HomeMy WebLinkAbout2018-459-6/25/2018Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-459
RESOLUTION APPROVING THE REQUEST OF M&G
CAPITAL, LLC FOR TAX EXEMPTIONS ON THE
REDEVELOPMENT OF A COMMERCIAL
BUILDING VALUED AT $1,823,642 FOR PROPERTY
LOCATED AT 3727-3735 UNIVERSITY AVENUE, AND
LOCATED WITHIN THE CONSOLIDATED URBAN
REVITALIZATION AREA (CURA).
WHEREAS, M&G, LLC has submitted an application dated March 3, 2018, to the City
Council of the City of Waterloo, Iowa, requesting to receive tax exemptions on the
redevelopment of a commercial building valued at $1,823,642 for property located at 3727-
3735 University Avenue, and located in the City Limits Urban Revitalization Area (CURA),
more fully described as follows:
UNPLATTED WATERLOO WEST NE 1/4 SE 1/4 SEC 20 T 89 R 13 PARCEL
"D" OF PLAT OF SURVEY 317 MISC 770 LYING S OF FORMER HWY 218
AND LYING W OF W LINE OF FOREST HILL SUBDIVSION A D SLY
EXTENSION THEREOF EXC THAT DESC AS FOL: BEG AT PT ON W LINE
OF NE 1/4 SE 1/4 SAID SEC WHICH IS 679.04 FT N OF SW COR NE 1/4 SE
1/4 SAID SEC TH E 90 DEG 150 FT TH N 90 DEG TO SWLY LINE HWY 218
TH NWLY ALONG SWLY LINE SAID HWY TO W LINE NE 1/4 SE 1/4 SAID
SEC TH S ALONG W LINE OF PT OF BEG ALSO EXC THAT PT DESC AS
PARCEL "H" OF PLAT OF SURVEY 338 MISC 955 INC A PART OF THE
NW 1/4 SE 1/4 SAID SEC BOUNDED AS FOL BEG AT A PT ON THE SWLY
LINED OF US HWY 218 THAT IS 156.27 FT SELY OF THE W LINE OF
SAID NE 1/4 SE 1/4 AS MEAS ALONG SAID SWLY LINE TH CONT SELY
ALONG SAID SWLY LINE 150 FT TH S 200 FT TH W 141.98 FT TH N TO
THE PT OF BEG EXC THAT PART LYING WITHIN PARCEL "0" DESC AS
FOL: BEG AT THE NE COR OF PARCEL DESC IN LD 564- 971 TH S 73
DEG 35 MIN 24 SEC E 83.43 FT ALONG THE S ROW LINE OF
UNIVERSITY AV TH S 310.83 FT TH S 88 DEG 42 MIN 7 SEC W 230 FT TO
THE NE COR OF LOT W-16 OF CEDARLOO PARK TH N 205.37 FT ALONG
THE E LINE OF SAID CEDARLOO PARK TO THE SW COR OF SURVEY
AS REC IN MISC 320-358 SAID COR IS 676.90 FT N OF THE SW COR OF
NE 1/4 OF SE 1/4 TH S 89 DEG 57 MIN 52 SEC E 151.14 FT ALONG THE S
LINE OF SAID SURVEY AND ALONG THE S LINE OF SURVEY REC IN
MISC 320-359 TO THE SE COR THEREOF TH N 134.34 FT ALONG THE E
LINE OF SAID SURVEY AND ALONG THE W LINE OF PARCEL DESC IN
MISC 257-291 TO THE PT OF BEG EXC HWY ALSO EXC PARCEL"F" OF
PLAT OF SURVEY MISC 320-358 OF PART OF NE 1/4 SE 1/4 SAID SEC 20
ALSO EXC PARCEL"G" OF PLAT OF SURVEY MISC 320-359 OF NE 1/4 SE
1/4 OF SAID SEC 20, 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 redevelopment of commercial property is in conformance with the City
Resolution No. 2018-459
Page 2
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 three-year exemption schedule:
For the first year 100%
For the second year 100%
For the third year 100%
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:
elley Fele
City Clerk
Sharon Juon, Mayor Pro Tem