HomeMy WebLinkAbout2021-367-06.07.2021Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, 319-291-4323.
RESOLUTION NO. 2021-367
RESOLUTION APPROVING AN ADVANCE OF FUNDS FOR
REPAYMENT FROM THE SAN MARNAN URBAN
RENEWAL TAX INCREMENT REVENUE FUND AND
DIRECTING THE FILING OF CERTIFICATION UNDER IOWA
CODE SECTION 403.19.
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 the acquisition of real property for future development of the San Marnan Urban
Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution No.
2021-289 adopted on May 3, 2021, approved and authorized an exchange agreement and
assignment of real estate contract with L&H Farms, Ltd. for the acquisition of 28.499 acres of
land in the amount of $1,336,269 plus up $10,000 in closing costs for the acquisition of property
and exchange of property in the San Marnan TIF District (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
$1,346,269 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. 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 up to $1,346,269 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 7th day of June 2021.
Resolution No. 2021-367
Page 2
Qveil��il Ha.r4
Quentin Hart, Mayor
ATTEST:
Kelley �elchle
Kelley Felchle, City Clerk
SEAL