HomeMy WebLinkAbout2022-315-06.06.2022Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2022-315
RESOLUTION APPROVING THE USE OF DOWNTOWN
URBAN RENEWAL AREA TAX INCREMENT FINANCING
DISTRICT FUNDS, FOR A CONTRACT WITH REBECHINI
STUDIOS, INC., FOR THE CONCEPTUAL DESIGN OF THE
SULLIVAN BROTHERS MEMORIAL EXHIBIT, IN AN
AMOUNT NOT TO EXCEED $5,000.00.
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 approved and
authorized the design of the Sullivan Memorial Exhibit in the amount of $5,000 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, 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 $5,000.
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 $5,000 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 ADOPTED this 6th day of June 2022.
Quentin Hart, Mayor
ATTEST:
Resolution No. 2022-315
Page 2
DIGITALLY
SIGNED
LeAnn M. Even, CMC, IaCMC
Deputy City Clerk
SEAL