HomeMy WebLinkAbout2020-432-06.15.2020Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2020-432
RESOLUTION APPROVING THE USE OF NOT TO EXCEED
$24,176 IN EAST WATERLOO UNIFIED URBAN RENEWAL
AREA TAX INCREMENT FINANCING FUNDS FOR LOGAN
ACCESS ROAD IMPROVEMENTS.
WHEREAS, the City of Waterloo, Iowa has established the East Waterloo Unified
(Logan) Urban Renewal Area (the "Urban Renewal Area") and is undertaking certain projects
within the Urban Renewal Area, including site development for the future development of the
area; and
WHEREAS, in furtherance thereof the City Council has heretofore, approved and
authorized at the Finance Committee dated July 8, 2019 that roadway improvements in the
amount of $24,176 be made to the Logan Access Road (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
$500,000, including 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. 5323 there has been established the East Waterloo
Unified Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into
which all incremental property tax revenues received from the East Waterloo Unified 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 $24,176 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.
Quentin Hart
Quentin Hart, Mayor
Resolution No. 2020-432
Page 2
ATTEST:
Kelle# -e/chie
Kelley Felchle
City Clerk