HomeMy WebLinkAbout2012-073-1/30/2012Prepared by Carol Failor, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703.
RESOLUTION NO. 2012-73
RESOLUTION APPROVING APPLICATION WITH LEER'S
CYCLE CENTER FOR TAX EXEMPTIONS ON
IMPROVEMENTS TOTALING $500,000.00 FOR
PROPERTY LOCATED AT 101 FLETCHER AVENUE IN
THE CONSOLIDATED URBAN REVITALIZATION AREA
PLAN, IN THE CITY OF WATERLOO, BLACK HAWK
COUNTY, IOWA.
WHEREAS, Leer's Cycle Center has submitted an application
dated January 18, 2012 to the City Council of the City of
Waterloo, Iowa, requesting to receive tax exemptions on
improvements totaling $500,000.00 for property located at 101
Fletcher Avenue, more fully described as follows:
That part of Lots 8 and 9, Block 26, "Westfield" in
Waterloo, Iowa, described as follows:
Commencing at the Southwest corner of Lot 3, said Block
26; thence South 88°574' East, 257.0 feet along the
South line of Lots 3, 4, 5, 6 and 7, said Block 26, to
the point of beginning; thence North 00°154' East, 69.7
feet, along the West line of said Lot 8; thence
Southeasterly 120.3 feet along a 3,884.7 foot radius
curve, concave Northeasterly, having a chord bearing
South 53°33' East, 120.3 feet; thence North 88°574'
West, 97.1 feet along the South line of said Lots 8 and
9, to the point of beginning;
AND
That part of the vacated East-West alley in Block 25,
"Westfield" in Waterloo, Iowa, adjoining Lots 1, 2 and 3;
AND
Lot 1, Block 25, "Westfield" in Waterloo, Iowa;
AND
Lots 2 and 3, Block 25, "Westfield" in Waterloo, Iowa;
and,
WHEREAS, said property is located within the designated
Consolidated Urban Revitalization Area in Waterloo, Iowa, as
previously established by the City Council of the City of
Waterloo, Iowa; and
WHEREAS, the improvement project respecting said property is
in conformance with the Consolidated Urban Revitalization Plan as
officially adopted by the City Council for the City of Waterloo,
Iowa; and
WHEREAS, the improvements on said property were made during
the time in which such improvements are eligible for the tax
exemption as set forth in the Consolidated Urban Revitalization
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
Resolution No. 2012-73
Page 2
WHEREAS, said applicant is requesting the following 10 -year
partial exemption schedule:
For the first year 80%
For the second year 70%
For the third year 60%
For the fourth year 50%
For the fifth year 40%
For the sixth year 40%
For the seventh year 30%
For the eighth year 30%
For the ninth year 20%
For the tenth year 20%
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 by
March 1, 2012.
PASSED AND ADOPTED this 30th day of January, 2012.
Ernest G. Clar, Mayor
ATTEST:
- i I ,.
uzy Sca es, CMC
City Clerk