HomeMy WebLinkAbout2015-701-9/8/2015 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, 319-291-4323 .
RESOLUTION NO. 2015-701
�. RESOLU" IOPI APPROVING A DEVELOPMENT AGREEMENT
WITH DOLLY JAMES 2, LLC AND HI YIELD, LLC TO
AUTHORIZE THE SALE AND CONVEYANCE OF A
PORTION OF CITY OWNED PROPERTY FOR $1 . 00
COMMONLY KNOWN AS THE FORMER FLEA MARKET
BUILDING SITE, AT COMMERCIAL STREET AND WEST
6TH STREET, FOR THE CONSTRUCTION OF AN
APPROXIMATE 30-UNIT CONDOMINIUM DEVELOPMENT
WITH AN ESTIMATED ACTUAL VALUE OF $2 . 5
MILLION, WITH 20 YEARS AT 42 PERCENT TAX
REBATES.
WHEREAS, the Development Agreement dated September 8, 2015
between Dolly James 2, LLC, and Hi Yield, LLC, and the City of
Waterloo, Iowa, for the construction of an approximate 30-unit
condominium development generally located at Commercial Street
and West 6th Street, formerly known as the Flea Market Building
Site, with twenty years at 42 percent in property tax rebates,
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WHEREAS, the City shall convey said property by quit claim
deed to the developer, and
WHEREAS, a public hearing was held on September 8, 2015, at
5 : 30 p.m. in the Harold E. Getty Council Chambers, City Hall,
Waterloo, Iowa, as provided by law, by the Council of the City of
Waterloo, Iowa on the proposal to sell and convey premises owned
by the City of Waterloo, Iowa, to Dolly James 2, LLC and Hi
Yield, LLC, and
WHEREAS, it is the opinion of this Council that the sale and
conveyance should, be made as proposed.
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE COUNCIL OF THE
CITY OF WATERLOO, IOWA AS FOLLOWS :
1 . Tile following described real property, as fully
described in the published notice in the Waterloo Courier on
August 24, 2015, is not presently needed and will not be needed
in the foreseeable future for municipal purposes and its
ownership is serving no municipal purpose, and
2 . That the offer of Dolly James 2, LLC, and Hi Yield, LLC,
to purchase real property for the sum of $1 . 00, be and it is
hereby accepted for real property described below:
LOT NO. 70 IN FRACTIONAL BLOCK NO. 14, ORIGINAL PLAT ON THE
WEST SIDE OF THE CEDAR RIVER, CITY OF WATERLOO, BLACK HAWK
COUNTY, IOWA, EXCEPT THAT PART THEREOF LYING SOUTHEASTERLY
OF THE CENTER LINE OF THE PARTY WALL ERECTED BETWEEN LOT
NOS . 69 AND 70;
3 . That the City of Waterloo, Iowa conveys said parcel of real
property to Dolly James 2, LLC and Hi Yield, LLC by quit claim
deed.
4 . That the Mayor and City Clerk are hereby authorized to
execute said quit claim deed to Dolly James 2, LLC, and Hi Yield,
LLC.
5 . That the original of said deed fully executed and
acknowledged is hereby approved and confirmed by the Council.
6. That the Community Planning and Development Department is
authorized and directed to deliver said quit claim deed of
Resolution No. 2015-701
Page 2
conveyance to Dolly James 2, LLC, and Hi Yield, LLC upon receipt
in the sum of $1 . 00 .
7 . That the Mayor and City Clerk are hereby authorized to
execute said Development Agreement with Dolly James 2, LLC, and
Hi Yield, LLC on behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 8thd of September 2015 .
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E est G. Clark, Mayor
ATTEST:
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elley elchle
Deputy ity Clerk