HomeMy WebLinkAbout2018-475-6/25/2018Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-475
RESOLUTION APPROVING THE USE OF MARTIN ROAD
URBAN RENEWAL AREA TAX INCREMENT FINANCING
FUNDS IN AN AMOUNT NOT TO EXCEED $600,000 FOR
THE DESIGN AND CONSTRUCTION OF A SANITARY
SEWER AND WATER MAIN EXTENSION PROJECT.
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 design and construction of a sanitary sewer and water main extension, acquisition
of real property and necessary easements for the future development of the Brock 3rd Addition in
the Martin Road Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore approved and
authorized engineering services related to 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
$ 600,000, including property acquisition, engineering and construction costs.
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 $600,000 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, or Pro Tem
Resolution No. 2018-475
Page 2
ATTEST:
eliey Felc
City Clerk