G-3, I-4 - Resolution 2025-004 - Declare Necessity, Establish URA and Approve UR Plan Amendment 2025

Name of Project: North Park Road Improvements Project Date of Council Approval of Project: January 7, 2025 . Description of Project and Project Site: The North Park Road Improvements Project (the “North Park Road Project”) will consist of street widening; construction of curb and gutter improvements; construction of sanitary sewer, waterworks, and storm water system improvements; construction of a pedestrian tunnel; construction of a roundabout; and the incidental utility, landscaping, site clearance and cleanup work related thereto on and along the section of North Park Road situated north of Highway 6 in the Urban Renewal Area. It is expected that the completed North Park Road Project will cause increased and improved ability of the City to provide adequate transportation infrastructure for the promotion of economic development in the City. Description of Properties to be Acquired in Connection with Project: The City will acquire such easement territory and right-of-way as are necessary to successfully undertake the North Park Road Project. Description of Use of TIF: It is anticipated that the City will pay for the North Park Road Project with borrowed funds and/or the proceeds of an internal advance of City funds on-hand. In any case, the City’s obligations (the “Obligations”) will be repaid with incremental property tax revenues derived from the Urban Renewal Area. It is anticipated that the City’s use of incremental property tax revenues for the North Park Road Project will not exceed $5,500,000, plus any interest expense incurred on the Obligations. 3) Required Financial Information. The following information is provided in accordance with the requirements of Section 403.17 of the Code of Iowa: <table> <tr> <th>Constitutional debt limit of the City:</th> <td>$19,479,948</td> </tr> <tr> <th>Outstanding general obligation debt of the City:</th> <td>$18,625,300</td> </tr> <tr> <th>Proposed maximum indebtedness to be incurred in connection with this January, 2025 Amendment*:</th> <td>$ 9,500,000</td> </tr> </table> *It is anticipated that some or all of the debt incurred hereunder will be subject to annual appropriation by the City Council.