HomeMy WebLinkAbout2022-319-06.06.2022Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2022-319
RESOLUTION APPROVING THE USE OF MARTIN ROAD
URBAN RENEWAL AREA TAX INCREMENT FINANCING
FUNDS, IN AN AMOUNT NOT TO EXCEED $1,200,000.00,
FOR ECONOMIC DEVELOPMENT GRANTS TO FUSION
INVESTMENTS, INC.
WHEREAS, the City of Waterloo, Iowa has established the Martin Road TIF District (the
"District"") and is undertaking certain projects within the District, including the acquisition of real
property for future development of the Martin Road TIF District; and
WHEREAS, the City Council by Resolution 2019-252, has previously authorized
economic development grants to Fusion Investments, Inc. in the cumulative amount of
$1,200,000 for property development located in the Martin Road TIF District.; 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 for reimbursement under Iowa Code Section
403.19; is up to $1,200,000; and
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 4697 there has been established the Martin Road
TIF District Revenue Fund (the Tax Increment Fund), into which all incremental property tax
revenues received from the Martin Road 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 up to $1,200,000 needed to 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.
ATTEST:
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LeAnn M. Even, CMC, IaCMC
Deputy City Clerk
Qtterc-an 9-(4,rt
Quentin Hart, Mayor