HomeMy WebLinkAbout2017-667-8/14/2017(RECORDED)IIIIIIIlIIIIIII!lIIIIlIIlI!!IllI!IIlllIlllIIIlIIIIIlIIIIIIIIIliillhiiii!llhi!iii
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Recorded: 12/14/2017 at 11:57:12 AM
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Black Hawk County Iowa
SANDIE L. SMITH RECORDER
Prepared by Len M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2017-667
RESOLUTION APPROVING A DEVELOPMENT AGREEMENT
AND MINIMUM ASSESSMENT AGREEMENT WITH
CRYSTAL DISTRIBUTION SERVICES, INC. FOR THE
CONSTRUCTION OF A $5,500,000 ADDITION TO THEIR
EXISTING BUILDING WITH A TAX REBATE AMOUNT OF
85% FOR A TERM OF TEN YEARS, ONE ADDITIONAL YEAR
AT 20% TAX REBATE AND AN ECONOMIC DEVELOPMENT
GRANT OF $640,000, AND AUTHORIZE MAYOR AND CITY
CLERK TO EXECUTE SAID AGREEMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
the Development Agreement and Minimum Assessment Agreement dated August 14, 2017,
between Crystal Distribution Services, Inc. and the City of Waterloo, Iowa, for the construction
of a 50,000 square foot addition, adding $3,403,170 overall assessed value to the site, with an 85
percent property tax rebate for a term of ten years, one additional year at 20 percent, on any
taxable value over the January 1, 2017 value of $3,971,520 for Parcel No. 8913-25-261-022 and
$68,650 for Parcel No. 8913-25-261- 017, an economic Development Grant in the amount of
$640,000, and the minimum assessment being fixed at $9,040,170, is hereby approved, and the
Mayor and City Clerk are authorized and directed to execute said agreements on behalf of the
City of Waterloo, Iowa.
PASSED AND ADOPTED this 14th day of August 2017.
ATTEST:
Quentin Hart, Mayor
CER 1.'lk'ICATE
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 2017-667, as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 14th day of August 2017.
Witness my hand and seal of office this 14th day of August 2017.
(1)
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2017-667
RESOLUTION APPROVING A DEVELOPMENT AGREEMENT
AND MINIMUM ASSESSMENT AGREEMENT WITH
CRYSTAL DISTRIBUTION SERVICES, INC. FOR THE
CONSTRUCTION OF A $5,500,000 ADDITION TO THEIR
EXISTING BUILDING WITH A TAX REBATE AMOUNT OF
85% FOR A TERM OF TEN YEARS, ONE ADDITIONAL YEAR
AT 20% TAX REBATE AND AN ECONOMIC DEVELOPMENT
GRANT OF $640,000, AND AUTHORIZE MAYOR AND CITY
CLERK TO EXECUTE SAID AGREEMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
the Development Agreement and Minimum Assessment Agreement dated August 14, 2017,
between Crystal Distribution Services, Inc. and the City of Waterloo, Iowa, for the construction
of a 50,000 square foot addition, adding $3,403,170 overall assessed value to the site, with an 85
percent property tax rebate for a term of ten years, one additional year at 20 percent, on any
taxable value over the January 1, 2017 value of$3,971,520 for Parcel No. 8913-25-261-022 and
$68,650 for Parcel No. 8913-25-261- 017, an economic Development Grant in the amount of
$640,000, and the minimum assessment being fixed at $9,040,170, is hereby approved, and the
Mayor and City Clerk are authorized and directed to execute said agreements on behalf of the
City of Waterloo, Iowa.
PASSED AND ADOPTED this 14th day of August 2017.
Quentin Hart,Mayor
ATTEST:
f �
elley Fel e
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 2017-667, as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 14th day of August 2017.
Witness my hand and seal of office this 14th day of August 2017.
BJAA�'
elley Felc e
City Clerk
SEAL