HomeMy WebLinkAbout2019-763-10/07/2019 (RECORDED) Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-763
RESOLUTION APPROVING DEVELOPMENT AGREEMENT
WITH LINCOLN SAVINGS BANK FOR THE
REHABILITATION OF 75,000 SQUARE FEET OF
PROFESSIONAL OFFICE SPACE IN THE TECH ONE
BUILDING, WITH AN ADDED TAXABLE VALUE OF $8.5
MILLION, INCLUDING CITY GRANT OF $550,000, TWENTY
(20) YEARS OF TAX REBATES AT 70 PERCENT, AND $3
MILLION PER THE IOWA REINVESTMENT DISTRICT
GRANT CONTRACT, IN IOWA REINVESTMENT DISTRICT
FUNDS, AND AUTHORIZING 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 dated October 7, 2019, between Lincoln Savings Bank and the
City of Waterloo, Iowa, for the rehabilitation of 75,000 square feet of professional office space in
the Tech One Building, with an added taxable value of $8.5 million, including City grant of
$550,000, twenty (20) years of tax rebates at 70 percent, and $3 million per the Iowa
Reinvestment District Grant contract, in Iowa Reinvestment District funds, is hereby approved,
and the Mayor and City Clerk are authorized and directed to execute said document on behalf of
the City of Waterloo, Iowa.
PASSED AND ADOPTED this 7th day of October 2019.
—
Quentin Hart, Mayor
ATTEST.
I , ,,, / ,
k.elley Fele le
City Clerk
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 2019-763, as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 7th day of October 2019.
Witness my hand and seal of office this 7th day of October 2019.
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. , ��_ 1,4
SEAL _ Ke ey Felchl�
City Clerk