HomeMy WebLinkAbout2009-964-09/28/2009 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2009-964
RESOLUTION APPROVING APPLICATION WITH EAST
WATERLOO FAMILY HOUSING, LLLP FOR TAX
EXEMPTIONS ON IMPROVEMENTS TOTALING $9 . 4
MILLION FOR PROPERTY BOUNDED BY NEWELL STREET
TO THE NORTH, WEBSTER STREET TO THE SOUTH,
MOBILE STREET TO THE WEST AND ASH STREET TO
THE EAST AND LOCATED IN THE CONSOLIDATED
URBAN REVITALIZATION AREA PLAN, IN THE CITY
OF WATERLOO, BLACK HAWK COUNTY, IOWA.
WHEREAS, East Waterloo Family Housing, LLLP has submitted an
application dated September 21, 2009 to the City Council of the
City of Waterloo, Iowa, requesting to receive tax exemptions on
improvements totaling $9 . 4 million for property bounded by Newell
Street to the north, Webster Street to the south, Mobile Street
to the west and Ash Street to the east, more fully described as
follows :
Unplatted Waterloo East all that part of the Northeast
1/ of the Northeast 1/ of Section 24 Township 89 Range 13
lying West of the West line of Ash Street and North of
the North line of Webster Street and South of the South
line of Newell Street; except the West 30 feet, all in
the City of Waterloo, Black Hawk County, Iowa;
and,
WHEREAS, said property is located within the designated
Consolidated Urban Revitalization Area in Waterloo, Iowa, as
previously established by the City Council of the City of
Waterloo, Iowa,
and,
WHEREAS, the improvement project respecting said property is
in conformance with the Consolidated Urban Revitalization 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 Consolidated Urban Revitalization
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
exemption schedule :
For the first year 800
For the second year 700
For the third year 600
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. 2009-964
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 by
February 1, 2010 .
PASSED AND ADOPTED this 28th day of September, 2009 .
Tim Hurley, Mayor
ATTEST:
C
Nancy cker CMC
teJAL
City Clerk