HomeMy WebLinkAbout2022-318-06.06.2022Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2022-318
RESOLUTION APPROVING THE USE OF EAST WATERLOO
UNIFIED URBAN RENEWAL AREA TAX INCREMENT
FINANCING DISTRICT FUNDS, IN AN AMOUNT NOT TO
EXCEED $1,341,000.00, FOR THE HYPER DRIVE
CONSTRUCTION PROJECT, IN THE MIDPORT AREA.
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 2021-
657 adopted on October 4, 2021, approved and authorized a contract with Peterson Contractors,
Inc. in the amount of $1,335,279, and by Resolution 2021-334 dated May 17, 2021, approved
and authorized a professional services agreement with Terracon Consultants, Inc. in the amount
of $5,000 in conjunction with the Hyper Drive construction 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
$1,341,000 funded with tax increment fmancing funds.
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 $1,341,000 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.
PASSED AND ADOPTED this 6th day of June 2022.
Resolution No. 2022-318
Page 2
ATTEST:
LeAnn M. Even, CMC, IaCMC
Deputy City Clerk
SEAL
it,
Quen-Ecn 9ir
DIGITALLY
SIGNED
Quentin Hart, Mayor