HomeMy WebLinkAbout2016-079-1/25/2016 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
RESOLUTION NO. 2016-079
RESOLUTION APPROVING DEVELOPMENT AGREEMENT
WITH NORTH CROSSING, LLC FOR THE
REDEVELOPMENT OF LOGAN PLAZA AND SURROUNDING
LAND, FOR THE DEVELOPMENT OF A MULTI-PHASED
PROJECT WITH OVER 37, 600 SQUARE FEET OF
MEDICAL, OFFICE, RESTAURANT, AND CONVENIENCE
STORE DEVELOPMENT SPACE, ADDING $9. 5'
MILLION IN TAXABLE VALUE TO THE SITE,
ACQUIRING OVER 50 ACRES OF DEVELOPMENT LAND
FOR FUTURE PROJECTS, OFFERING PROPERTY TAX
REBATES FOR 10 YEARS AT 50%, AND $8 MILLION
IN CITY TIF FUNDS OVER AN 8-YEAR PERIOD, AND
AUTHORIZE MAYOR TO EXECUTE SAID AGREEMENT.
WHEREAS, the City of Waterloo is authorized to enter into a
Development Agreement_, dated January 25, 2016 with North Crossing,
LLC, for the redevelopment of Logan Plaza and surrounding land,
for a multi-phased project with over 37, 600 square feet of medical
office, restaurant, and convenience store development space, and
WHEREAS, said developer shall add $9. 5 million in taxable
value to the site and acquire over 50 acres of development land
for future projects for the City, and the City of Waterloo shall
offer property tax rebates for 10 years at ' 50 percent and $8
million in City TIF funds over an 8-year period.
BE IT RESOLVED BY THE- CITY COUNCIL OF' THE- CITY OF WATERLOO,
IOWA, that the Development Agreement between North Crossing, LLC
and the City of Waterloo, Iowa, for the redevelopment of the Logan
Plaza area is hereby approved and the Mayor and City Clerk are
authorized and directed to execute the same on behalf of the City
of Waterloo, Iowa.
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA, ..that the Mayor is authorized to accept additional,
non-substantive changes to the document upon advice of counsel and
staff.
PASSED AND ADOPTED this 25th day of January 2016.
Quentin Hart, Mayor
ATTEST: a
Suzy Sch res, CMC
City Cle k