HomeMy WebLinkAbout2019-251-4/15/19Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-251
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT AND MINIMUM ASSESSMENT AGREEMENT
WITH A -LINE ALO, LLC FOR THE DEVELOPMENT OF AN
AIRPORT HANGAR, WITH A TAX REBATE AMOUNT OF 90
PERCENT FOR YEARS ONE THROUGH FIVE, 85 PERCENT
FOR YEARS SIX THROUGH TEN, 80 PERCENT FOR YEARS
ELEVEN THROUGH FIFTEEN AND 50 PERCENT FOR
YEARS SIXTEEN THROUGH TWENTY, WITH A MINIMUM
ASSESSMENT OF $1,100,000, 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 April 15, 2019,
between A -Line ALO and the City of Waterloo, Iowa, for the development of an airport hangar,
with a tax rebate amount of 90 percent for years one through five, 85 percent for years six
through ten, 80 percent for years eleven through fifteen and 50 percent for years sixteen through
twenty, with a minimum assessment of $1,100,000, 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 15th day of April 2019.
i /1
elley Felji
City Cler .
Quentin Hart, Mayor
CERTIFICATE
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. 2019-251 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 15th day of April 2019.
Witness my hand and seal of office this 15th day of April 2019.
Kelley Felchle
City Clerk
SEAL