HomeMy WebLinkAbout2024-665-11.18.2024 -ECP UR-1 Fix Date Proceedings 2025B Taxable GO UR BondsITEMS TO INCLUDE ON AGENDA
CITY OF WATERLOO, IOWA
Not to Exceed $18,000,000 Taxable General Obligation Urban Renewal Bonds (ECP/UR-1)
• Resolution fixing date for a meeting on the proposition to issue.
NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE
CHAPTER 21 AND THE LOCAL RULES OF THE CITY.
November 18, 2024
The City Council of the City of Waterloo, State of Iowa, met in regular session, in the
Council Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at 5:30 P.M., on the above
date. There were present Mayor Quentin Hart, in the chair, and the following named Council
Members:
Boesen, Nichols, Creighton -Smith, Chiles, Simon and Wilder
Absent: Feuss
Vacant: None
Council Member Nichols introduced the following Resolution entitled "RESOLUTION
FIXING DATE FOR A MEETING ON THE PROPOSITION OF THE ISSUANCE OF NOT
TO EXCEED $18,000,000 TAXABLE GENERAL OBLIGATION URBAN RENEWAL
BONDS OF THE CITY OF WATERLOO, STATE OF IOWA (FOR ESSENTIAL
CORPORATE URBAN RENEWAL PURPOSES), AND PROVIDING FOR PUBLICATION
OF NOTICE THEREOF", and moved that the same be adopted. Council Member Wilder
seconded the motion to adopt. The roll was called and the vote was,
AYES: Boesen, Nichols, Creighton -Smith, Chiles, Simon and
Wilder
NAYS: None
Whereupon, the Mayor declared the resolution duly adopted as follows:
RESOLUTION NO. 2024-664
RESOLUTION FIXING DATE FOR A MEETING ON THE
PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED
$18,000,000 TAXABLE GENERAL OBLIGATION URBAN
RENEWAL BONDS OF THE CITY OF WATERLOO, STATE
OF IOWA (FOR ESSENTIAL CORPORATE URBAN
RENEWAL PURPOSES), AND PROVIDING FOR
PUBLICATION OF NOTICE THEREOF
WHEREAS, on November 17, 2014, the City Council of the City of Waterloo, Iowa (the
"City") adopted Ordinance No. 5253 and on November 10, 2014, adopted Resolution No. 2014-
965, and amended by Resolution No. 2019-516, adopted July 8, 2019, amended by Resolution
No. 2019-517, adopted July 8, 2019, and amended by Resolution No. 2020-521, adopted July 17,
2020, and amended by Resolution No. 2024-664 adopted November 18, 2024, determining that
certain areas located within the City are eligible and should be designated as an urban renewal
area under Iowa law, and approved and adopted the amended and restated Crossroads Waterloo
Urban Renewal and Redevelopment Plan of the City of Waterloo Iowa (the "Plan").
WHEREAS, it is deemed necessary and advisable that the City of Waterloo, State of
Iowa, should provide for the authorization and issuance of General Obligation Urban Renewal
Bonds, to the amount of not to exceed $18,000,000, as authorized by Sections 384.25 and
403.12, of the Code of Iowa, for the purpose of providing funds to pay costs of carrying out
essential corporate urban renewal purpose project(s) as hereinafter described; and
WHEREAS, before bonds may be issued, it is necessary to comply with the procedural
requirements of Chapters 384 and 403 of the Code of Iowa, and to publish a notice of the
proposal to issue such bonds and the right to petition for an election.
2
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF
WATERLOO, STATE OF IOWA:
Section 1. That this Council meet in the Council Chambers, City Hall, 715 Mulberry
Street, Waterloo, Iowa, at 5:30 P.M., on the 2nd day of December, 2024, for the purpose of taking
action on the matter of the issuance of not to exceed $18,000,000 Taxable General Obligation
Urban Renewal Bonds, for essential corporate urban renewal purposes, the proceeds of which
bonds will be used to provide funds to pay the costs of aiding in the planning, undertaking, and
carrying out of urban renewal projects under the authority of Chapter 403 and the Amended and
Restated Crossroads Waterloo Urban Renewal and Redevelopment Plan for the Crossroads
Waterloo Urban Renewal Area, as amended from time to time, including those costs associated
with the redevelopment of Crossroads Mall, including acquisition, design, demolition,
reconstruction, and related and supporting public infrastructure improvements, with proceeds of
the Bonds being used either directly to pay project costs or to fund one or more Economic
Development Grants to private developers to aid in such redevelopment.
Section 2. To the extent any of the projects or activities described in this resolution may
be reasonably construed to be included in more than one classification under Subchapter III of
Chapter 384 of the Code of Iowa, the Council hereby elects the "essential corporate purpose"
classification and procedure with respect to each such project or activity, pursuant to Section
384.28 of the Code of Iowa.
Section 3. That the Clerk is hereby directed to cause at least one publication to be made
of a notice of the meeting, in a legal newspaper, printed wholly in the English language,
published at least once weekly, and having general circulation in the City. The publication to be
not less than ten clear days nor more than twenty days before the date of the public meeting on
the issuance of the Bonds.
