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HomeMy WebLinkAboutA003 - Resolution No. 21-468 adopted August 24, 2021 Ames/419370-62/Set Hrg(a)GO UR LA RESOLUTION NO. 21-468 Resolution setting the date for public hearing on proposal to enter into a General Obligation Urban Renewal Loan Agreement and to borrow money thereunder WHEREAS, the City of Ames (the "City"), in Story County, State of Iowa proposes to enter into a General Obligation Urban Renewal Loan Agreement (the "Loan Agreement"), pursuant to the provisions of Sections 384.24A and 384.24.3(q)of the Code of Iowa,and to borrow money thereunder in a principal amount not to exceed $21,200,000 for the purpose of paying the costs,to that extent,undertaking a project in the Downtown Reinvestment District Urban Renewal Area consisting of constructing, famishing and equipping an indoor aquatic center and associated grounds and facilities as further detailed in the urban renewal plan approved by the City Council on August 24, 2021 (the "Project"), and it is now necessary to fix a date of meeting of the City Council at which it is proposed to take action to enter into the Loan Agreement and to give notice thereof as required by such law, including notice of the right to petition for an election on such proposal; NOW;THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. This City Council shall meet on September 14, 2021, in the City Council Chambers of City Hall, 515 Clark Avenue, Ames, Iowa, at six o'clock p.m., at which time and place a hearing will be held and proceedings will be instituted and action taken to enter into the Loan Agreement described in the preamble hereof. Section 2. The City Clerk is hereby directed to give notice of the proposed action on the Loan Agreement setting forth the amount and purpose thereof, the time when and place where the said meeting will be held by publication at least once, not less than ten(10) and not more than twenty (20) days before the date of said meeting, in a legal newspaper which has a general circulation in the City. The notice shall be in substantially the following form: -2- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370-62/Set Hrg(tr)GO UR LA NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AGREEMENT AND TO BORROW MONEY THEREUNDER IN A PRINCIPAL AMOUNT NOT TO EXCEED $21,200,000 (GENERAL OBLIGATION) The City Council of the City of Ames,Iowa(the"City"),will meet on September 14,2021, in the City Council Chambers of City Hall, 515 Clark Avenue, Ames, Iowa, at six o'clock p.m., for the purpose of instituting proceedings and taking action on a proposal to enter into a loan agreement(the"Loan Agreement") and to borrow money thereunder in a principal amount not to exceed$21,200,000 for the purpose of paying the costs, to that extent, of undertaking a project in the Downtown Reinvestment District Urban Renewal Area consisting of constructing, famishing and equipping an indoor aquatic center and associated grounds and facilities as further detailed in the urban renewal plan approved by the City Council on August 24, 2021. The Loan Agreement is proposed to be entered into pursuant to authority contained in Section 384.24A and Section 384.24.3(q) of the Code of Iowa and will constitute a general obligation of the City. At any time before the date fixed for taking action to enter into the Loan Agreement, a petition may be filed with the City Clerk of the City asking that the question of entering into the Loan Agreement be submitted to the registered voters of the City, pursuant to the provisions of Section 384.26 of the Code of Iowa. If no such petition is filed, at the aforementioned time and place, oral or written objections may be filed or made to the proposal to enter into the Loan Agreement. After receiving objections,the City may determine to enter into the Loan Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter. By order of the City Council of the City of Ames, Iowa. Diane Voss City Clerk -3- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA Ames/419370.62/Set Hrg(")GO UR LA Section 3. Pursuant to Section 1.150-2 of the Income Tax Regulations (the "Regulations") of the Internal Revenue Service, the City declares (a) that it intends to undertake the Project which is reasonably estimated to cost approximately $31,200,000, (b) that other than (i) expenditures to be paid or reimbursed from sources other than the issuance of bonds, notes or other obligations (the"Bonds"),or(ii)expenditures made not earlier than 60 days prior to the date of this Resolution or a previous intent resolution of the City,or(iii) expenditures amounting to the lesser of $100,000 or 5% of the proceeds of the Bonds, or (iv) expenditures constituting preliminary expenditures as defined in Section 1.15 0-2(f)(2) of the Regulations, no expenditures for the Project have heretofore been made by the City and no expenditures will be made by the City until after the date of this Resolution or a prior intent resolution of the City, and (c) that the City reasonably expects to reimburse the expenditures made for costs of the City out of the proceeds of the Bonds. This declaration is a declaration of official intent adopted pursuant to Section 1.150-2 of the Regulations. Section 4. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Section 5. This resolution shall be in full force and effect immediately upon its adoption and approval, as provided by law. Passed and approved August 24, 2021. Mayor Attest: y l City Clerk -4- DORSEY&WHITNEY LLP,ATTORNEYS,DES MOINES,IOWA