HomeMy WebLinkAbout2021-370-06.07.2021Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, 319-291-4323.
RESOLUTION NO. 2021-370
RESOLUTION APPROVING AN ADVANCE OF FUNDS FOR
REPAYMENT FROM THE EAST WATERLOO UNIFIED
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 East Waterloo Unified
(Midport) 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, by Resolution 2020-
712 adopted on September 21, 2020, approved and authorized a contract with Midwest Concrete,
Inc. in the amount of $254,230 and by Resolutions 2020-309 and 2020-788, approved and
authorized professional services agreements with AECOM Technical Services, Inc. in the
amount of $89,400 in conjunction with the Waterloo Regional Airport, Water Main
Improvements Phase I project, located generally in the East Waterloo Unified Urban Renewal
Area, which property will be included in the future development of the area (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,
without interest, for reimbursement under Iowa Code Section 403.19; and
WHEREAS, the amount of funds to be advanced for the Project shall not exceed
$368,630.
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 an amount not to exceed $368,630 shall 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.
Resolution No. 2021-370
Page 2
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA this 7th day of June 2021.
Quentin Hart, Mayor
ATTEST:
Kelley �elckle
Kelley Felchle, City Clerk
SEAL