HomeMy WebLinkAbout2020-467-06.22.2020Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, 319-291-4323.
RESOLUTION NO. 2020-467
RESOLUTION APPROVING THE USE
OF DOWNTOWN URBAN RENEWAL AREA TAX
INCREMENT FINANCING FUNDS IN AN AMOUNT NOT TO
EXCEED $120,000 FOR THE YEAR ENDING JUNE 30, 2020
TO FINANCE ADMINISTRATIVE EXPENSES AND THE
CONTRACTS WITH GROW CEDAR VALLEY AND MAIN
STREET WATERLOO.
WHEREAS, the City of Waterloo, Iowa has established the Downtown Urban Renewal
Area (the "Urban Renewal Area") and is undertaking certain projects within the Urban Renewal
Area, including marketing the area for future development of the Downtown Urban Renewal
Area; and
WHEREAS, in furtherance thereof the City Council has heretofore approved and
authorized agreements with Grow Cedar Valley and Main Street Waterloo to provide services in
the Downtown Urban Renewal Area (the "Project"); in addition to approving authorized salaries
and administrative expenses for economic development purposes; 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
$120,000 for the fiscal year ending June 30, 2020, including salaries, administrative expenses
and the contracts with Grow Cedar Valley and Main Street Waterloo.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 5085 there has been established the Downtown
Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into which all
incremental property tax revenues received from the Downtown 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 $120,000 be advanced from
time to time from the General Fund and Capital Improvements Fund in order to pay the costs of
the Project. The advance shall be treated as an internal loan from the General Fund and Capital
Improvements Fund and shall be repaid 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 22nd day of June 2020.
Resolution No. 2020-467
Page 2
Quentin H-F.ar
96XEo
Quentin Hart, Mayor
ATTEST:
KCe//ee �e/chte
Kelley Felchle
City Clerk