HomeMy WebLinkAbout2019-287-05/06/2019Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-287
RESOLUTION APPROVING THE USE OF EAST WATERLOO
UNIFIED URBAN RENEWAL AREA TAX INCREMENT
FINANCING DISTRICT FUNDS, IN AN AMOUNT NOT TO
EXCEED $12,500, FOR FLOODPLAIN ANALYSIS SERVICES
IN THE MIDPORT 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 floodplain analysis within the City owned Wagner Road
subdivision for the future development of the MidPort Business Park; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution No.
2018-655 adopted on August 27, 2018, authorized a professional services agreement with
AECOM Technical Services, Inc. for floodplain analysis; 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 $12,500.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 4902 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 $12,500 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 6th' day of May 2019.
Quentin Hart, Mayor
Resolution No. 2019-287
Page 2
ATTEST:
11..
e ey Felchlq
City Clerk
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-289
RESOLUTION APPROVING THE USE OF EAST WATERLOO
UNIFIED URBAN RENEWAL AREA TAX INCREMENT
FINANCING FUNDS, IN AN AMOUNT NOT TO EXCEED
$3,000, FOR PROPERTY ACQUISITION GENERALLY
LOCATED IN THE EAST WATERLOO UNIFIED URBAN
RENEWAL TAX INCREMENT FINANCING DISTRICT.
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 the acquisition of real property for future development of the East
Waterloo Unified Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution 2019-
51 adopted on January 28, 2019, approved and authorized execution of a Real Estate Purchase
Agreement for the property located at Sherman Avenue and Esther Street, 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,
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 $3,000,
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 $3,000 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 intemal 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 6th day of May 2019.
Resolution No. 2019-289
Page 2
ATTEST:
K 11-y Felchle
City Clerk
Quentin Hart, Mayor