HomeMy Public PortalAboutResolution #2016-22, City Of Riverdale State Street Urban Renewal Tax Revenue Appropriation To Payment Of Annual Appropriation Tax Increment Financed Obligations Which Shall Come Due In Next Succeeding Fiscal Year RESOLUTION 2016-22
OBLIGATING FUNDS FROM THE CITY OF RIVERDALE STATE STREET URBAN
RENEWAL TAX REVENUE(TIF)FUND FOR APPROPRIATION TO THE PAYMENT OF
ANNUAL APPROPRIATION TAX INCREMENT FINANCED OBLIGATIONS WHICH SHALL
COME DUE IN THE NEXT SUCCEEDING FISCAL YEAR.
WHEREAS,the City of Riverdale, Iowa(the"City"),pursuant to and in strict compliance with all
laws applicable to the City,and in particular the provisions of Chapter 403 of the Code of Iowa,has
adopted a State Street Urban Renewal Plan for the City of Riverdale State Street Urban Renewal Area
(the"State Street Urban Renewal Area"): and
WHEREAS,this council has adopted an ordinance providing for the division of taxes levied on taxable
property in the State Street Urban Renewal Area pursuant to Section 403.19 of the Code of Iowa and
establishing the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa(the"State Street
Urban Renewal Tax Revenue Fund"),which fund and the portion of taxes referred to in the subsection
may be irrevocably pledged by the City for the payment of the principal and interest on indebtedness
incurred under the authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in
part projects in the State Street Urban Renewal Area: and
WHEREAS,the City has scheduled estimated payments in the amount of$10,978.00(the"Annual
Payment")which shall come due in the fiscal year beginning July 1,2017 with respect to the City's
Development Agreements with Brenny's Investments LLC,Meadows Warehousing Co. Inc., Ahlers&
Cooney,Recorders Fees, and
WHEREAS, it is now necessary for the City Council to obligate for appropriation to the Annual
payment,funds anticipated to be received in the City of Riverdale State Street Urban Renewal Tax
Revenue Fund in the fiscal year beginning July 1, 2017:
NOW THEREFORE, it is Resolved by the City Council of the City of Riverdale, Iowa,as follows:
Section 1. the City Council hereby obligated$10,978.00 for appropriation from the City or Riverdale
State Street Urban Renewal Tax Revenue Fund to the Annual Payments for the fiscal year beginning
July 1,2017.
Section 2. the City Clerk is hereby directed to certify the amount obligated for appropriation in
Section 1 above,on the City's December 1, 2016 certification of debt payable from the City of Riverdale
State Street Urban Renewal Tax Revenue Fund and to reflect such amount in the City's budget for the
next succeeding fiscal year.
Section 3. All resolutions or parts of resolutions in conflict therewith are hereby repealed.
Passed and approved November 15, 2016
A -s: Channon,Halsey,Hupp,Littrel, Seaberg Nays: None
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Sonya Pad.!'k,Mayor Attested By: Mary Fra16es Blevins,Assistant City Clerk