HomeMy WebLinkAbout2019-468-06/24/2019 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-468
RESOLUTION APPROVING THE USE OF EAST WATERLOO
UNIFIED URBAN RENEWAL AREA TAX INCREMENT
FINANCING DISTRICT FUNDS, IN AN AMOUNT NOT TO
EXCEED $61,000, FOR PROPERTY ACQUISITIONS IN THE
MIDPORT AREA.
WHEREAS, the City of Waterloo, Iowa has established the East Waterloo Unified
(Midport) 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
area; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution No.
2019-97 adopted on February 18, 2019, approved and authorized execution of a Real Estate
Purchase Agreement between the City of Waterloo, as Buyer, and AMA Real Estate, LLC, as
Seller, related to the Seller's real property located generally in the East Waterloo Unified Urban
Renewal Area, which property will be included in the future development of the 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 $61,000,
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 $61,000 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.
PASSED AND ADOPTED this 24th day of June 2019.
Resolution No. 2019-468
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l � A
Quentin Hart, Mayor
ATTEST:
I/
K-11ey Felchle
City Clerk