HomeMy WebLinkAbout2019-788-10/14/2019 Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-788
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT AND MINIMUM ASSESSMENT AGREEMENT
WITH MAKENDA, LLC FOR THE REDEVELOPMENT OF A
COMMERCIAL BUILDING LOCATED AT 205 WEST 4TH
STREET (RAMADA HOTEL) FOR RENOVATIONS TO THE
HOTEL WITH A NEW TAXABLE VALUE OF $9,500,000, 20
YEARS OF TAX REBATES AT 85 PERCENT, AND 20 YEARS
OF INCREASED HOTEL/MOTEL INCREMENT, 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 October 14, 2019,
between Makenda, LLC of Madison, South Dakota and the City of Waterloo, Iowa, for the
redevelopment of a commercial building, located at 205 West 4th Street(Ramada Hotel), for
renovations to the hotel, with a new taxable value of$9,500,000, Twenty(20) years of tax
rebates at eighty-five (85)percent, and twenty(20)years of increased hotel/motel increment, 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 14th day of October 2019.
Quentin Hart, Mayor
ATMST:
Kelley Fele e
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 No. 2019-788 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 14th day of October 2019.
Witness my hand and seal of office this 14th day of October 2019.
kida
SEAL Kelley Felchl
City Clerk