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HomeMy WebLinkAbout2024-06-03 I01H_03 Bonds, GO Bond Series 2023B Reallocation_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 proposed reallocation of certain unspent proceeds of the General Obligation Bonds Series 2023B FORMAT:Consent Agenda SYNOPSIS INCLUDING PRO & CON: The proposed action reallocates certain unspent proceeds of the Series 2023B Bonds to provide funds for paying costs of aiding in the planning, undertaking and carrying out of urban renewal projects under 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: 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: I1H3 RESOLUTION 2024- RESOLUTION FIXING DATE FOR A MEETING ON THE PROPOSAL TO REALLOCATE CERTAIN UNSPENT PROCEEDS OF THE GENERAL OBLIGATION BONDS, SERIES 2023B, OF WAUKEE, IOWA, AND PROVIDING FOR PUBLICATION OF NOTICE THEREOF WHEREAS, the City Council of the City of Waukee, Iowa has previously issued its General Obligation Bonds, Series 2023B, in the aggregate principal amount of $38,305,000 (the "Series 2023B Bonds"), for costs of opening, widening, extending, grading, and draining of the right-of-way of streets, highways, avenues, alleys and public grounds, and market places, and the removal and replacement of dead or diseased trees thereon; the construction, reconstruction, and repairing of any street improvements, bridges, grade crossing separations and approaches; the acquisition, installation, and repair of sidewalks, culverts, retaining walls, storm sewers, sanitary sewers, water service lines, street lighting, and traffic control devices and signage; constructing, improving, equipping of city facilities, including a public safety building, and acquisition of real estate therefore; aiding in the planning, undertaking or 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 construction, improvement, and equipping of a public safety facility, including fire and police services necessary to protect and serve the commercial and industrial development within the urban renewal area, with related utility and site improvements, and acquisition of real estate therefore; and aiding in the planning, undertaking and carrying out of urban renewal projects under the authority of Iowa Code chapter 403, and the Urban Renewal Plans for the Towne Center Urban Renewal Area, as amended, and the Waukee Consolidated Urban Renewal Area, as amended, including funding incentive payments pursuant to a development agreement with Waukee Towne Center, LLC; and WHEREAS, certain proceeds of the Series 2023B Bonds remain unspent, and City staff has recommended that $7,289,464.88 of such unspent proceeds originally related to the Series 2023B Bonds (hereinafter referred to as the "Unspent Proceeds") be applied for the purpose of paying 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 (the "Project"); and WHEREAS, there being no procedure specified under Iowa law for consideration or approval of such a reallocation, it is hereby determined, pursuant to Section 364.6 of the Code of Iowa, that the procedure set forth in Section 384.25 should apply and that a hearing be held upon the proposal to reallocate the Unspent Proceeds to provide funds for paying costs of the Project. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WAUKEE, 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 proposed reallocation of certain Unspent Proceeds in the amount of $7,289,464.88 of the Series 2023B Bonds to provide funds for paying 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. That the City Clerk is hereby directed to cause one publication to be made of notice of said meeting, in a legal newspaper, printed wholly in the English language, published at least once weekly, and having general circulation in said City, said publication to be not less than four nor more than twenty clear days before the date of said public meeting. Section 3. The notice of the proposed action 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, IOWA, ON THE MATTER OF THE PROPOSED REALLOCATION OF CERTAIN UNSPENT PROCEEDS OF THE GENERAL OBLIGATION BONDS, SERIES 2023B, OF THE CITY OF WAUKEE, IOWA, AND THE PUBLIC HEARING THEREON PUBLIC NOTICE is hereby given that the 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 proposed reallocation of certain Unspent Proceeds of the Series 2023B Bonds to provide funds for paying 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. Any person interested may appear at the public hearing, either orally or in writing, and be heard as to the reallocation of said proceeds of the Series 2023B Bonds for the above purposes. This Notice is given by order of the Council of Waukee, Iowa, as provided by Sections 364.6 and 384.25 of the Code of Iowa, as amended. Dated this 3rd day of June, 2024. Rebecca D. Schuett City Clerk, City of Waukee, State of Iowa (End of Notice) To be published on June 4, 2024 PASSED AND APPROVED this 3rd day of June, 2024. Mayor ATTEST: City Clerk