HomeMy Public PortalAboutResolutions-2015-086RESOLUTION NO. 2015-086
AUTHORIZING INTERNAL TRANSFERS OF FUNDS
FOR REIMBURSEMENTS FROM TAX INCREMENT FINANCE
REVENUES TO OTHER FUNDS OF THE CITY OF TIFFIN, IOWA
IN THE AMOUNT OF $1,354,797
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,
WHEREAS, the City has undertaken several urban renewal projects, including the Jasper
Avenue South Project, the City Park Splash Pad and Park Improvements Project, and incurred
debt for various street, water and sewer infrastructure projects all within the Urban Renewal
Areas of the City; and,
WHEREAS, with regard to the debt incurred in the form of the 2012A, $6.1 Million G.O.
Corporate Purpose and Refunding Bonds, the City did in November, 2012 certify for
reimbursement of debt principle in a total amount of $4,790,000 and interest in the amount of
$744,843 for a total of $5,534,843 from future Tax Increment Revenues; and,
WHEREAS, with regard to the Jasper Avenue South (now Park Road) Paving Project,
the City passed Resolution 2014-080 in June, 2014 authorizing an amount not in excess of
$250,000 be advanced from the Road Use Tax Fund to fund said project and then in November,
2014 did certify with Johnson County for receipt of $220,000 in future Tax Increment Finance
revenues for said repaving project, and subsequently City staff did compile receipts totaling
$210,937 paid to contractors and for engineering for that purpose; and,
WHEREAS, with regard to the City Parks Splash Pad and Improvements Projects, the
City in November 2010 did certify with Johnson County for receipt of $200,000 in future Tax
Increment Finance revenues for Park Improvements and then in June 2014 passed Resolution
2014-080 authorizing an amount not in excess of $100,000 to be advanced from the City Park
Fund in order to fund the City Park Splash Pad Improvements Project, and subsequently City
staff did compile receipts totaling $55,990 for Splash Pad improvements and related Concession
Stand project receipts totaling $114,500 for a total of $170,490, however acknowledging the
amount of $100,000 authorized in Resolution 2014-080, limit this request to just $100,000 being
reimbursed; and,
WHEREAS, the aforesaid Resolution 2014-080 also proposed that the advances for the
Jasper Avenue Project be repaid in two annual installments in the years 2017 and 2018, and that
the advances for the City Park Improvements Project be repaid in three annual installments in
each of the years 2017 through 2019, and that this Resolution proposes repaying those advances
immediately with Tax Increment Revenue funds available and on hand in the accounts of the
City; and,
WHEREAS, the aforesaid Resolution 2014-080 also proposed that other funds in an
amount not in excess of $125,000 be advanced from the General Fund in order to fund proposed
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Prairie West Streetscape improvements project and proposed it to be repaid in three annual
installments in each of the years 2017 through 2019, which Project is currently subject to
discussions leading to agreements which will be re -addressed by the City in subsequent filings
and certifications for Tax Increment Revenue or other funds as the City Council may at some
future time deem necessary and appropriate; and,
WHEREAS, the aforesaid Resolution 2014-080 also proposed that an amount not in
excess of $400,000 be advanced from the General Fund in order to fund a Highway 6 Turn Lane
Construction Project and proposed that it be repaid in three annual installments in each of the
years 2017 through 2019, which Project has not yet been engineered or planned, which will be
re -addressed by the City in subsequent filings and certifications for Tax Increment Revenue or
other funds as the City Council may at some future time deem necessary and appropriate; and,
WHEREAS, costs have been incurred in connection with the undertaking of such
projects; and,
WHEREAS, in order to cover portions of such costs it is necessary to facilitate internal
transfers of Tax Increment Revenues already received by the City.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Tiffin, Iowa,
as follows:
SECTION I: It is hereby directed that an amount of One Million, Forty-three Thousand,
Eight Hundred Sixty Dollars ($1,043,860.00) that had been advanced from the General Fund of
the City for debt service principle and interest payments in the fiscal years ending June 30, 2014
and June 30, 2015 be transferred from the Tax Increment Fund of the City 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 transfer to the General Fund be made following its
approval by the City Council, to be effective on or before June 30, 2015.
SECTION II: It is hereby directed that an amount of Two Hundred Ten Thousand, Nine
Hundred and Thirty-seven Dollars ($210,937.00) that had been advanced from the General Fund
and the Road Use Tax Fund (the "Jasper Avenue Advance") be transferred from the Tax
Increment Fund of the City back to the General Fund, and then to the Road Use Tax Fund as will
be determined in subsequent accounting of the Road Use Tax Fund. The Jasper Avenue
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 transfer to the
General Fund be made following its approval by the City Council, to be effective on or before
June 30, 2015.
SECTION III: It is hereby directed that an amount not in excess of One Hundred
Thousand Dollars ($100,000) that had been advanced from the General Funds in order to fund
the City Park Splash Pad and Park Improvements Projects be transferred from the Tax Increment
Fund of the City back to the General Fund. The City Park Projects 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 transfer to the General Fund be made
following its approval by the City Council, to be effective on or before June 30, 2015.
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SECTION IV: A copy of this Resolution shall be filed in the office of the County Auditor
of Johnson County, Iowa to evidence the intent to reimburse the City's General or other City
Funds as set forth herein.
SECTION V: All resolutions or parts thereof in conflict herewith, are hereby repealed, to
the extent of such conflict.
PASSED AND APPROVED this June 24, 2015.
Mayor
Attest:
City Clerk
Prepared by Tim D. Long, Interim Assistant to the City Administrator