HomeMy WebLinkAbout2019-291-05/06/2019Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-291
RESOLUTION APPROVING USE OF EAST WATERLOO
UNIFIED URBAN RENEWAL AREA TAX INCREMENT
FINANCING FUNDS, IN AN AMOUNT NOT TO EXCEED
$110,000, FOR HISTORIC TAX CREDIT FINANCING
CONSULTING SERVICES FOR THE KWWL PROJECT.
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 2013-
542 adopted on June 24, 2013; approved and authorized execution of a development agreement
with KWWL Television, Inc. for the renovation of the existing building located at 500 E. 4th St.,
including consulting services related to the use of historic tax credit financing. This 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
$110,000, 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 $110,000 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 6th day of May 2019.
Resolution No. 2019-291
Page 2
ATTEST:
Kel ey Felchle
City Clerk
Quentin Hart, Mayor