HomeMy WebLinkAbout2021-379-06.07.2021Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, 319-291-4323.
RESOLUTION NO. 2021-379
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
(Logan) 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-
847 adopted on November 23, 2020, approved and authorized a contract with Earth Services and
Abatement LLC in the amount of $128,015 to provide property demolition services for various
properties located in the East Waterloo (Logan) 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 $60,000
for the property located at 508 Bratnober.
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 $60,000 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. 2021-379
Page 2
Quentin Hart, Mayor
ATTEST:
Kelle, Yelchle
Kelley Felchle, City Clerk
SEAL