HomeMy WebLinkAbout2022-370-06.20.2022Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2022-370
RESOLUTION APPROVING AN ADVANCE OF FUNDS FOR
REPAYMENT FROM THE RATH URBAN RENEWAL TAX
INCREMENT REVENUE FUND AND DIRECTING THE
FILING OF CERTIFICATION UNDER IOWA CODE SECTION
403.19.
WHEREAS, the City of Waterloo, Iowa has established the Rath Urban Renewal Area
(the "Urban Renewal Area") and is undertaking certain projects within the Urban Renewal Area,
including the construction/rehabilitation of commercial buildings; and
WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution 2021-
341 adopted on May 17, 2021, approved and authorized execution of a Development and
Minimum Assessment Agreement with Crystal Distribution Services, Inc. for the construction of a
new 100,000 square foot building project with the City to purchase certain land and buildings
from Crystal; 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
$3,000,000.00.
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 Rath Urban
Renewal Area Tax Increment Revenue Fund (the Tax Increment Fund), into which all incremental
property tax revenues received from the Rath 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 $3,000,000.00 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 20th day of June 2022.
Quentin Hart, Mayor
Resolution 2022-370
Page 2
ATTEST:
Kelley Felchle, City Clerk
STATE OF IOWA
COUNTY OF BLACK HAWK
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CERTIFICATE
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 20`h day of June,
2022.
City Clerk, Waterloo, Iowa
SEAL