HomeMy Public PortalAbout2022-97 Resolution Obligating and Appropriating Urban Renewal Tax Revenue Funds for the Repayment of Eligibile Debts for FY24.#10
RESOLUTION NO. 2022-97
RESOLUTION OBLIGATING AND APPROPRIATING URBAN RENEWAL TAX
REVENUE FUNDS FOR THE REPAYMENT OF ELIGIBLE DEBTS FOR FY24
WHEREAS, the City of Riverdale, Iowa ("City") is a municipal corporation, organized and
operating under the laws of the State of Iowa; and,
WHEREAS, the City Council, 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 urban renewal plans for its
urban renewal areas, as listed below; and,
WHEREAS, the Council has adopted ordinances providing for the division of taxes levied on taxable
property and established a special fund for the deposit of such monies pursuant to Section 403.19 of the
Code of Iowa; and,
WHEREAS, the City has scheduled Annual Payments on an annual appropriation basis for certain debts
per lawfully adopted development agreements as referenced below, and it is now necessary for the City
Council to authorize said funds for appropriation; and,
WHEREAS, the Council wishes to certify all other eligible debts for payment in Fiscal Year 2024.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RIVERDALE, IOWA:
Section 1. The City Council hereby authorizes certification for Fiscal Year 2024 to the Scott County
Auditor for the repayment of the following TIF debts:
Area
Amount
State Street Urban Renewal
•
$14,766 (remaining previously certified debt)
Welch Farm Urban Renewal
• Woods S&K Capital, Inc.- Rebate of 31.15% of
Incremental Revenues
• Low & Moderate Income Set -Aside- 37.69% of
Incremental Revenues
• Repay Certified City Costs- 31.16% of
Incremental Revenues
•
100% of available incremental revenues
Section 2.
The City Council hereby obligates 100% of incremental revenues collected from the
Woods S&K Capital, Inc. development agreement for appropriation from the Welch Farm
Urban Renewal Tax Revenue Fund to make the Annual Payments in the fiscal year
beginning July 1, 2023.
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 I (563) 355-2511 I www.riverdaleiowa.com
Section 3.
The City's certification of the amounts obligated for appropriation in Section 2 above, on
the City's December 1, 2022, certification of debt payable from the appropriate funds is
hereby authorized and such amount shall be reflected in the City's budget for the next
succeeding fiscal year.
Section 4. All Resolutions or parts of Resolutions in conflict herewith are hereby repealed, to the
extent of such conflict.
Passed and approved this 22nd day of November 2022.
APPROVED:
Antho eddlesten, yor
ATTEST:
Kelly Kre1, Cle) k
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www.riverdaleiowa.com