HomeMy WebLinkAbout2020-471-06.22.2020Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, 319-291-4323.
RESOLUTION NO. 2020-471
RESOLUTION APPROVING THE USE OF NORTHEAST
INDUSTRIAL SITE URBAN RENEWAL AREA TAX
INCREMENT FINANCING FUNDS IN AN AMOUNT NOT TO
EXCEED $50,000 FOR THE YEAR ENDING JUNE 30, 2020 TO
FINANCE ADMINISTRATIVE EXPENSES AND THE
CONTRACT WITH GROW CEDAR VALLEY (FORMERLY
THE GREATER CEDAR VALLEY ALLIANCE).
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 marketing the area for future development of the Northeast Site
Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore approved and
authorized administrative expenses for economic development purposes within the Northeast
Industrial Site Urban Renewal Area, including the contract with GROW Cedar Valley (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 $50,000
for the fiscal year ending June 30, 2020, including salaries, administrative expenses and the
contract with GROW Cedar Valley.
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 $50,000 be advanced from
time to time from the General Fund in order to pay the costs of the Project. The advance shall be
treated as an internal loan from the General Fund and shall be repaid to the General 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 22nd day of June 2020.
Resolution No. 2020-471
Page 2
Overtfcn Hart
Quentin Hart, Mayor
ATTEST:
Ke/Jee
Kelley Felchle
City Clerk