HomeMy WebLinkAbout2015-402-6/1/2015 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
RESOLUTION NO. 2015-402
RESOLUTION APPROVING A DEVELOPMENT AGREEMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH 3 STOOGES, LLC
FOR THE CONSTRUCTION OF A $180, 000 NEW BUILDING
WITH A TAX REBATE AMOUNT OF 75 PERCENT FOR A TERM
OF TEN YEARS .
WHEREAS, the Development Agreement dated June 1, 2015, for
the construction of a 5, 150 square foot building, adding $180, 000
of taxable value to the site, legally described as follows :
LOT 2 AND 3, BLOCK 40, ORIGINAL PLAT OF WATERLOO WEST,
ALL IN THE CITY OF WATERLOO, BLACK HAWK COUNTY, IOWA;
WHEREAS, 3 Stooges, LLC must substantially complete
construction of the said improvements by December 31, 2015, and
WHEREAS, the City hereby agrees to a 75 percent property tax
rebate for ten years, and the minimum assessment agreement being fixed
for assessment purposes at $180, 000 .
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the development agreement and minimum assessment agreement,
between 3 Stooges, LLC and the City of Waterloo, Iowa be hereby
adopted and the Mayor and City Clerk are hereby authorized to
execute said agreements on behalf of the City of Waterloo, Iowa .
PASSED AND ADOPTED this 1st day f June 2015 .
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Er est G. Clark, Mayor
ATTEST:
Suzy S ar s, CMC
City C erk