HomeMy WebLinkAbout2021-375-06.07.2021Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, 319-291-4323.
RESOLUTION NO. 2021-375
RESOLUTION APPROVING AN ADVANCE OF FUNDS FOR
REPAYMENT FROM THE DOWNTOWN 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 Downtown Urban Renewal
Area (the "Urban Renewal Area") and is undertaking certain projects within the Urban Renewal
Area, including the acquisition of real property and economic development grants to developers
for future development of the Downtown Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution 2020-
666 adopted on September 8, 2020, approved and authorized a contract with Advanced
Environmental Testing and Abatement, Inc. in the amount of $127,000 to provide asbestos
abatement services for a property located at 100 East Ninth Street in the Downtown Urban
Renewal 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
$127,000.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 5249 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 amounts not to exceed $127,000 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. 2021-375
Page 2
Quentin Hart, Mayor
ATTEST:
Kelle,-elchle
Kelley Felchle, City Clerk
SEAL