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HomeMy WebLinkAbout2010-185-03/08/2010RESOLUTION NO. 2010-185 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 acquisition of real property for future development of the Rath Urban Renewal Area; and WHEREAS, in furtherance thereof the City Council has heretofore, by Resolution No. 2010-77 adopted on February 8, 2010, approved and authorized execution of a Real Estate Purchase Agreement between the City of Waterloo, as Buyer, and the Nevada Baptist Church, as Sellers, relating to the Seller's real property located generally at 625 Glenwood Street, Waterloo, Iowa which property will be included 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 equals $155,000 plus up to $5,000 in closing costs. NOW, THEREFORE, BE IT 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 $155,000 plus an amount needed for closing costs 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. 2010-185 Page 2 PASSED AND ADOPTED this 8th day of March, 2010. Er st G. Clark, Mayor ATTEST: Suzy hcikres_, CMC City Clerk 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 mfr hand and the seal of said Municipality hereto affixed this 8t day of March, 2010. SEAL zy ares, CMC City Clerk