HomeMy WebLinkAbout2020-473-06.22.2020Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, 319-291-4323.
RESOLUTION NO. 2020-473
RESOLUTION APPROVING THE USE OF SAN MARNAN
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 San Marnan 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 San Marnan Urban Renewal
Area; and
WHEREAS, in furtherance thereof the City Council has heretofore approved and
authorized administrative expenses for economic development purposes within the San Marnan
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. 4956 there has been established the San Marnan
Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into which all
incremental property tax revenues received from the San Marnan 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 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 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. 2020-473
Page 2
Quentin Hart, Mayor
ATTEST:
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Kelley Felchle
City Clerk