Resolutions-2013-127

RESOLUTION NO 2013-127 AUTHORIZING INTERNAL ADVANCES OF FUNDS FOR PAYMENT OF URBAN RENEWAL PROJECTS WHEREAS, the City of Tiffin, Iowa (the "City"), has established the Tiffin Urban Renewal Area (the "Urban Renewal Area") and has created the Tiffin Urban Renewal Area Tax Increment Revenue Fund (the "Tax Increment Fund") in connection therewith; and WHEREAS, the City has undertaken several urban renewal projects, including the 2013 Paving Projects, the Jasper Avenue North Project, the 2012 Industrial Park Water Main Project and the PR Builders, Inc./IPL Development, Inc. Grant Program; and WHEREAS, costs have been and will be incurred in connection with the undertaking of such projects; and WHEREAS, in order to cover a portion of such costs and to make such costs eligible to be recouped from incremental property tax revenues, it is necessary to facilitate internal advances (the "Advances") of funds; NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Tiffin, Iowa, as follows: Section 1. It is hereby directed that an amount not in excess of Eight Hundred Fifty Thousand Dollars ($850,000) be advanced from the General Fund (the "2013 Paving Advance") in order to fund the 2013 Paving Projects. The 2013 Paving Advance shall be repaid to the General Fund, without interest, out of incremental property tax revenues received with respect to the Urban Renewal Area. It is intended that the 2013 Paving Advance shall be repaid before July 1, 2013. The City Council hereby determines that there are incremental property tax revenues available for such purpose which have accumulated in the Tax Increment Fund and directs that the 2013 Paving Advance be repaid from such revenues. Section 2. It is hereby directed that an amount not in excess of Eighty Thousand Dollars ($80,000) be advanced from the Road Use Tax Fund (the "Jasper Avenue Advance") in order to fund the Jasper Avenue Project. The Jasper Avenue Advance shall be repaid to the Road Use Tax Fund, without interest, out of incremental property tax revenues received with respect to the Urban Renewal Area. It is intended that the Jasper Avenue Advance shall be repaid before July 1, 2013. The City Council hereby determines that there are incremental property tax revenues available for such purpose which have accumulated in the Tax Increment Fund and directs that the Jasper Avenue Advance be repaid from such revenues. Section 3. It is hereby directed that an amount not in excess of One Hundred Thirty Thousand Dollars ($130,000) be advanced from the Water Utility Fund (the "Water Line