HomeMy WebLinkAbout2009-612-06/22/2009 RESOLUTION NO. 2009-612
RESOLUTION APPROVING AN ADVANCE OF FUNDS FOR
REPAYMENT FROM THE DOWNTOWN URBAN RENEWAL TAX
INCREMENT REVENUE FUND AND DIRECTING THE FILING OF
CERTIFICATION UNDER IOWA CODE SECTION 403.19
WHEREAS, the City of Waterloo, Iowa has established the Downtown 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
Downtown Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution
No. 2009-479 adopted on May 26, 2009, approved and authorized an agreement with
Main Street Waterloo to provide services in the Downtown Urban Renewal Area; 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
$30,000.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of
Waterloo, Iowa, as follows:
Section 1. Pursuant to Ordinance No. 4494 there has been established
the Downtown Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment
Fund), into which all incremental property tax revenues received from the Downtown
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 $30,000 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 APPROVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA, this 22nd day of June , 2009.
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Mayor Tim Hurle
ATTEST:
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City Clerk ncy Eckert
CERTIFICATE
STATE OF IOWA )
) SS
COUNTY OF BLACK HAWK )
I, the undersigned City Clerk of Waterloo, Iowa, do hereby certify that attached is
a true and complete copy of the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a true and complete copy of the
action taken by said Council with respect to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in full force and effect, and have
not been amended or rescinded in any way; that meeting and all action thereat was duly
and publicly held in accordance with a notice of meeting and tentative agenda, a copy of
which was timely served on each member of the Council and posted on a bulletin board
or other prominent place easily accessible to the public and clearly designated for that
purpose at the principal office of the Council (a copy of the face sheet of said agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement of the meeting as required by said
law and with members of the public present in attendance; I further certify that the
individuals named therein were on the date thereof duly and lawfully possessed of their
respective city offices as indicated therein, that no Council vacancy existed except as may
be stated in said proceedings, and that no controversy or litigation is pending, prayed or
threatened involving the incorporation, organization, existence or boundaries of the City
or the right of the individuals named therein as officers to their respective positions.
WITNESS my hand and the seal of said Municipality hereto affixed this 2 4 th
day of June , 2009.
City Clerk, terloo, Iowa
Nancy Eck t
SEAL
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