HomeMy WebLinkAbout2024-06-03 I01H_02 Bonds, GO Urban Renewal or CLN_Set PHAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: June 3, 2024
AGENDA ITEM:Consideration of approval of a resolution fixing date for a meeting on the
proposition to issue Not to Exceed $9,000,000 General Obligation Urban
Renewal Bonds or Capital Loan Notes (UR)
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: The proposed bond proceeds 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, as amended, for the Waukee
Consolidated Urban Renewal Area, including the University Avenue
Extension Projects
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Not to exceed $9,000,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution setting the public hearing date for June 17,
2024
ATTACHMENTS: I. Proposed Resolution
PREPARED BY:Linda Burkhart
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
I1H2
RESOLUTION 2024-
RESOLUTION FIXING DATE FOR A MEETING ON THE
PROPOSITION OF THE ISSUANCE OF NOT TO EXCEED
$9,000,000 GENERAL OBLIGATION URBAN RENEWAL
BONDS OR CAPITAL LOAN NOTES OF THE CITY OF
WAUKEE, STATE OF IOWA (FOR URBAN RENEWAL
PURPOSES), AND PROVIDING FOR PUBLICATION OF
NOTICE THEREOF
WHEREAS, by Resolution No. 19-402, adopted November 4, 2019, the City approved and
adopted Amendment No. 1 to the Waukee Consolidated Urban Renewal Plan (the "Plan" or "Urban
Renewal Plan"), which unified the existing Gateway Economic Development Urban Renewal
Area, Waukee West Urban Renewal Area, and Waukee Central Urban Renewal Area into the
Waukee Consolidated Urban Renewal Area (the "Area" or "Urban Renewal Area") described
therein, which Plan has been subsequently amended in January 2020 (2), July 2020 (3), November
2020 (4), November 2021 (5), November 2022 (6), December 2022 (7), and November 2023 (8),
which amendments found and determined that certain areas located within the City are eligible
and should be designated as an urban renewal area under law, and added additional property to the
Area and updated the list of projects and cost estimates for the City’s urban renewal projects, which
is on file in the office of the Recorder of Dallas County; and
WHEREAS, it is deemed necessary and advisable that the City of Waukee, State of Iowa,
should issue General Obligation Urban Renewal Bonds or Capital Loan Notes, to the amount of
not to exceed $9,000,000, as authorized by Chapters 384 and 403, of the Code of Iowa, for the
purpose of providing funds to pay costs of carrying out urban renewal purpose project(s) as
hereinafter described; and
WHEREAS, the Bonds or Capital Loan Notes shall be payable from the Debt Service
Fund; and
WHEREAS, before bonds or notes 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 or notes 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 17th day of June, 2024, for the purpose of
taking action on the matter of the issuance of not to exceed $9,000,000 General Obligation
Urban Renewal Bonds or Capital Loan Notes, for urban renewal purposes, the proceeds of which
bonds or notes 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, as amended, for the Waukee Consolidated Urban Renewal
Area, including the University Avenue Extension 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 Subchapter 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.The Clerk is authorized and directed to proceed on behalf of the City in
preparing such sale information as may appear appropriate, to distribute the same on behalf of
the City and this Council and otherwise to take all action necessary to permit the completion of
an issuance on a basis favorable to the City and acceptable to the Council.
Section 4.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 proposed issuance.
Section 5.The notice of the proposed action to issue shall be in substantially the
following form:
(To be published on June 4, 2024)
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 $9,000,000
GENERAL OBLIGATION URBAN RENEWAL BONDS OR
CAPITAL LOAN NOTES OF THE CITY (FOR 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 17th day of June, 2024, 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 $9,000,000 General
Obligation Urban Renewal Bonds or Capital Loan Notes, for 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, as amended,
for the Waukee Consolidated Urban Renewal Area, including the University Avenue Extension
Projects. Principal and interest shall be payable from the Debt Service Fund.
At any time before the date of the meeting, a petition, asking that the question of issuing
such Bonds or Notes be submitted to the legal voters of the City, may be filed with the Clerk of
the City in the manner provided by Section 362.4 of the Code of Iowa, pursuant to the provisions
of Chapters 384 and 403 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 Notes or will abandon the proposal to issue
said Bonds or Notes.
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 3rd day of June, 2024.
Rebecca D. Schuett
City Clerk, City of Waukee, State of Iowa
(End of Notice)
PASSED AND APPROVED this 3rd day of June, 2024.
Mayor
ATTEST:
City Clerk