HomeMy WebLinkAbout2015-688-9/8/2015 Prepared by Nancy Higby, Administrative Secretary, City of
Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-
4323 .
RESOLUTION NO. 2015-688
RESOLUTION APPROVING APPLICATION WITH CARBER
DEVELOPMENT LC FOR TAX EXEMPTIONS ON THE
CONSTRUCTION OF NEW COMMERCIAL STORAGE
BUILDINGS VALUED AT $1, 638, 181 . 68 FOR
PROPERTY LOCATED AT 3680 UNIVERSITY AVENUE IN
THE CONSOLIDATED URBAN REVITALIZATION AREA
(LURA) , IN THE CITY OF WATERLOO, BLACK HAWK
COUNTY, IOWA.
WHEREAS, Carber Development LC has submitted an application
dated July 9, 2015 to the City Council of the City of Waterloo,
Iowa, requesting to receive tax exemptions for the construction
of new commercial storage buildings valued at $1, 638, 181 . 68 for
property located at 3680 University Avenue, more fully described
as follows :
Carber Heights Platl Lot 2, Black Hawk County, Iowa,
and,
WHEREAS, said property is located within the designated
Consolidated Urban Revitalization Area (LURA) in Waterloo, Iowa,
as previously established by the City Council of the City of
Waterloo, Iowa, and
WHEREAS, the new construction project respecting said
property is in conformance with the Consolidated Urban
Revitalization Area (CURA) Plan as officially adopted by the City
Council for the City of Waterloo, Iowa, and
WHEREAS, the new construction on said property was made
during the time in which such improvements are eligible for the
tax exemption as set forth in the Consolidated Urban
Revitalization Area (CURA) Plan as adopted by the City Council of
the City of Waterloo, Iowa, and as set forth in the Urban
Revitalization Act as adopted by the Legislature of the State of
Iowa and signed by the Governor of the State of Iowa, and
WHEREAS, said applicant is requesting the following 10-year
partial exemption schedule:
For the first year 80%
For the second year 700
For the third year 600
For the fourth year 500
For the fifth year 40%
For the sixth year 40%
For the seventh year 300
For the eighth year 30%
For the ninth year 20%
For the tenth year 20%
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO IOWA that said application is hereby approved
and the City Clerk is hereby authorized and directed to forward
said application and a copy of this resolution to the Assessor.
Resolution No. 2015-688
Page 2
PASSED AND ADOPTED this 8th day of September, 2015 .
'Ernest G. Clark, Mayor
ATTEST:
Kelley Felc 1
Deputy City Clerk