HomeMy WebLinkAbout2019-290-05/06/2019Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-290
RESOLUTION APPROVING THE USE OF EAST WATERLOO
UNIFIED URBAN RENEWAL AREA TAX INCREMENT
FINANCING FUNDS, IN AN AMOUNT NOT TO EXCEED
$22,130, FOR A RAIL YARD PUBLIC SAFETY
IMPROVEMENT STUDY IN THE LOGAN 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 a rail yard public safety improvement study, for future development of
the East Waterloo Unified Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution 2019-
98 adopted on February 18, 2019, approved and authorized a professional services agreement
with VIA Rail Engineering (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 $22,130.
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 fmds 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 $22,130 be advanced from time to time from the
Capital Projects Fund in order to pay the costs of the Project. The advance shall be treated as an
internal loan from the Capital Projects Fund and shall be repaid to the Capital Projects 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. 2019-290
Page 2
ATTEST:
Kelley Felchle
City Clerk