HomeMy WebLinkAbout2019-477-06/24/2019 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-477
RESOLUTION APPROVING THE USE OF RATH URBAN
RENEWAL AREA TAX INCREMENT FINANCING FUNDS IN
AN AMOUNT NOT TO EXCEED $12,000 FOR THE YEAR
ENDING JUNE 30, 2019 TO FINANCE ADMINISTRATIVE
EXPENSES.
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 marketing the area for future development of the Rath Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore, approved and
authorized administrative expenses for economic development purposes within 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 shall not exceed $12,000
for the year ending June 30, 2019, including salaries and 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. 4949 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 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 up to $12,000 be advanced from time
to time from the General Fund and the Capital Improvements Fund in order to pay the costs of
the Project. The advance shall be treated as an internal loan from the General Fund and the
Capital Improvements Fund and shall be repaid 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.
Quentin Hart, Mayor
Resolution No. 2019-477
Page 2
- ATTEST:
Yekey Felchl
City Clerk