HomeMy WebLinkAbout2009-755-07/27/2009 (This Notice to be posted)
NOTICE AND CALL OF PUBLIC MEETING
Governmental Body: The City Council of Waterloo, Iowa.
Date of Meeting: July 27 , 2009.
Time of Meeting: 5:30 o'clock P .M.
Place of Meeting: Council Chambers, City Hall, Waterloo, Iowa.
PUBLIC NOTICE IS HEREBY GIVEN that the above mentioned governmental
body will meet at the date, time and place above set out. The tentative agenda for said
meeting is as follows:
X Resolution Approving an Advance of Funds, and Directing Filing of
Certifications.
Such additional matters as are set forth on the additional 4 page(s) attached
hereto. (number)
This notice is given at the direction of the Mayor pursuant to Chapter 21, Code of
Iowa, and the local rules of said governmental body.
C*d-e,e4"
City Clerk, erloo, Iowa
Nancy Ecke
- 1 -
July 27 , 2009
The City Council of Waterloo, Iowa, met in regular session, in the Council
Chambers, City Hall, Waterloo, Iowa, at 5:30 o'clock P.M., on the above date.
There were present Mayor Tim Hurley , in the chair, and the following
named Council Members:
Cole, Getty, Hart, Greenwood, Steve Schmitt, Welper,
Reggie Schmitt
Absent: none
* * * * * * * * *
- 2 -
Council Member Getty introduced the following
Resolution entitled "RESOLUTION APPROVING AN ADVANCE OF FUNDS FOR
REPAYMENT FROM THE RATH URBAN RENEWAL TAX INCREMENT
REVENUE FUND AND DIRECTING THE FILING OF CERTIFICATION UNDER
IOWA CODE SECTION 403.19" and moved its adoption. Council Member
Reggie Schmitt seconded the motion to adopt. The roll was called and
the vote was,
AYES: Cole, Getty, Hart, Greenwood, Steve Schmitt, Welper,
Reggie Schmitt
NAYS: none
RESOLUTION NO. 2009-7 55
RESOLUTION APPROVING AN ADVANCE OF FUNDS FOR
REPAYMENT FROM THE RATH 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 Rath Urban Renewal
Area (the "Urban Renewal Area") and is undertaking certain projects within the Urban
Renewal Area, including making economic development grants for development; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution
No. 2009-484 adopted on May 26, 2009, approved and authorized execution of
a Development Agreement between the City of Waterloo, to make an economic
development grant to Secor Investments, LLC, in the amount of$104,400.00 to acquire
land described as 3215 Lafayette Street and adjoining land in same ownership which
property is located in the Rath Urban Renewal Tax Increment District (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
- 3 -
WHEREAS, it is the intention of the City to certify the amount of funds so
advanced, for reimbursement under Iowa Code Section 403.19; and
WHEREAS, the amount of funds to be advanced for the Project shall not exceed
$115,000, including related legal fees and other incidental fees.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of
Waterloo, Iowa, as follows:
Section 1. Pursuant to Ordinance No. 374,9 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 amounts not to exceed $115,000 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 APPROVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA, this 27th day of July , 2009.
Mayor Tim Hurle
ATTEST:
City Clerk N y Eckert
- 4 -
CIG-3
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 29th
day of July , 2009.
City Cler aterloo, Iowa
Nancy Ec -rt
SEAL
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