HomeMy WebLinkAbout2017-04-03-I04 GO Urb Renewal ECP - Additional Action AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: April 3, 2017
AGENDA ITEM: Consideration of approval of a resolution instituting proceedings to take
additional action for the issuance of not to exceed $9,000,000 General
Obligation Urban Renewal Bonds
FORMAT: Resolution
SYNOPSIS INCLUDING PRO & CON:
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: Not to exceed
$9,000,000
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Proposed Resolution
PREPARED BY: Becky Schuett
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
1
RESOLUTION 17-
RESOLUTION INSTITUTING PROCEEDINGS TO TAKE
ADDITIONAL ACTION FOR THE ISSUANCE OF NOT TO
EXCEED $9,000,000 GENERAL OBLIGATION URBAN
RENEWAL BONDS
WHEREAS, pursuant to notice published as required by law, the City Council has held a
public meeting and hearing upon the proposal to institute proceedings for the issuance of not to
exceed $9,000,000 General Obligation Urban Renewal Bonds, for the essential corporate urban
renewal purposes, in order 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 Plans, as amended, for the Gateway Economic Development Urban
Renewal Area and the Autumn Ridge Residential Urban Renewal Area, including street,
streetscape, sewer, storm sewer and water utility improvements, and traffic signals for the Alice's
Road extension, expansion, and interchange improvements, with related site improvements; and
developer incentives related to improvements within the Kettlestone Master Plan, and has
considered the extent of objections received from residents or property owners as to the proposed
issuance of Bonds; and no petition was filed calling for a referendum thereon. The following
action is now considered to be in the best interests of the City and residents thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WAUKEE, STATE OF IOWA:
Section 1. That this Council does hereby institute proceedings and take additional action
for the authorization and issuance in the manner required by law of not to exceed $9,000,000
General Obligation Urban Renewal Bonds, for the foregoing essential corporate urban renewal
purposes.
Section 2. This Resolution shall serve as a declaration of official intent under Treasury
Regulation 1.150-2 and shall be maintained on file as a public record of such intent. It is
reasonably expected that the general fund moneys may be advanced from time to time for capital
expenditures which are to be paid from the proceeds of the above Bonds. The amounts so
advanced shall be reimbursed from the proceeds of the Bonds not later than eighteen months
after the initial payment of the capital expenditures or eighteen months after the property is
placed in service. Such advancements shall not exceed the amount authorized in this Resolution
unless the same are for preliminary expenditures or unless another declaration of intention is
adopted.
2
PASSED AND APPROVED this 3rd day of April, 2017.
Mayor
ATTEST:
City Clerk