HomeMy WebLinkAbout2018-732-10/1/2018 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-732
RESOLUTION APPROVING THE REQUEST OF SBF
INVESTMENTS, LLC FOR TAX EXEMPTIONS ON THE
CONSTRUCTION OF IMPROVEMENTS FOR A
COMMERCIAL BUILDING VALUED AT $100,000 FOR A
PROPERTY LOCATED AT 827 W. 5TH STREET, AND
LOCATED WITHIN THE CONSOLIDATED URBAN
REVITALIZATION AREA (CURA).
WHEREAS, SBF Investments, LLC has submitted an application dated September 18,
2018, to the City Council of the City of Waterloo, Iowa, requesting to receive tax exemptions on
home improvements valued at $100,000, for property located at 827 W. 5th Street, and located in
the City Limits Urban Revitalization Area(CURA), more fully described as follows:
ANDREWS ADDITION PART OF LOTS 1 AND 2 DESC AS COM AT NW
COR OF LOT 1 BEING POB TH CONT SELY LINE OF W 5TH ST 113 FT
AND 9 IN NELY FR WLY COR OF LOT 1 IN SAID ADDITION TH S 50 DEG
41 MIN 24 SEC E 137.53 FT TH S 44 DEG 37 MIN 8 SEC W 6.46 FT TH S 57
DEG 44 MIN 20 SEC 86.36 FT TH S 44 DEG 54 MIN 22 SEC W 139.38 FT TH
NWLY TO POB AND TOWNS SUBDIVISION OF PARTS OF LOT 5
ANDREWS ADDITION AND LOT 2 IN BLK 4 OF JOHNSONS ADDITION
LOT 2, 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 home improvements are 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%
Resolution No. 2018-732
Page 2
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 1St day of October 2018.
Quentin Hart, Mayor
ATTEST'
J6/2 all
elley Felc
City Clerk