HomeMy WebLinkAbout2019-284-05/06/2019Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-284
RESOLUTION APPROVING THE USE OF EAST WATERLOO
UNIFIED URBAN RENEWAL AREA TAX INCREMENT
FINANCING FUNDS, IN AN AMOUNT NOT TO EXCEED
$40,000, FOR THE ACQUISITION OF REAL PROPERTY
GENERALLY LOCATED IN THE EAST WATERLOO
UNIFIED URBAN RENEWAL AREA.
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 Midport Business Park; and
WHEREAS, in furtherance thereof the City Council has heretofore, by
Resolution 2018-324 adopted on May 14, 2018, approved and authorized execution
of a Real Estate Purchase Agreement between the City of Waterloo, as Buyer, and
Gladys Properties LLC, as Seller, related to the Seller's real property on WCF&N
Drive located generally in the East Waterloo Unified Urban Renewal Area,
Waterloo, Iowa which property will be included in the future development of the
East Waterloo Unified 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, 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
$40,000, including closing costs.
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 $40,000 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.
Resolution No. 2019-284
Page 2
PASSED AND ADOPTED this 6th day of May 2019.
Quentin Hart, Mayor
ATTEST:_
ey Felchl
City Clerk