HomeMy WebLinkAbout2010-11-15-Resolutions 10-292_TIF Certification - Hickman WestTHE CITY OF WAUKEE,IOWA
RESOLUTION 10-292
OBLIGATING FUNDS FROM THE URBAN RENEWAL TAX REVENUE
FUND FOR APPROPRIATION TO THE PAYMENT OF ANNUAL
APPROPRIATION TAX INCREMENT FINANCED OBLIGATIONS
WHICH SHALL COME DUE IN THE NEXT SUCCEEDING FISCAL
YEAR
WHEREAS,the City of Waukee,Iowa (the "City"),pursuant to and in strict compliance
with all laws applicable to the City,and in particular the provisions of Chapter 403 of the Code
oflowa,has adopted an Urban Renewal Plan for the Hickman West Urban Renewal Area (the
"Urban Renewal Area");and
WHEREAS,this Council has adopted an ordinance providing for the division of taxes
levied on taxable property in the Urban Renewal Area pursuant to Section 403.19 of the Code of
Iowa and establishing the fund referred to in Subsection 2 of Section 403.19 of the Code oflowa
(the "Urban Renewal Tax Revenue Fund"),which fund and the portion of taxes referred to in
that subsection may be irrevocably pledged by the City for the payment of the principal and
interest on indebtedness incurred under the authority of Section 403.9 of the Code of Iowa to
finance or refinance in whole or in part projects in the Urban Renewal Area;and
WHEREAS,the City has scheduled payments in an amount up to $603,800.00 (the
"Annual Payment")which shall come due in the fiscal year beginning July 1,2011 with respect
to the City's 2006B Bond,2008C Bond,Fiscal Fees for Debt Service,Brick/Regency
Development Agreement,and Sidwalk FYI0 &FY12 Project;and
WHEREAS,it is now necessary for the City Council to obligate for appropriation to the
Aunual Payment,funds anticipated to be received in the Urban Renewal Tax Revenue Fund in
the fiscal year beginning July 1,2011;
WHEREAS,the City Council desires to release 100%of the increment generated from
the Actual residential valuation in the Urban Renewal District for tax collections payable in the
201112012 fiscal year.
NOW,THEREFORE,It is resolved by the City Council of the City of Waukee,Iowa,as
follows:
Section 1.The City Council hereby obligates up to $603,800.00 for appropriation
from the Urban Renewal Tax Revenue Fund to the Annual Payment in the fiscal year beginning
July 1,2011.
Section 2.The City Clerk is hereby directed to certify the amount obligated for
appropriation in Section 1 above,on the City's December 1,2010 certification of debt payable
from the Urban Renewal Tax Revenue Fund and to reflect such amount in the City's budget for
the next succeeding fiscal year.
Section 3.
repealed.
Passed and approved November is",2010.
All resolutions or parts of resolutions III conflict herewith are hereby
Attest:
ROLL CALL VOTE
Shane Blanchard
Dan Dutcher
Casey L.Harvey
Darlene Stanton
Mike Watts
AYE
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NAY ABSENT ABSTAIN