HomeMy WebLinkAbout2015-107-2/16/2015 Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, 319-291-4323 .
RESOLUTION NO. 2015-107
RESOLUTION APPROVING APPLICATION WITH KING
AUTOMOTIVE FOR TAX EXEMPTIONS ON THE
CONSTRUCTION OF A NEW REPAIR SHOP VALUED AT
$165, 000 . 00 FOR PROPERTY LOCATED AT 429
LAPORTE ROAD IN THE CONSOLIDATED URBAN
REVITALIZATION AREA (LURA) , IN THE CITY OF
WATERLOO, BLACK HAWK COUNTY, IOWA.
WHEREAS, King Automotive has submitted an application dated
February 6, 2015 to the City Council of the City of Waterloo,
Iowa, requesting to receive tax exemptions on the construction of
a new repair shop valued at $165, 000 . 00 for property located at
429 LaPorte Road, more fully described as follows :
Lots Nos . 8 and 9 in "Waterloo Water Power Addition" to
the City of Waterloo, Iowa, and
Lots Nos . 5 and 6 in Roof' s Addition in Waterloo, Iowa;
and,
WHEREAS, said property is located within the designated
Consolidated Urban Revitalization Area (LURA) in Waterloo, Iowa,
as previously established by the City Council of the City of
Waterloo, Iowa, and,
WHEREAS, the new construction project respecting said
property is in conformance with the Consolidated Urban
Revitalization Area (LURA) Plan as officially adopted by the City
Council for the City of Waterloo, Iowa, and
WHEREAS, the new construction on said property was made
during the time in which such improvements are eligible for the
tax exemption as set forth in the Consolidated Urban
Revitalization Area (LURA) Plan as adopted by the City Council of
the City of Waterloo, Iowa, and as set forth in the Urban
Revitalization Act as adopted by the Legislature of the State of
Iowa and signed by the Governor of the State of Iowa, and
WHEREAS, said applicant is requesting the following three-
year exemption schedule:
For the first year 800
For the second year 700
For the third year 60%
For the fourth year 500
For the fifth year 400
For the sixth year 400
For the seventh year 300
For the eighth year 300
For the ninth year 200
For the tenth year 200
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA, that said application is hereby approved
and the City Clerk is hereby authorized and directed to forward
said application and a copy of this resolution to the Assessor.
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Resolution No. 2015-107
Page 2
PASSED AND ADOPTED this 16th day of February, 2015 .
Z�/ � �"
Ernest G. Clark, Mayor
ATTEST:
Suzy S hares, CMC
City Clerk
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