HomeMy WebLinkAbout2020-429-06.15.2020Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2020-429
RESOLUTION APPROVING THE USE OF NOT TO EXCEED
$109,500 IN NORTHEAST SITE URBAN RENEWAL
AREA TAX INCREMENT FINANCING FUNDS FOR A
PROFESSIONAL SERVICES AGREEMENT WITH AECOM
TECHNICAL SERVICES, INC. FOR WETLANDS
DELINEATION ALONG MARTIN LUTHER KING DRIVE.
WHEREAS, the City of Waterloo, Iowa has established the Northeast Industrial Site
Urban Renewal Area (the "Urban Renewal Area") and is undertaking certain projects within the
Urban Renewal Area, including surveying the area for future development of the Northeast Site
Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution 2019-
739 adopted on September 23, 2019, approved and authorized a Professional Services Agreement
with AECOM Technical Services, Inc. for design services to delineate wetlands along Martin
Luther King Drive within the Northeast Industrial Site 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
$109,500, including administrative expenses.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 4688 there has been established the Northeast
Industrial Site Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into
which all incremental property tax revenues received from the Northeast Industrial Site 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 $109,500 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 this 15th day of June 2020.
Resolution No. 2020-429
Page 2
Quentin Hart
Quentin Hart, Mayor
ATTEST:
Kelley-e/ch/e
Kelley Felchle
City Clerk