HomeMy WebLinkAbout2017-566-7/17/2017 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo,IA 50703, (319) 291-4323.
RESOLUTION NO. 2017-566
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH LK WATERLOO, LLC, FOR PROPERTY
LOCATED AT 205 WEST 4TH STREET (RAMADA HOTEL)
FOR RENOVATIONS TO THE HOTEL WITH A NEW
TAXABLE VALUE OF $10.0 MILLION, 20 YEARS OF TAX
REBATES AT 85%, AND 20 YEARS OF INCREASED
HOTEL/MOTEL INCREMENT, AND AUTHORIZE MAYOR
AND CITY CLERK TO EXECUTE SAID AGREEMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
that a Development Agreement dated July 17, 2017, between LK Waterloo, LLC and the City of
Waterloo, Iowa, for the sale of property located at 205 West 4th Street (Ramada Hotel) for
renovations to the hotel, with a new taxable value of $10.0 million, 20 years of tax rebates at
85%, and 20 years of increased hotel/motel increment, is hereby approved and the Mayor and
Ci Clerk are authorized and directed to execute said
City document on behalf of the City of
Waterloo, Iowa.
PASSED AND ADOPTED this 17th day Y of Jul 2017.
E'y vr�L
Quentin Hart, Mayor
ATTEST:
Kelley Felc
City Clerk
CERTIFICATE
I, Kelley Felchle City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution 2017-566, as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 17th day of July 2017.
Witness my hand and seal of office this 17th day of July 2017.
Kelley Fel le
City Clerk
SEAL-