HomeMy WebLinkAbout2017-566-07/17/2017 (RESCINDED) Resolution rescinded January 21, 2020 by Resolution No. 2020-51 for failure to meet stated
deadlines of project commencement and completion as specified in terms.
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2017-566
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH LK WATERLOO, LLC, FOR PROPERTY
LOCATED AT 205 WEST 4TH STREET (RAMADA HOTEL)
FOR RENOVATIONS TO THE HOTEL WITH A NEW
TAXABLE VALUE OF $10.0 MILLION, 20 YEARS OF TAX
REBATES AT 85%, AND 20 YEARS OF INCREASED
HOTEL/MOTEL INCREMENT, AND AUTHORIZE MAYOR
AND CITY CLERK TO EXECUTE SAID AGREEMENT. rimpik,
0,44,40,111111,,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY _ r 'VATERL1 , IOWA,
that a Development Agreement dated July 17, 2017, between LKS ,,, rio.�:fE C and City of
Waterloo, Iowa, for the sale of property located at 205 West,1 ' Sheet fE�'`'!I ada otel) for
renovations to the hotel, with a new taxable value of $10.0 £ .'on 2 ;,, ears fi rebates at
85%, and 20 years of increased hotel/motel increment, is hereby4h+„, '`oved a Id 'e Mayor and
City Clerk are authorized and directed to execute s.•£Er"!� en ' behE€` of the City of
Waterloo, Iowa. ££1u I, °SIE,,€ `
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PASSED AND ADOPTED this 17th day ""E�€E€,my 2 `1� I`
1111! �,£ IfllC
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``X, 'ifRE�I'E�€E:EN@fr�. •
, �� Quentin Hart, Mayor
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ATTEST: 44,
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Kelley Felc 1€ €, ',1 11,
City Clerk � ,4},, , �� €111igo
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II� �G� CERTIFICATE
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€ Flley14 chle City Clerk of the City of Waterloo, Iowa, do hereby certify that the
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preceding '�(£{�true and complete copy of Resolution 2017-566, as passed and adopted by the
Council of tl ity of Waterloo, Iowa, on the 17th day of July 2017.
Witness my hand and seal of office this 17th day of July 2017.
Kelley Fel Ale
City Clerk V
SEAL.