HomeMy WebLinkAbout2010-574-6 /28/2010RESOLUTION NO. 2010-574
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 providing economic development assistance for property
development in the Rath Urban Renewal Area; and
WHEREAS, in furtherance thereof the City Council has
heretofore, by Resolution No. 2010-56 adopted on February 1,
2010, approved and authorized execution of Section 108 loan pool
documents between Crystal Distribution, Inc., as borrower, and
the City of Waterloo, as lender, relating to the construction of
a building in the future development of the Rath 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 $15,000.00.
NOW, THEREFORE, IT IS RESOLVED BY THE 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 up to $15,000.00 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.
Resolution No. 2010-574
Page 2
PASSED AND ADOPTED this 28th day of June, 2010.
ATTEST:
Suzy Sclares, CMC
City Clerk
Ernest G. Clark, Mayor
CERTIFICATE
STATE OF IOWA )
SS
COUNTY OF BLACK HAWK )
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 28th day of June, 2010.
SEAL
i"
Suzy Sch res, CMC
City Clerk