Section 4. The notice of the proposed action to issue bonds shall be in substantially the
following form:
-3
(To be published between: November 19, 2024 and November 21, 2024)
NOTICE OF MEETING OF THE CITY COUNCIL OF THE
CITY OF WATERLOO, STATE OF IOWA, ON THE MATTER
OF THE PROPOSED ISSUANCE OF NOT TO EXCEED
$18,000,000 TAXABLE GENERAL OBLIGATION URBAN
RENEWAL BONDS OF THE CITY (FOR ESSENTIAL
CORPORATE URBAN RENEWAL PURPOSES), AND THE
HEARING ON THE ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the City Council of the City of Waterloo, State of
Iowa, will hold a public hearing on the 2nd day of December, 2025, at 5:30 P.M., in the Council
Chambers, City Hall, 715 Mulberry Street, Waterloo, Iowa, at which meeting the Council
proposes to take additional action for the issuance of not to exceed $18,000,000 Taxable General
Obligation Urban Renewal Bonds, for essential corporate urban renewal purposes, to provide
funds to pay the costs of aiding in the planning, undertaking, and carrying out of urban renewal
projects under the authority of Chapter 403 and the Amended and Restated Crossroads Waterloo
Urban Renewal and Redevelopment Plan for the Crossroads Waterloo Urban Renewal Area, as
amended from time to time, including those costs associated with the redevelopment of
Crossroads Mall, including acquisition, design, demolition, reconstruction, and related and
supporting public infrastructure improvements, with proceeds of the Bonds being used either
directly to pay project costs or to fund one or more Economic Development Grants to private
developers to aid in such redevelopment.
At any time before the date of the meeting, a petition, asking that the question of issuing
such Bonds be submitted to the legal voters of the City, may be filed with the Clerk of the City in
the manner provided by Section 362.4 of the Code of Iowa, pursuant to the provisions of
Sections 384.24(3)(q), 384.25 and 403.12 of the Code of Iowa.
The annual increase in property taxes as the result of the issuance on a residential
property with an actual value of one hundred thousand dollars is estimated not to exceed $32.70.
This estimate only considers the impact on property taxes of financing authority established by
this hearing for the above -described project(s). The bond may be issued in one or more series
over a number of years. Finance authority established by this hearing may be combined with
additional finance authority, causing the estimate for the annual increase in property taxes for the
entire issuance to be greater than the estimate stated herein. Changes in other levies may cause
the actual annual increase in property taxes to vary.
At the above meeting the Council shall receive oral or written objections from any
resident or property owner of the City to the above action. After all objections have been
received and considered, the Council will at the meeting or at any adjournment thereof, take
additional action for the issuance of the Bonds or will abandon the proposal to issue said Bonds.
This notice is given by order of the City Council of the City of Waterloo, State of Iowa,
as provided by Chapters 384 and 403 of the Code of Iowa.
-4
Dated this 18th day of November, 2024.
Kelley Felchle
DIGITALLY
SIVD
Kelley Felchle, City Clerk, City
State of Iowa
(End of Notice)
ii
Waterloo,
-5
PASSED AND APPROVED this 18th day of November, 2024.
ATTEST:
Kelley Felchle, City Clerk
Otterduz i' ta,
Quentin Hart, Mayor
-6
STATE OF IOWA
COUNTY OF BLACK HAWK
CERTIFICATE
)
) SS
)
I, the undersigned City Clerk of the City of Waterloo, State of Iowa, do hereby certify
that attached is a true and complete copy of the portion of the records of the City showing
proceedings of the Council, and the same is a true and complete copy of the action taken by the
Council with respect to the 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 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 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 the 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.
2024.
WITNESS my hand and the seal of the Council hereto affixed this 18th day of November,
Kelley Felchle
(SEAL) Kelley Felchle, City Clerk, Cit' ' ' ' aterloo,
State of Iowa
STATE OF IOWA
COUNTY OF BLACK HAWK
CERTIFICATE
)
) SS
)
I, the undersigned, do hereby certify that I am now and was at the times hereinafter
mentioned, the duly qualified and acting Clerk of the City of Waterloo, in the County of Black
Hawk, State of Iowa, and that as such Clerk and by full authority from the Council of the City, I
have caused a
NOTICE OF PUBLIC HEARING
(Not to Exceed $18,000,000 Taxable General Obligation Urban Renewal
Bonds) (ECP/UR-1)
of which the clipping annexed to the publisher's affidavit hereto attached is in words and figures
a correct and complete copy, to be published as required by law in the "Waterloo Courier", a
legal newspaper published at least once weekly, printed wholly in the English language,
published regularly and mailed through the post office of current entry for more than two years
and which has had for more than two years a bona fide paid circulation recognized by the postal
laws of the United States, and has a general circulation in the City, and that the Notice was
published in all of the issues thereof published and circulated on the following date:
November 19, 2024.
WITNESS my official signature this 20th day of November, 2024.
(SEAL)
1.44
. D
0
4885-2350-2070, v. 1
Kelley Felchle, City Clerk, City Waterloo,
State of Iowa