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HomeMy WebLinkAbout2020-02-04-J01O Bond_GO Urban Renewal_Set PHAGENDA ITEM: CITY OF WAUKEE, IOWA CITY COUNCIL MEETING COMMUNICATION MEETING DATE: February 4, 2020 AGENDA ITEM:Consideration of approval of a resolution fixing date for a meeting on the proposition to issue Not to Exceed $12,800,000 General Obligation Urban Renewal Bonds FORMAT:Consent Agenda SYNOPSIS INCLUDING PRO & CON: The proposed General Obligation Bonds will provide funds to pay the costs of aiding in the planning, undertaking and carrying out of urban renewal projects under the authority of Iowa Code chapter 403 and the Urban Renewal Plan for the Waukee Consolidated Urban Renewal Area, including the Tenth Street and Sunrise Phase IIA Projects. FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Not to exceed $12,800,000 COMMISSION/BOARD/COMMITTEE COMMENT: STAFF REVIEW AND COMMENT: RECOMMENDATION: Approve the resolution setting the public hearing date for February 18, 2020. ATTACHMENTS: I. Proposed Resolution PREPARED BY:Becky Schuett REVIEWED BY: PUBLIC NOTICE INFORMATION – NAME OF PUBLICATION: DATE OF PUBLICATION: J1O RESOLUTION 2020- RESOLUTION FIXING DATE FOR A MEETING ON THE PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED $12,800,000 GENERAL OBLIGATION URBAN RENEWAL BONDS OF THE CITY OF WAUKEE, STATE OF IOWA (FOR ESSENTIAL CORPORATE URBAN RENEWAL PURPOSES), AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, by Resolution No. 19-402 adopted November 4, 2019, the City of Waukee, Iowa (the “City”) adopted Amendment No. 1 to the Waukee Consolidated Urban Renewal Plan (“Plan” or “Urban Renewal Plan”) in order to consolidate the City’s previously established Gateway Economic Development Urban Renewal Area, Waukee West Urban Renewal Area, and Waukee Central Urban Renewal Area into the Waukee Consolidated Urban Renewal Area (“Area” or “Urban Renewal Area”), and subsequent amendment on the same on January 6, 2020, pursuant to Resolution No. 2020-001; and WHEREAS, it is deemed necessary and advisable that the City of Waukee, State of Iowa, should issue General Obligation Urban Renewal Bonds, to the amount of not to exceed $12,800,000, as authorized by Sections 384.25 and 403.12, of the Code of Iowa, for the purpose of providing funds to pay costs of carrying out essential corporate urban renewal purpose project(s) as hereinafter described; and WHEREAS, before bonds may be issued, it is necessary to comply with the procedural requirements of Chapters 384 and 403 of the Code of Iowa, and to publish a notice of the proposal to issue such bonds and the right to petition for an election. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CITY OF WAUKEE, STATE OF IOWA: Section 1.That this Council meet in the Council Chambers, City Hall, 230 West Hickman Road, Waukee, Iowa, at 5:30 P.M., on the 18th day of February, 2020, for the purpose of taking action on the matter of the issuance of not to exceed $12,800,000 General Obligation Urban Renewal Bonds, for essential corporate urban renewal purposes, the proceeds of which bonds will be used to provide funds to pay the costs of aiding in the planning, undertaking and carrying out of urban renewal projects under the authority of Iowa Code chapter 403 and the Urban Renewal Plan for the Waukee Consolidated Urban Renewal Area, including the Tenth Street and Sunrise Phase IIA Projects. Section 2.To the extent any of the projects or activities described in this resolution may be reasonably construed to be included in more than one classification under Division III of Chapter 384 of the Code of Iowa, the Council hereby elects the "essential corporate purpose" classification and procedure with respect to each such project or activity, pursuant to Section 384.28 of the Code of Iowa. Section 3.That the Clerk is hereby directed to cause at least one publication to be made of a notice of the meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in the City. The publication to be not less than ten clear days nor more than twenty days before the date of the public meeting on the issuance of the Bonds. Section 4.The notice of the proposed action to issue bonds shall be in substantially the following form: (To be published on or before: February 7, 2020) NOTICE OF MEETING OF THE CITY COUNCIL OF THE CITY OF WAUKEE, STATE OF IOWA, ON THE MATTER OF THE PROPOSED ISSUANCE OF NOT TO EXCEED $12,800,000 GENERAL OBLIGATION URBAN RENEWAL BONDS OF THE CITY (FOR ESSENTIAL CORPORATE URBAN RENEWAL PURPOSES), AND THE HEARING ON THE ISSUANCE THEREOF PUBLIC NOTICE is hereby given that the City Council of the City of Waukee, State of Iowa, will hold a public hearing on the 18th day of February, 2020, at 5:30 P.M., in the Council Chambers, City Hall, 230 West Hickman Road, Waukee, Iowa, at which meeting the Council proposes to take additional action for the issuance of not to exceed $12,800,000 General Obligation Urban Renewal Bonds, for essential corporate urban renewal purposes, to provide funds to pay the costs of aiding in the planning, undertaking and carrying out of urban renewal projects under the authority of Iowa Code chapter 403 and the Urban Renewal Plan for the Waukee Consolidated Urban Renewal Area, including the Tenth Street and Sunrise Phase IIA Projects. At any time before the date of the meeting, a petition, asking that the question of issuing such Bonds be submitted to the legal voters of the City, may be filed with the Clerk of the City, including the drop box at City Hall during non-business hours, in the manner provided by Section 362.4 of the Code of Iowa, pursuant to the provisions of Sections 384.24(3)(q), 384.25 and 403.12 of the Code of Iowa. At the above meeting the Council shall receive oral or written objections from any resident or property owner of the City to the above action. After all objections have been received and considered, the Council will at the meeting or at any adjournment thereof, take additional action for the issuance of the Bonds or will abandon the proposal to issue said Bonds. This notice is given by order of the City Council of the City of Waukee, State of Iowa, as provided by Chapters 384 and 403 of the Code of Iowa. Dated this 4th day of February, 2020. Rebecca D. Schuett City Clerk, City of Waukee, State of Iowa (End of Notice) PASSED AND APPROVED this 4th day of February, 2020. Mayor ATTEST: City Clerk