HomeMy Public PortalAboutResolutions-2015-103Tiffin/436989-12/Internal Advance
RESOLUTION NO 2015-103
AUTHORIZING INTERNAL ADVANCE
FOR URBAN RENEWAL PROJECT FUNDING
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 and approved the Hart Dentistry Development
Project (the "Project") (the Project was approved by action of the City Council on June 11, 2014
and September 22, 2015) as an urban renewal project for the Urban Renewal Area, and the City
has incurred legal and administrative costs associated with documenting and authorizing the
Project (the "Project Costs"); and
WHEREAS, in order to make provision for the payment of the Project Costs, it is
necessary to facilitate an internal advance of funds and to facilitate the repayment of said
advance from future incremental property tax revenues;
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 Four Thousand
Dollars ($4,000) be advanced (the "Advance") from the General Fund in order to fund the
Project Costs. The Advance shall be repaid to the General Fund with interest at the per annum
rate of 0% calculated from November 1, 2015, out of incremental property tax revenues received
with respect to the Urban Renewal Area.
It is intended that the Advance, plus accrued interest thereon, shall be repaid in one (1)
annual installment on or before June 1, 2017, provided, however, that repayment of the 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 Advance, and the City Council reserves the right to appropriate
funds to the repayment of the Advance, or to withhold such appropriation, at its discretion.
Section 2. A copy of this Resolution shall be filed in the office of the County Auditor
of Johnson County, Iowa to evidence the Advance. Pursuant to Section 403.19 of the Code of
Iowa, the City Clerk is hereby directed to certify, no later than December 1, 2015, the original
amount of the Advance plus interest scheduled to accrue.
Tiffin/436989-12/Intemal Advance
Section 3. All resolutions or parts thereof in conflict herewith, are hereby repealed, to
the extent of such conflict.
PASSED AND APPROVED this September 22, 2015.
'Mid If - �/"//d
Mayor
Attest:
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City CIA V