HomeMy WebLinkAbout2018-456-6/25/2018Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-456
RESOLUTION APPROVING THE REQUEST OF BABIC
PROPERTIES, LLC FOR TAX EXEMPTIONS ON THE
CONSTRUCTION OF A NEW AUTO SHOP VALUED AT
$140,800 FOR PROPERTY LOCATED AT 196 W. 12TH
STREET, AND LOCATED WITHIN THE CONSOLIDATED
URBAN REVITALIZATION AREA (CURA).
WHEREAS, Basic Properties, LLC has submitted an application dated April 3, 2018, to
the City Council of the City of Waterloo, Iowa, requesting to receive tax exemptions on the
construction of a new auto shop valued at $140,800 for property located at 196 W. 12th Street,
and located in the City Limits Urban Revitalization Area (CURA), more fully described as
follows:
ANTONY BAKERS ADDITION LOT 9 AND SW 70 FEET LOT 10 BLOCK 60,
IN THE CITY OF WATERLOO, BLACK HAWK COUNTY, IOWA.
and,
WHEREAS, said property is located within the designated City Limits Urban
Revitalization Area (CURA) in Waterloo, Iowa, as previously established by the City Council of
the City of Waterloo, Iowa, and
WHEREAS, the construction of a new auto shop is in conformance with the City Limits
Urban Revitalization Area (CURA) Plan as officially adopted by the City Council for the City of
Waterloo, Iowa, and
WHEREAS, the improvements on said property were made during the time in which such
improvements are eligible for the tax exemption as set forth in the City Limits 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 70%
For the third year 60%
For the fourth year 50%
For the fifth year 40%
For the sixth year 40%
For the seventh year 30%
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. 2018-456
Page 2
PASSED AND ADOPTED this 25th day of June 2018.
ATTEST:
Kelley Fele
City Clerk
Sharon Juon, Mayor
o Tem