HomeMy WebLinkAbout2019-471-06/24/2019 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-471
RESOLUTION APPROVING THE USE OF EAST WATERLOO
UNIFIED URBAN RENEWAL AREA TAX INCREMENT
FINANCING DISTRICT FUNDS, IN AN AMOUNT NOT TO
EXCEED $13,800, FOR AIRLINE HIGHWAY SANITARY
SEWER DESIGN 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 design services
for the future development of the area; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution No.
2019-278 adopted on April 22, 2019, approved and authorized a professional services agreement
with Clapsaddle-Garber Associates, Inc., for design services in conjunction with the Airline
Highway Sanitary Sewer Extension within the Midport Industrial Park; 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 $13,800.
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$13,800 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.
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Quentin Hart, Mayor
Resolution No. 2019-471
Page 2
ATTEST:
Y
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lley Felchle
City Clerk