HomeMy WebLinkAbout2012-154-02/20/2012Prepared by Carol Failor, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703.
RESOLUTION NO. 2012-154
RESOLUTION APPROVING DEVELOPMENT AGREEMENT
WITH FEPH-ACQUISITIONS FUND II, LLC AND
DIRECTING EXECUTION OF SAID AGREEMENT BY
MAYOR.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the Development Agreement dated February 20, 2012, to sell
and convey for $1.00, plus costs, city -owned land generally
located at the northeast corner of Franklin Street and Highway
63, for the construction of a new 13,225 square foot CVS Pharmacy
with a minimum taxable value of $1,500,000.00, and tax rebates
for 6 years at 100 percent, by and between FEPH-Acquisitions Fund
II, LLC of Chicago, Illinois and the City of Waterloo, Iowa, be
and the same is hereby approved, and the Mayor and City Clerk
authorized to execute the same in behalf of the City of Waterloo,
Iowa.
PASSED AND ADOPTED this 20th day of February, 2012.
ATTEST:
:1E-4:
-b-U7-95-Ares, CMC
City Clerk
rnest G. Clark, Mayor