HomeMy WebLinkAbout2019-470-06/24/2019 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-470
RESOLUTION APPROVING THE USE OF NORTHEAST
INDUSTRIAL SITE URBAN RENEWAL AREA TAX
INCREMENT FINANCING DISTRICT FUNDS, IN AN
AMOUNT NOT TO EXCEED $98,200, FOR DESIGN
SERVICES FOR NEWELL STREET IMPROVEMENTS IN THE
NORTHEAST INDUSTRIAL SITE AREA.
WHEREAS,the City of Waterloo, Iowa has established the Northeast Industrial Site
Urban Renewal Area(the "Urban Renewal Area") and is undertaking certain projects within the
Urban Renewal Area, including design services for future development of the Northeast Site
Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution No.
2019-225, adopted on April 8, 2019, a Professional Services Agreement with MMS Consultants,
Inc. for design services for improvements to Newell Street within the Northeast Industrial Site
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 $98,200,
including administrative expenses.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 4688 there has been established the Northeast
Industrial Site Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into
which all incremental property tax revenues received from the Northeast Industrial Site 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$98,200 be advanced
from time to time from the General Fund in order to pay the costs of the Project. The advance
shall be treated as an internal loan from the General Fund and shall be repaid to the General 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.
a—uUricr-(6-
Quentin Hart, Mayor
Resolution No. 2019-470
Page 2
ATTEST:
elley Felchle V
City Clerk