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HomeMy WebLinkAbout2024-721-12.02.2024- ECP UR 1 Hearing Proceedings 2025B Taxable GO UR BondsITEMS TO INCLUDE ON AGENDA FOR THE COUNCIL MEETING ON DECEMBER 2, 2024 CITY OF WATERLOO, IOWA Not to Exceed $18,000,000 Taxable General Obligation Urban Renewal Bonds (ECP/UR-1) • Public hearing on the issuance. • Resolution instituting proceedings to take additional action. NOTICE MUST BE GIVEN PURSUANT TO IOWA CODE CHAPTER 21 AND THE LOCAL RULES OF THE CITY. December 2, 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, Simmons, Wilder and Feuss Absent: Chiles Vacant: None The Mayor announced that this was the time and place for the public hearing and meeting on the matter of the issuance of not to exceed $18,000,000 Taxable General Obligation Urban Renewal Bonds, of the City of Waterloo, State of Iowa, in order to provide funds to pay the costs of aiding in the planning, undertaking, and carrying out of urban renewal projects under the authority of Iowa Code 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, for essential corporate urban renewal purposes, and that notice of the proposal to issue the Bonds and the right to petition for an election had been published as provided by Sections 384.24(3)(q), 384.25 and 403.12 of the Code of Iowa, and the Mayor then asked the City Clerk whether any petition had been filed in the Clerk's Office, as contemplated in Section 362.4 of the Code of Iowa, and the Clerk reported that no such petition had been filed, requesting that the question of issuing the Bonds be submitted to the qualified electors of the City. The Mayor then asked the Clerk whether any written objections had been filed by any resident or property owner of the City to the issuance of the Bonds. The Clerk advised the Mayor and the Council that a written objection was on file. The Mayor then called for oral objections to the issuance of the Bonds and two were made. Whereupon, the Mayor declared the time for receiving oral and written objections to be closed. (Oral Objections Filed) (David Deeds, JSA Development objection; Downtown property taxpayers are being asked to pay for the entire project when the project benefits the entire city and citizens of Waterloo and therefore feel the project should be funded with General Debt Service obligations as opposed to TIF Service obligations. Jessica Rucker, Main Street Waterloo objection; encouraged the council to use money from entire city sources as opposed to TIF revenues.) Whereupon, the Mayor declared the hearing on the issuance of the Bonds to be closed. The Council then considered the proposed action and the extent of objections thereto. Whereupon, Council Member Boesen introduced and delivered to the Clerk the Resolution hereinafter set out entitled "RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED $18,000,000 TAXABLE GENERAL OBLIGATION URBAN RENEWAL BONDS", and moved: o that the Resolution be adopted. to ADJOURN and defer action on the Resolution and the proposal to institute proceedings for the issuance of bonds to the meeting to be held at .M. on the day of , 2024, at this place. 2 was, Council Member Creighton -Smith seconded the motion. The roll was called and the vote AYES: Boesen, Nichols, Creighton -Smith, Simmons, Wilder and Feuss NAYS: None Whereupon, the Mayor declared the measure duly adopted. RESOLUTION NO. 2025-721 RESOLUTION INSTITUTING PROCEEDINGS TO TAKE ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO EXCEED $18,000,000 TAXABLE GENERAL OBLIGATION URBAN RENEWAL BONDS WHEREAS, pursuant to notice published as required by law, the City Council has held a public meeting and hearing upon the proposal to institute proceedings for the issuance of not to exceed $18,000,000 General Obligation Urban Renewal Bonds, for the essential corporate urban renewal purposes, in order to provide funds to pay the costs of aiding in the planning, undertaking, and carrying out of urban renewal projects under the authority of Iowa Code 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, and has considered the extent of objections received from residents or property owners as to the proposed issuance of Bonds; and no petition was filed calling for a referendum thereon. The following action is now considered to be in the best interests of the City and residents thereof. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, STATE OF IOWA: Section 1. That this Council does hereby institute proceedings and take additional action for the authorization and issuance in the manner required by law of not to exceed $18,000,000 General Obligation Urban Renewal Bonds, for the foregoing essential corporate urban renewal purposes. Section 2. This Resolution shall serve as a declaration of official intent under Treasury Regulation 1.150-2 and shall be maintained on file as a public record of such intent. It is reasonably expected that the general fund moneys may be advanced from time to time for capital 3 expenditures which are to be paid from the proceeds of the above Bonds. The amounts so advanced shall be reimbursed from the proceeds of the Bonds not later than eighteen months after the initial payment of the capital expenditures or eighteen months after the property is placed in service. Such advancements shall not exceed the amount authorized in this Resolution unless the same are for preliminary expenditures or unless another declaration of intention is adopted. PASSED AND APPROVED this 2nd day of December, 2024. ATTEST: Kelley Felchle Kelley Felchle, City Clerk Otterduz '; / DIGITALLY / / � SIGNED Quentin Hart, Mayor 4 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. WITNESS my hand and the seal of the Council hereto affixed this 2"d day of December, 2024. OC A 4861-2863-7438, v. 1 (elley Felc/ile DIGITALLY SIGNED Kelley Felchle, City Clerk, City of State of Iowa erloo,