HomeMy WebLinkAbout2019-986-12/30/2019 Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319)291-4323.
RESOLUTION NO. 2019-986
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH OSPREY AVIATION, LLC, FOR THE
DEVELOPMENT OF AN APPROXIMATE 14,300 SQUARE
FOOT AIRPORT HANGAR THROUGH A LEASE
AGREEMENT, 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 $1.1 MILLION, AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE SAID
DOCUMENTS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA
that the Development Agreement and Minimum Assessment Agreement dated December 30,
2019, between Osprey Aviation, LLC, of Cedar Falls, Iowa and the City of Waterloo, Iowa, for
the development of an approximate 14,300 square foot airport hangar, through a lease agreement,
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$1.1 million, 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 30th day of December 2019.
Quentin Hart, Mayor
- AT f1ST:
/,,
Kelley Felch!
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. 2019-986 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 30th day of December 2019.
Witness my hand and seal of office this 30th day of December 2019.
// ,
SEAL Kelley F.lchle
City Cler