Resolutions-2015-086

Resolution 2015- 086 June 24, 2015 Page 2 Prairie West Streetscape improvements project and proposed it to be repaid in three annual installments in each of the years 2017 through 2019, which Project is currently subject to discussions leading to agreements which will be re -addressed by the City in subsequent filings and certifications for Tax Increment Revenue or other funds as the City Council may at some future time deem necessary and appropriate; and, WHEREAS, the aforesaid Resolution 2014- 080 also proposed that an amount not in excess of $400, 000 be advanced from the General Fund in order to fund a Highway 6 Turn Lane Construction Project and proposed that it be repaid in three annual installments in each of the years 2017 through 2019, which Project has not yet been engineered or planned, which will be re -addressed by the City in subsequent filings and certifications for Tax Increment Revenue or other funds as the City Council may at some future time deem necessary and appropriate; and, WHEREAS, costs have been incurred in connection with the undertaking of such projects; and, WHEREAS, in order to cover portions of such costs it is necessary to facilitate internal transfers of Tax Increment Revenues already received by the City. NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Tiffin, Iowa, as follows: SECTION I: It is hereby directed that an amount of One Million, Forty- three Thousand, Eight Hundred Sixty Dollars ($ 1, 043, 860. 00) that had been advanced from the General Fund of the City for debt service principle and interest payments in the fiscal years ending June 30, 2014 and June 30, 2015 be transferred from the Tax Increment Fund of the City 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 transfer to the General Fund be made following its approval by the City Council, to be effective on or before June 30, 2015. SECTION II: It is hereby directed that an amount of Two Hundred Ten Thousand, Nine Hundred and Thirty- seven Dollars ($ 210, 937. 00) that had been advanced from the General Fund and the Road Use Tax Fund ( the " Jasper Avenue Advance") be transferred from the Tax Increment Fund of the City back to the General Fund, and then to the Road Use Tax Fund as will be determined in subsequent accounting of the Road Use Tax Fund. The Jasper Avenue 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 transfer to the General Fund be made following its approval by the City Council, to be effective on or before June 30, 2015. SECTION III: It is hereby directed that an amount not in excess of One Hundred Thousand Dollars ($ 100, 000) that had been advanced from the General Funds in order to fund the City Park Splash Pad and Park Improvements Projects be transferred from the Tax Increment Fund of the City back to the General Fund. The City Park Projects 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 transfer to the General Fund be made following its approval by the City Council, to be effective on or before June 30, 2015. 2