HomeMy WebLinkAbout2015-097-2/9/2015 Prepared by Nancy Higby, Administrative Secretary, City of
Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-
4323 .
RESOLUTION NO. 2015-97
RESOLUTION APPROVING APPLICATION WITH
HEARTLAND HOMES OF CEDAR VALLEY, LLC FOR TAX
EXEMPTIONS FOR THE CONSTRUCTION OF FOUR (4)
NEW 12-PLEX APARTMENT BUILDINGS VALUED AT
$4, 000, 000 FOR THE PROPERTY LOCATED AT 4002,
4004, 4006 AND 4008 UNIVERSITY AVENUE AND
LOCATED WITHIN THE CONSOLIDATED URBAN
REVITALIZATION AREA (LURA) , IN THE CITY OF
WATERLOO, BLACK HAWK COUNTY, IOWA.
WHEREAS, Heartland Homes of Cedar Valley, LLC has submitted
an application dated January 30, 2015 to the City Council of the
City of Waterloo, Iowa, requesting to receive tax exemptions for
the construction of four (4 ) new 12-plex apartment buildings
valued at $4, 000, 000 . 00 for property located at 4002, 4004, 4006
and 4008 University Avenue, more fully described as follows :
Lots 1, 2 and 8, Centennial Second Addition, Black Hawk
County, Iowa, except those parts of said Lots lying within the
following description:
Commencing at an iron pin (with LS Enp 3362) found, said pin
being at the Northeasterly Corner of Lot 2 of Centennial
Addition: thence S89013144"W along the Northerly line of said
Lot 2, 201 . 15 feet to an iron pipe found at the Northwest corner
of said Lot 2 and the Point of Beginning: thence S00°10 ' 36"W,
along the West line of said Lot 2, 60 . 34 feet to an iron pipe
found: thence S00°01103"W, along the West line of Lot 1 of said
Centennial Addition 152 . 37 feet to an iron pin found, said pin
also marks the Northeasterly Right-of-Way line of U. S . Highway
218 (University Avenue) ; thence N73034103"W, along said Right-of-
Way line 309 . 71 feet to a point on the West line of Lot 4 of said
Centennial Second Addition, which point is 5 . 70 feet N00°06 ' 31"W
of an iron pipe which marks the Original Southwesterly Corner of
said lot 4 (the bearing along the Original Southwesterly line of
said Lot 4 being N74 °35100"W, a recorded bearing) ; thence
N00°06131"W along the West line of said Lot 4, 308 . 01 feet to a
point on the South line of Lot 2 of said Centennial Second
Addition; thence N89°09 ' 45"W, along said South line 2 . 55 feet;
thence N35°34 ' 55"W along the Northeasterly line of Lot 5 of said
Centennial Second Addition 97 . 35 feet; thence N00°17 ' 11"E 70 . 00
feet; thence S89042149"E, 85 . 00 feet; thence N00°17 ' 11"E, 300 . 00
feet; thence S89026' 18"E. 478 . 54 feet to a Point on the Westerly
Right-of-Way line of Progress Avenue; thence S00°17111"W along
said Right-of-Way line, 503 . 32 feet to the Northeast Corner of
Lot 4 of said Centennial Addition; thence N88°58 ' 35"W along the
North line of said Lot 4, 201 . 13 feet; thence S00°17 ' 11"W along
the West line of said Lot 4 and Lot 3 124 . 20 feet to the
Northwesterly corner of Lot 2 of said Centennial Addition and the
Point of Beginning.
and further except that part lying within Acorn Addition,
Waterloo, Black Hawk County, Iowa, A Replat of Part of Lot 1,
Centennial Second Addition, Waterloo, Black Hawk County, Iowa
and further except Parcels "C" and "D" of Plat of Survey
Doc. #2009-08043 as corrected by Affidavit Doc. #2009-08800 .
Resolution No. 2015-97
Page 2
and,
WHEREAS, said property is located within the designated
Consolidated Urban Revitalization Area (CURA) in Waterloo, Iowa,
as previously established by the City Council of the City of
Waterloo, Iowa, and
WHEREAS, the construction of four (4 ) 12-plex apartment
buildings 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 construction of four (4) 12-plex apartment
buildings 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 (CURA) 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 10-year
partial exemption schedule:
For the first year 800
For the second year 700
For the third year 600
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.
PASSED AND ADOPTED this 9th day .,of February, 2015 .
i
Ernest G. Clark, Mayor
ATTEST:
Suzy Shares, CMC
City C erk