HomeMy WebLinkAbout2008-611-7/14/2008 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2008-611
RESOLUTION APPROVING AN ADVANCE OF FUNDS FOR
REPAYMENT FROM THE MARTIN ROAD 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
Martin Road Urban Renewal Area (the "Urban Renewal Area") and is
undertaking certain projects within the Urban Renewal Area,
including the acquisition of real property for future
development of the Martin Road Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has
heretofore, by Resolution No. 2008-596 adopted on July 7, 2008,
approved and authorized execution of a grant to Corstang
Enterprises, LLC as an incentive to construct a 15, 500 square
foot building valued at $1, 015, 970 on property located in the
Martin Road 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
equals $196, 020 . 00 .
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
OF WATERLOO, IOWA, as follows :
Section 1 . Pursuant to Ordinance No. 4204 there has been
established the Martin Road Urban Renewal Area Tax Increment
Revenue Fund (the Tax Increment Fund) , into which all
incremental property tax revenues received from the Martin Road
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 $196, 020 . 00 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 rtoaid to the Capital Improvements Fund from the
Tax Increment Fund at the earliest opportunity, without
interest .
Resolution No. 2008-611
Page 2
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 14th day of July, 2008 .
Tim Hurley, MayorZ
ATTEST:
Nancy Ecke CMC
City Cler
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 o the City or the right of the individuals named
therein as officers to their respective positions .
77
aRersc1ution No. 2008-611
-' :-- (-- -WITNESS my hand and seal of said Municipality hereto
"aixed this 14th day of July, 2008 .
N S t� tr
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