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HomeMy WebLinkAboutA051 - Resolution No. 18-624 adopted November 27, 2018 RESOLUTION NO. 18-624 RESOLUTION APPROVING ANNUAL 2018 URBAN RENEWAL REPORT AND CERTIFICATION OF TIF DEBT FOR CAMPUSTOWN AND ANNUAL APPROPRIATION OF KINGLAND TIF REBATE FOR THE CITY OF AMES WHEREAS,the 2012 Iowa Urban Renewal and Tax Increment Financing(TIF)Reform bill included provisions for reporting, including the Annual Urban Renewal Report, which must be approved by the governing board and provided to the Iowa Department of Management to be made available to the public on an internet site; and, WHEREAS,this Report includes uploading documents related to the urban renewal districts, such as the plan document and City Council action establishing the district, as well as financial information on TIF funds related to urban renewal districts; and, WHEREAS, the due date for the Report filing is December 1 of each year, and the penalty for non-compliance is withholding certification of tax levies; and, WHEREAS,the Report includes financial information for the South Bell,ISU Research Park, and Campustown(Kingland) TIF districts; the Annual Urban Renewal Report is for the fiscal year ending June 30, 2018; and, WHEREAS, the ISU Research Park and South Bell debt are both general obligation bonds approved by Council when issued, so no additional action is required; and, WHEREAS, the Kingland TIF involves a rebate of incremental property taxes subject to annual appropriation by the City Council, and a resolution is required for the annual appropriation for the collection and rebate of incremental taxes per the agreement with Kingland; and, WHEREAS, incremental taxes for the Kingland TIF are estimated at $325,427 for the upcoming fiscal year. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa, that the City's Annual 2018 Urban Renewal Report is hereby approved, and appropriation of the payment of a rebate of incremental taxes for the Campustown (Kingland) TIF District is hereby further approved. ADOPTED THIS 27`h day of November, 2018. 1 :2 --f /' 'A� Diane . Voss, City Clerk John . Haila, Mayor Introduced by: Corrieri Seconded by: Gartin Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Martin,Nelson Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 27`h day of November, 2018.