HomeMy WebLinkAbout2022-365-06.20.2022Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2022-365
RESOLUTION APPROVING AN ADVANCE OF FUNDS FOR
REPAYMENT FROM THE SAN MARNAN URBAN
RENEWAL TAX INCREMENT REVENUE FUND AND
DIRECTING THE FILING OF CERTIFICATION UNDER
IOWA CODE SECTION 403.19.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA, AS
FOLLOWS:
WHEREAS, the City of Waterloo, Iowa has established the San Marnan Urban Renewal
Area (the "Urban Renewal Area") and is undertaking certain projects within the Urban Renewal
Area, including marketing the area for future development of the San Marnan Urban Renewal
Area; and
WHEREAS, in furtherance thereof the City Council has heretofore approved and
authorized administrative expenses for economic development purposes within the San Marnan
Urban Renewal Area, including the contract with GROW Cedar Valley (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
$45,000.00 for the fiscal year ending June 30, 2022, including salaries, administrative expenses
and the contract with GROW Cedar Valley.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Waterloo,
Iowa, as follows:
Section 1. Pursuant to Ordinance No. 4956 there has been established the San Marnan
Urban Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into which all
incremental property tax revenues received from the San Marnan 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 an amount not to exceed $45,000.00 be advanced
from time to time from the General Fund and Capital Improvements Fund in order to pay the
costs of the Project. The advance shall be treated as an internal loan from the General Fund and
Capital Improvements Fund and shall be repaid to the General 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 20th day of June 2022.
Resolution 2022-365
Page 2
ATTEST:
Kelley Felchle, City Clerk
STATE OF IOWA
) SS
COUNTY OF BLACK HAWK
CERTIFICATE
Quentin Hart, Mayor
I, the undersigned City Clerk of Waterloo, Iowa, do hereby certify that attached is
a true and complete copy of the portion of the corporate records of said Municipality
showing proceedings of the Council, and the same is a true and complete copy of the
action taken by said Council with respect to said matter at the meeting held on the date
indicated in the attachment, which proceedings remain in full force and effect, and have
not been amended or rescinded in any way; that meeting and all action thereat was duly
and publicly held in accordance with a notice of meeting and tentative agenda, a copy of
which was timely served on each member of the Council and posted on a bulletin board
or other prominent place easily accessible to the public and clearly designated for that
purpose at the principal office of the Council (a copy of the face sheet of said agenda
being attached hereto) pursuant to the local rules of the Council and the provisions of
Chapter 21, Code of Iowa, upon reasonable advance notice to the public and media at
least twenty-four hours prior to the commencement of the meeting as required by said
law and with members of the public present in attendance; I further certify that the
individuals named therein were on the date thereof duly and lawfully possessed of their
respective city offices as indicated therein, that no Council vacancy existed except as may
be stated in said proceedings, and that no controversy or litigation is pending, prayed or
threatened involving the incorporation, organization, existence or boundaries of the City
or the right of the individuals named therein as officers to their respective positions.
WITNESS my hand and the seal of said Municipality hereto affixed this 20th day of June,
2022.
City Clerk, Waterloo, Iowa
SEAL