Resolutions-2015-086

RESOLUTION NO. 2015- 086 AUTHORIZING INTERNAL TRANSFERS OF FUNDS FOR REIMBURSEMENTS FROM TAX INCREMENT FINANCE REVENUES TO OTHER FUNDS OF THE CITY OF TIFFIN, IOWA IN THE AMOUNT OF $ 1, 354, 797 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 Jasper Avenue South Project, the City Park Splash Pad and Park Improvements Project, and incurred debt for various street, water and sewer infrastructure projects all within the Urban Renewal Areas of the City; and, WHEREAS, with regard to the debt incurred in the form of the 2012A, $ 6. 1 Million G. O. Corporate Purpose and Refunding Bonds, the City did in November, 2012 certify for reimbursement of debt principle in a total amount of $4, 790, 000 and interest in the amount of 744, 843 for a total of $5, 534, 843 from future Tax Increment Revenues; and, WHEREAS, with regard to the Jasper Avenue South ( now Park Road) Paving Project, the City passed Resolution 2014- 080 in June, 2014 authorizing an amount not in excess of 250, 000 be advanced from the Road Use Tax Fund to fund said project and then in November, 2014 did certify with Johnson County for receipt of $220, 000 in future Tax Increment Finance revenues for said repaving project, and subsequently City staff did compile receipts totaling 210, 937 paid to contractors and for engineering for that purpose; and, WHEREAS, with regard to the City Parks Splash Pad and Improvements Projects, the City in November 2010 did certify with Johnson County for receipt of $200, 000 in future Tax Increment Finance revenues for Park Improvements and then in June 2014 passed Resolution 2014- 080 authorizing an amount not in excess of $100, 000 to be advanced from the City Park Fund in order to fund the City Park Splash Pad Improvements Project, and subsequently City staff did compile receipts totaling $ 55, 990 for Splash Pad improvements and related Concession Stand project receipts totaling $ 114, 500 for a total of $ 170, 490, however acknowledging the amount of $100, 000 authorized in Resolution 2014- 080, limit this request to just $ 100, 000 being reimbursed; and, WHEREAS, the aforesaid Resolution 2014- 080 also proposed that the advances for the Jasper Avenue Project be repaid in two annual installments in the years 2017 and 2018, and that the advances for the City Park Improvements Project be repaid in three annual installments in each of the years 2017 through 2019, and that this Resolution proposes repaying those advances immediately with Tax Increment Revenue funds available and on hand in the accounts of the City; and, WHEREAS, the aforesaid Resolution 2014- 080 also proposed that other funds in an amount not in excess of $125, 000 be advanced from the General Fund in order to fund proposed I