HomeMy WebLinkAbout2015-442-6/8/2015 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
RESOLUTION NO. 2015-442
RESOLUTION APPROVING DEVELOPMENT AGREEMENT WITH
PARK AVENUE LOFTS, LLC, GRANTING TAX REBATES FOR
10 YEARS AT 70 PERCENT FOR THE RENOVATION OF THE
MASONIC TEMPLE BUILDING AT 325 EAST PARK AVENUE,
RAISING THE MINIMUM VALUE OF THE BUILDING TO $1 . 1
MILLION, AND CREATING 11 NEW RESIDENTIAL UNITS
WITHIN THE BUILDING, AND AUTHORIZE THE MAYOR AND
CITY CLERK TO SIGN AND FULLY EXECUTE ALL NECESSARY
DOCUMENTS.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the Development Agreement dated June 8, 2015, between Park
Avenue Lofts, LLC, and the City of Waterloo, Iowa, granting tax
rebates for 10 years at 70 percent for the renovation of the
Masonic Temple building at 325 East Park Avenue, raising the
minimum value of the building to $1 . 1 million, and creating 11
new residential units within the building, be hereby approved and
the Mayor and City Clerk are hereby authorized to execute said
agreement .
PASSED AND ADOPTED this 8th day of June 2015 .
01
Ernest G. Clark, Mayor
ATTEST:
'C� q L
Suzy Sc ares, CMC
City Cl rk