HomeMy WebLinkAbout2007-580-7/9/2007 RESOLUTION NO. 2007-580
RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF A
COMMUNITY ATTRACTION AND TOURISM PROGRAM (CAT) GRANT
AGREEMENT BY AND BETWEEN THE VISION IOWA BOARD AND THE
CITY OF WATERLOO AND WATERLOO DEVELOPMENT CORPORTION
AND APPROVING AND AUTHORIZING COMMITMENT OF PROJECT
FUNDING.
WHEREAS, the City of Waterloo, Iowa, together with Waterloo Development
Corporation, submitted an application to the Vision Iowa Board requesting assistance in
financing the RiverLoop Expo and Public Market (the "Project'); and
WHEREAS, the Vision Iowa Board, on February 14, 2007, voted to award a grant of
$1,000,000 for the construction of the Project, subject to certain terms and conditions; and
WHEREAS, the application to the Vision Iowa Board requires execution of a
Community Attraction and Tourism (CAT) Grant Agreement (the "Grant Agreement'), after
proper approval of the city council of the City of Waterloo and the board of directors of
Waterloo Development Corporation; and
WHEREAS, the City Council of the City of Waterloo, Iowa, has been presented with a
proposed Grant Agreement, with accompanying Exhibits A through C attached thereto, and the
City Council of the City of Waterloo, Iowa, has been advised by City staff that the proposed
Grant Agreement is acceptable to Waterloo city staff, and to representatives of Waterloo
Development Corporation, and appears to be acceptable to staff of the Vision Iowa Board; and
WHEREAS, the City Council of the City of Waterloo, Iowa, finds that said Grant
Agreement is in the best interests of the City of Waterloo, Iowa, and should be approved, and the
Mayor should be authorized to execute and deliver said agreement by and on behalf of the City
of Waterloo, Iowa; and
WHEREAS, the Project is in need of additional funding for Project expenses, Waterloo
Developer Corporation has agreed to contribute $700,000 toward the Project, and the agreement
of the City of Waterloo to contribute another $700,000 to said expenses would satisfy
requirements of the Grant Agreement to provide proof of binding financial commitments
necessary to complete the Project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WATERLOO, IOWA, that the form and content of the Grant Agreement, the provisions of
which are incorporated herein by reference, be and the same are hereby in all respects
authorized, approved and confirmed, and the Mayor be and hereby is authorized, empowered and
directed to execute, attest, seal and deliver the Grant Agreement for and on behalf of the City in
substantially the form and content now before this meeting, but with such changes,
modifications, additions or deletions therein as shall be approved by such officer and that do not
materially adversely alter any promise, covenant, representation, warranty, or other term of the
Grant Agreement affecting the rights or duties of the City, and that from and after the execution
and delivery of the Grant Agreement by the Mayor, and by the authorized representatives of
Waterloo Development Corporation, the Mayor is hereby authorized, empowered and directed to
do all such acts and things and to execute all such documents as may be necessary to carry out
and comply with the provisions of the Grant Agreement as executed.
Roolution No. 2007-580
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BFi,-IT FURTHER RESOLVED that the letter of agreement with Waterloo Development
providing for the City's commitment to contribute $700,000 of funds for
fitzc,ion and $168,000.00 for property acquisition and demolition for the Project is hereby
au io i -(L nd approved, and the Mayor be and hereby is authorized, empowered and directed to
oy x& deliver said letter of agreement for and on behalf of the City.
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s F PASSED AND ADOPTED this 9th day of July, 2007.
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Nancy Eckert, City Clerk of the City of Waterloo, Iowa, do hereby certify that the
e,edi4 is a true and complete copy of Resolution No. 2007-580, as passed and adopted by the
�:ounci'l�of the City of Waterloo, Iowa, on the 9th day of July, 2007.
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Witness my hand and seal of office this 10th day of July, 2007.
[SEAL] ���
Nancy Eckert, it Clerk
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