Logan Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore approved and
authorized administrative expenses for economic development purposes within the East
Waterloo Unified Logan 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 $24,000
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. 5323 there has been established the East Waterloo
Unified 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 $24,000 be advanced from time to time from the
General 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, ay."f" ro Tem
Resolution No. 2018-474
Page 2
ATTEST: --
Kelley Fe ( hl
City Cler