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HomeMy WebLinkAbout~Master - Annual 2016 Urban Renewal Report and TIF Debt for Campustown RESOLUTION NO. 16-678 RESOLUTION APPROVING OBLIGATION OF FUNDS FROM CITY OF AMES CAMPUSTOWN URBAN RENEWAL AREA URBAN RENEWAL TAX REVENUE FUND FOR APPROPRIATION TO THE PAYMENT OF ANNUAL APPROPRIATION TAX INCREMENT REBATE PAYMENTS DUE TO BE PAID IN THE NEXT SUCCEEDING FISCAL YEAR FOR THE CITY OF AMES, IOWA WHEREAS, the City of Ames, Iowa (the "Cite, pursuant to and in strict compliance with all laws applicable to the City, and in particular to the provisions of Chapter 403 of the Code of Iowa, has adopted an Urban Renewal Plan for the Campustown Urban Renewal Area (the "Urban Renewal Area'); and, WHEREAS, this Council has adopted an ordinance providing for the division of taxes levied on taxable property in the Urban Renewal Area pursuant to Section 403.19 of the Code of Iowa and establishing the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa (the "Campustown Urban Renewal Tax Revenue Fund'), which fiord and the portion of taxes referred to in that subsection may be irrevocably pledged by the City for the payment of the principal and interest on indebtedness incurred under the authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part projects in the Urban Renewal Area; and, WHEREAS, pursuant to the City's Development Agreement (the "Agreement") with Kingland Systems Corporation (the "Company'), approved by resolution of the City Council on December 10, 2013, the City agreed to make economic development tax increment payments to the Company, subject to annual appropriation by the City Council; and, WHEREAS, payments under the Agreement are scheduled to be made from the Campustown Urban Renewal Tax Revenue Fund during the fiscal year that will begin July 1, 2017, in a total amount equal to 100% of the incremental property tax payments made by the Company in that fiscal year(the `?ayments'); and, WHEREAS, it is now necessary for the City Council to obligate for appropriation to the Payments, funds anticipated to be received in the Campustown Urban Renewal Tax Revenue Fund in the fiscal year that will begin July 1, 2017. NOW, THEREFORE, It is resolved by the City Council of the City of Ames, Iowa, as follows: Section 1. The City Council hereby obligates for appropriation from the Campustown Urban Renewal Tax Revenue Fund the amount of$228,300, which is estimated to be an amount equal to 100% of the incremental property tax revenues that are expected to be received by the City in such fiord from the Story County Treasurer in the fiscal year that will begin July 1, 2017. Section 2. The City Clerk and Finance Director are hereby authorized and directed to certify to the Story County Auditor the amount obligated for appropriation in Section 1 above as part of the City's 2016 certification of debt payable from the Campustown Urban Renewal Tax Revenue Fund and to reflect such estimated amount in the City's budget for the fiscal year that will begin on July 1, 2017. Section 3. All resolutions or parts of resolutions in conflict herewith are hereby repealed. ADOPTED THIS 22nd day ofNovember, 2016. A. Diane R Voss, City Clerk Ann H. Campbell, Mayor Introduced by: Gartin Seconded by: Corrieri Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin,Nelson, Orazem Voting nay: None Absent: None Resolution declared adopted and signed by the Mayor this 22nd day of November, 2016.