HomeMy WebLinkAbout2020-421-06.08.2020Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2020-421
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 the acquisition of real property for future development of the Rath Urban Renewal
Area; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution 2019-
833 adopted on November 4, 2019, approved and authorized execution of a Real Estate Purchase
Agreement between the City of Waterloo, as Buyer, and Ruthanne E. Rooff, as Seller, related to
the Seller's real property located at 325 West 13th Street which property will be included in the
future development of 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 $96,000,
plus up to $5,000 in closing costs.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 4697 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 not to exceed $101,000 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 ADOPTED this 8th day of June 2020.
Quentin J-fart Q
Quentin Hart, Mayor
Resolution No. 2020-421
Page 2
ATTEST:
Ke/t'e#
Kelley Felchle
City Clerk
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 8th day of June, 2020.
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SEAL
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Kelle# fe/c/zle
Kelley Felchle City Clerk, Waterloo, Iowa