HomeMy WebLinkAbout2019-38-1-22-19Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-38
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT AND MINIMUM ASSESSMENT AGREEMENT
WITH CEDAR VALLEY REAL ESTATE, LLC FOR THE
REDEVELOPMENT OF A MIXED USE BUILDING LOCATED
AT 300-304 COMMERCIAL STREET, WITH A TAX REBATE
AMOUNT OF 70% FOR A TERM OF FIFTEEN YEARS AND A
GRANT OF $300,000, WITH A MINIMUM ASSESSMENT OF
$1,300,000 AND AUTHORIZE THE MAYOR AND CITY
CLERK TO EXECUTE SAID DOCUMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA
that the Development Agreement and Minimum Assessment Agreement dated January 22, 2019,
between Cedar Valley Real Estate, LLC for the redevelopment of a mixed use building located at
300-304 Commercial Street, with a tax rebate amount of 70% for a term of fifteen years and a
grant of $300,000, with a minimum assessment of $1,300,000, is hereby approved and the Mayor
and City Clerk are authorized and directed to execute said documents on behalf of the City of
Waterloo, Iowa.
PASSED AND ADOPTED this 22nd day of January 2019.
ATTEST:
elley Felchle
City Clerk
Sharon Juon, 4 . yor Pro Tem
CER 1'IF'ICATE
I, Kelley Felchle, City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution No. 2019-38 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 22nd day of January 2019.
Witness my hand and seal of office this 22nd day of January 2019.
Kelley Felc
City Clerk