Resolution_Advance of Funds_ Greater Dubuque Downtown Urban Renwal FundPrepared by City Manager's Office: Address: City Hall, 50 W. 13 Street: Telephone: 589 -4110
RESOLUTION NO. 75 -10
APPROVING AN ADVANCE OF FUNDS FOR REPAYMENT FROM THE GREATER
DOWNTOWN URBAN RENEWAL TAX INCREMENT FUND, AND DIRECTING THE
CERTIFICATION OF AN URBAN RENEWAL PROJECT ADVANCE UNDER IOWA
CODE SECTION 403.19
WHEREAS, the City of Dubuque, Iowa has heretofore established the Greater
Downtown Urban Renewal Area (the Urban Renewal Area), and expects to undertake
certain projects, public improvements and . activities within the Urban Renewal Area in
furtherance of the objectives of the Urban Renewal Plan for said Urban Renewal Area,
including the creation of a Downtown Parking Ramp Shuttle Service which would serve
the Greater Downtown Area (the Project); and
WHEREAS, in order to advance funds for the cost of the Project, 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 so
advanced for reimbursement from the available incremental property tax revenues
generated within the Urban Renewal Area under Iowa Code Section 403.19.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA:
Section 1. Pursuant to Ordinance No. 123 -67 there has been established the
Greater Downtown Urban Renewal Tax Increment Revenue Fund (the Tax Increment
Fund), into which the incremental property tax revenues received in respect of
properties located within the Urban Renewal Area are to be deposited. The Council
hereby finds and determines that the above - described Project constitutes an "urban
renewal project" as defined in Iowa Code Chapter 403, and further approves an
advance of City funds for said Project.
Section 2. It is hereby directed that the sum of $134,704 be advanced from time
to time to the Downtown Parking Ramp Shuttle Service Project Fund from the General
Fund in order to pay the costs of the Project. The advance shall be treated as an
internal loan (the Loan) to the Downtown Parking Ramp Shuttle Service Project Fund
from the General Fund, which shall be repaid to the General Fund from the Tax
Increment Fund from the incremental tax revenues received with respect of properties
located within the Urban Renewal Area. Annual payments shall be made on the Loan
on each June 1, commending June 1, 2011, until the Loan is fully paid, to the extent
there are incremental tax revenues available for such purpose which have been
allocated to or accrued in the Tax Increment Fund.
Section 3. The Tax Increment Fund is hereby pledged to the repayment of the
Loan. The City Clerk and Budget Director shall take such actions as are necessary to
comply with this Resolution, including certification of the Loan amount to the County
Auditor for reimbursement under Iowa Code Section 403.19.
Attest:
Passed, approved and adopted this 9 day of Mar h, 2010.
eanne F. Schneider,
eanne F. Schneider, City Clerk
Roy iJ Buol, Mayor