Resolution_Advance of Funds from Dubuque Industrial Center Urban Renewal FundPrepared by City Manager's Office; Address: City Hall, 50 W. 13 Street; Telephone: 589 -4110
RESOLUTION NO. 76 -10
APPROVING AN ADVANCE OF FUNDS FOR REPAYMENT FROM THE DUBUQUE
INDUSTRIAL CENTER 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 Dubuque
Industrial Center Economic Development District 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 West -end
tripper service route which would serve the Urban Renewal 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. 130 -88 there has been established the
Dubuque Industrial Center 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 $16,862 be advanced from time
to time to the West -end Tripper Service Route 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 West -end Tripper Service Route 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 March, 2010.
Jeanne F. Schneider, City Clerk
Roy I fBuoI, Mayor