HomeMy WebLinkAbout2022-317-06.06.2022Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2022-317
RESOLUTION APPROVING THE USE OF EAST WATERLOO
UNIFIED (LOGAN AREA) URBAN RENEWAL AREA TAX
INCREMENT FINANCING FUNDS, IN AN AMOUNT NOT TO
EXCEED $13,000.00, FOR PROPERTY DEMOLITION
SERVICES, FOR A PROPERTY LOCATED AT 120 CENTER
STREET.
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 the acquisition of real property and economic
development grants to developers for future development of the Area; and
WHEREAS, in furtherance thereof the City Council has heretofore approved and
authorized property demolition services for 120 Center Street in the amount not to exceed
$13,000 with Safety-Kleen, Terracon, and Abatement Specialists in the East Waterloo Unified
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 $13,000.
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 fmds 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 $13,000 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
Resolution No. 2022-317
Page 2
ATTEST:
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DIGITALLY
SIGNED
LeAnn M. Even, CMC, IaCMC
Deputy City Clerk
SEAL
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