HomeMy WebLinkAbout~Master - Campustown Urban Renewal Area RESOLUTION 19-591A
Obligating 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
WHEREAS, the City of Ames, Iowa (the "City"), pursuant to and in strict compliance
with all laws applicable to the City, and in particular 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 fund 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,
2020, in a total amount equal to 100% of the incremental property tax payments made by the
Company in that fiscal year(the "Payments"); 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, 2020;
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$395,595.00, 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 fund from the Story County Treasurer in the fiscal year that will
begin July 1,2020.
RESOLUTION 19-591 A
part of the City's 2019 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 July 1, 2020.
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby
repealed.
Passed and approved November 26, 2019.
Mayor
Attest:
City Clerk