HomeMy Public PortalAboutResolutions-2014-080Tiffin/436989-IO/Intemal Advance
RESOLUTION NO 2014-080 ,
AUTHORIZING INTERNAL ADVANCES OF FUNDS
FOR PAYMENT OF URBAN RENEWAL PROJECTS
,. WHEREAS, the City of Tiffin, Iowa (the "City"), has established the Tiffin Urban
Renewal Area (the "Urban Renewal Area") and has created the Tiffin Urban Renewal Area Tax
Increment Revenue Fund (the "Tax Increment Fund") in connection therewith; and
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WHEREAS, the City has undertaken several urban renewal projects, including the Jasper
Avenue South Project, the City Park Splash Pad Improvements Project, the Prairie West
Streetscape Improvements Project and the 2014-2015 Highway 6 Turn Lane .Construction
Project; and
WHEREAS, costs have been and will be incurred in connection with the undertaking of
such projects; and
WHEREAS, in order to`cover a portion of such costs and to make such costs eligible to
be recouped from incremental property tax revenues, it is necessary to facilitate internal
advances (the "Advances") of funds;
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Tiffin, Iowa,
as follows:
Section 1. It is hereby directed that an amount not in excess of Two Hundred Fifty
Thousand Dollars ($250,000) be advanced from the Road Use Tax Fund (the "Jasper Avenue
Advance") in order to fund the Jasper Avenue South Project. The Jasper Avenue Advance shall
be repaid,to the Road Use Tax Fund, without interest, out of incremental property tax revenues
received with respect to the Urban Renewal Area. w
it is intended that the Jasper Avenue Advance shall be repaid in two annual installments
on June 1, in each of the years 2017 and 2018, inclusive, provided, however, that repayment of
the Jasper Avenue Advance is subject to the determination of future City Councils that there are
incremental property tax revenues available for such purpose which have been allocated to or
accrued in the Tax Increment Fund relative to the Jasper Avenue Advance, and the City Council
'reserves the right'to appropriate funds to the `repayment of the Jasper Avenue Advance, or to
withhold such appropriation, at its discretion.
Section 2. It is hereby directed that an amount not in excess of One Hundred
Thousand Dollars ($100,000) be advanced from the City Park Fund (the "City Park Advance") in
order to fund the City Park "Splash Pad Improvements Project. The City Park Advance, shall be
repaid to the City Park Fund, without interest, out of incremental property tax revenues received
with respect to the Urban Renewal Area.
It is intended that the City Park Advance shall be repaid in three annual installments on
June 1, in each of the years 2017 through 2019, inclusive, provided, however, that repayment of
the City Park Advance is subject to the determination of future City Councils that there are
Tiffin/436989-10/intemal Advance
incremental property tax revenues available for such purpose which have been allocated to or
accrued in the Tax Increment Fund relative to the City Park Advance, and the City Council
reserves the right to appropriate funds to the repayment of the City Park Advance, or to withhold
such appropriation, at its discretion.
Section 3. `It is hereby directed that an amount not in excess of One Hundred Twenty -
Five Thousand Dollars ($125,000) be advanced from the General Fund (the "Prairie West
Advance") in order to fund the Prairie West Streetscape Improvements Project. -The Prairie West
Advance shall be repaid to the General Fund, without interest, out of incremental property tax
revenues received with respect to the Urban Renewal Area.
It is intended that the Prairie West Advance shall be repaid in three annual installments
on June 1, in each of the years 2017 through 2019, inclusive, provided, however, that repayment
of the Prairie West Advance is subject to the determination of future City Councils that there are
incremental property tax `revenues available for such purpose which have been allocated to or
accrued in the Tax Increment Fund relative to the Prairie West Advance, and the City Council
reserves the right to appropriate funds to the repayment of the Prairie West Advance, or to -
withhold such" appropriation, at its discretion.
Section 4. It is hereby directed that an amount not in exce's`s of Four Hundred'
Thousand,Dollars ($400,000) be advanced from the General Fund (the "Highway 6 Advance") in
order to fund the 2014-2015 Highway 6 Turn Lane Construction Project. The Highway 6
Advance shall be repaid to the General Fund, without interest, out of incremental property tax
revenues received with respect to the Urban Renewal Area.
It is intended that the Highway 6 Advance shall be repaid in four annual installments on
June 1, in each of the years 2017 through 2020, inclusive, provided, however, that repayment of
the Highway 6 Advance is subject to,the determination of future City Councils that there are
incremental property tax revenues available for such purpose which have been allocated to or
accrued in the Tax Increment Fund relative to the Highway 6 Advance,'and the City Council
reserves the right to appropriate funds to the repayment of the Highway 6 Advance, or to
withhold such appropriation, at its discretion. ,
Section 5. A copy of this Resolution shall be filed in the office of the County Auditor
of Johnson County, Iowa to evidence the Advances as set forth herein. Pursuant to
Section 403.19 of the Code of Iowa, the City Clerk is hereby directed to certify, no later than
December 1, 2'014, the original amount of each Advance.
J.
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Tiffin/436989-10/Intemal Advance
Section 6. All resolutions or parts thereof in conflict herewith, are hereby repealed, to
the extent of such conflict.
PASSED AND APPROVED this June 25, 2014.
AYE: Bartles, Ryan, Upton, Kahler
NAY: NONE
ABSENT: Petersen
Mayor
Attest:
Ale
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