HomeMy WebLinkAbout2019-292-05/06/2019Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-292
RESOLUTION APPROVING THE USE OF RATH URBAN
RENEWAL AREA TAX INCREMENT FINANCING DISTRICT
FUNDS, IN AN AMOUNT NOT TO EXCEED $35,000,
FOR PROPERTY ACQUISITION LOCATED GENERALLY IN
THE RATH URBAN RENEWAL DISTRICT.
WHEREAS, the City of Waterloo, Iowa has established the Rath 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 Rath Urban Renewal
Area; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution No.
2018-718 adopted on September 24, 2018, approved and authorized execution of a Real Estate
Purchase Agreement between the City of Waterloo, and Tramaun T. Allen, to acquire property
located at 1430 Commercial Street, Waterloo, Iowa which property will be included in the future
development of the Rath 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 equals up to $20,000
plus up to $15,000 in 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. 4697 there has been established the Rath Urban
Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into which all
incremental property tax revenues received from the Rath 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 up to $20,000 plus an amount up to $15,000
needed for closing costs 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. 2019-292
Page 2
ATTEST:
elley Felchle
City Clerk