HomeMy Public PortalAbout2024-011 Resolution Authorizing Advancement of Costs for an Urban Renewal Project and Cert of Expenses Incurred by the City for Payment Under Iowa Code Section 403.19RESOLUTION 2024-011
Resolution Authorizing Advancement of Costs for an Urban Renewal
Project and Certification of Expenses Incurred by the City for Payment
Under Iowa Code Section 403.19
WHEREAS, the City of Riverdale, Iowa has previously adopted the Welch Farm Urban Renewal Plan (the
"Plan") for the Welch Farm Urban Renewal Area (the "Urban Renewal Area") for the purpose of undertaking
urban renewal projects within the Urban Renewal Area; and,
WHEREAS, the City has authorized various projects as eligible urban renewal projects to be undertaken
within the Urban Renewal Area, including the payment of up to $150,000 of fees and costs related to
planning, engineering, attorneys' fees, and other related costs to support urban renewal projects and
planning (the "Fees and Costs"); and,
WHEREAS, the Fees and Costs were identified in the Plan as an urban renewal project within the Urban
Renewal Area, and, in the judgment of the Council will further one or more of the objectives of the Plan;
therefore, the Fees and Costs constitute a public use and purpose as provided by Iowa Code Chapters 15A
and 403; and,
WHEREAS, the City has advanced funds from its Fund 306 Welch TIF Cap Project to pay the Fees and Costs,
and intends to reimburse said fund with tax increment; and,
WHEREAS, before approving an urban renewal project for reimbursement with tax increment, it is
necessary to make certain findings under Chapter 403; and,
WHEREAS, it is the intention of the City to certify the amount of funds advanced for the Fees and Costs
for reimbursement under Iowa Code Section 403.19 before December 1, 2024; and,
WHEREAS, the amount of funds advanced for the Fees and Costs is $109,570.38.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Riverdale, Iowa, that:
Section 1.
Pursuant to Ordinance No. 2017-206, there has been established the Welch Farm Urban
Renewal Area Tax Increment Revenue Fund (the "Tax Increment Fund"), into which all
incremental property tax revenues received from the Urban Renewal Area are deposited.
The Council finds the Fees and Costs to be an urban renewal project as defined in Iowa Code
Chapter 403, and further finds that said project is included in the Plan for the Urban Renewal
Area.
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 (563) 355-2511 1 www.riverdaleia.org
Section 2.
Section 3.
Section 4.
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It is hereby directed that the amount for the Fees and Costs advanced from time to time
from the Fund 306 Welch TIF Cap Project in order to pay the amount of the Fees and Costs
shall be treated as an advancement from the Fund 306 Welch TIF Cap Project (the
"Advancement"), and the Fund 306 Welch TIF Cap Project shall be reimbursed the total
actual amount of the Advancement from the Tax Increment Fund.
All costs to be incurred, or which have been incurred, for the Fees and Costs are approved
to be advanced as described in Section 2, not to exceed a cumulative total of $150,000. The
amount of the Advancement is expected to total $109,570.38.
Certification for reimbursement under Iowa Code Section 403.19 for the actual amount of
the Advancement shall be made by the City to the County Auditor on or before December
1, 2024.
Passed, approved, and adopted this 9th day of January 2024.
APPRQIIED:
Anthony Heddlesten, Mayor
ATTEST:
Kelly Kr y Clerk/Treasurer
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 (563) 355-2511
www.riverdaleia.org