HomeMy WebLinkAbout2018-457-6/25/2018Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-457
RESOLUTION APPROVING THE REQUEST OF 3 STOOGES,
LLC FOR TAX EXEMPTIONS ON THE CONSTRUCTION OF
A REMODEL AND ADDITION ON A COMMERCIAL
BUILDING VALUED AT $104,000 FOR PROPERTY
LOCATED AT 520 W. PARKER STREET, AND LOCATED
WITHIN THE CONSOLIDATED URBAN REVITALIZATION
AREA (CURA).
WHEREAS, Basic Properties, LLC has submitted an application dated April 19, 2018, to
the City Council of the City of Waterloo, Iowa, requesting to receive tax exemptions on the a
remodel and addition of a commercial building valued at $104,000 for property located at 520 W.
Parker Street, and located in the City Limits Urban Revitalization Area (CURA), more fully
described as follows:
ALL THAT PART OF THE NORTHWEST QUARTER OF THE SOUTHEAST
QUARTER OF SECTION NO. FOURTEEN (14), TOWNSHIP NO. EIGHTY-
NINE (89) NORTH, RANGE NO. THIRTEEN (13) WEST OF THE FIFTH
(5TH) PRINCIPAL MERIDIAN IN THE CITY OF WATERLOO, IOWA, THAT
LIES NORTH OF THE NORTH LINE OF PARKER STREET AND THE
NORTHEASTERLY OF THE NORTHEASTERLY LINE OF THE RIGHT-OF-
WAY OF THE ILLINOIS CENTRAL GULF RAILROAD COMPANY
FORMERLY THE ILLINOIS CENTRAL RAILROAD AND WEST OF THE
WEST LINE OF THE RIGHT-OF-WAY OF THE WATERLOO RAILROAD
COMPANY FORMERLY THE WATERLOO, CEDAR FALLS AND
NORTHERN RAILROAD, EXCEPT THE NORTH ONE HUNDRED (150)
FEET THEREOF.
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 addition and remodel of a commercial building 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%
Resolution No. 2018-457
Page 2
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.
PASSED AND ADOPTED this 25th day of June 2018.
ATTEST:
Kelley Fel
City Clerk
Sharon Juon, Mayor ro Tem