HomeMy WebLinkAbout2020-410-06.08.2020Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2020-410
RESOLUTION APPROVING THE REQUEST OF MAGNOLIA
DEVELOPMENT, LLC FOR TAX EXEMPTIONS ON THE
CONSTRUCTION OF A SINGLE DUPLEX UNIT VALUED AT
$290,000 FOR PROPERTY LOCATED AT 3816 TRENT LANE,
AND LOCATED IN THE CITY LIMITS URBAN
REVITALIZATION AREA (CLURA).
WHEREAS, Magnolia Development, LLC has submitted an application dated March 19,
2020, to the City Council of the City of Waterloo, Iowa, requesting to receive tax exemptions for
construction of a single duplex unit valued at $290,000 for property located at 3816 Trent Lane,
and located in the City Limits Urban Revitalization Area (CLURA), more fully described as
follows:
THAT PART OF THE SOUTHWEST QUARTER OF SECTION FIVE (05),
TOWNSHIP EIGHTY-EIGHT NORTH (T88N), RANGE THIRTEEN WEST
(R13W) OF THE FIFTH PRINCIPLE MERIDIAN, CITY OF WATERLOO,
BLACK HAWK COUNTY, IOWA, DESCRIBED AS FOLLOWS:
ALL OF PARCEL "M", IN MISCELLANEOUS BOOK 343, PAGE 865 IN
BLACK HAWK COUNTY RECORDER'S OFFICE LYING NORTH OF
PARCEL "P" AND TRENT LANE, TRENT HILL CONDOMINIUM NO. 1,
DOCUMENT NO. 2004-05108 IN SAID RECORDER'S OFFICE; AND THAT
PART OF LYING NORTH OF PARCEL "S", THIRD AMENDMENT TO THE
DECLARATION OF SUBMISSION OF PROPERTY TO HORIZONTAL
PROPERTY REGIME FOR TRENT HILL CONDOMINIUM NO. 1,
DOCUMENT NO. 2014-01467 ALSO IN SAID RECORDER'S OFFICE.
Subject to easements, restrictions, covenants, ordinances and limited access provisions of
records, and
WHEREAS, said property is located within the designated City Limits Urban
Revitalization Area (CLURA) in Waterloo, Iowa, as previously established by the City Council
of the City of Waterloo, Iowa, and
WHEREAS, the new construction project respecting said property is in conformance with
the City Limits Urban Revitalization Area (CLURA) Plan as officially adopted by the City
Council for the City of Waterloo, Iowa, and
WHEREAS, the new construction on said property was made during the time in which
such improvements are eligible for the tax exemption as set forth in the City Limits Urban
Revitalization Area (CLURA) Plan as adopted by the City Council of the City of Waterloo, Iowa,
and as set forth in the Urban Revitalization Act as adopted by the Legislature of the State of Iowa
and signed by the Governor of the State of Iowa, and
WHEREAS, said applicant is requesting the following three-year exemption schedule:
For the first year 100%
For the second year 100%
For the third year 100%
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA, that said application is hereby approved and the City Clerk is hereby
authorized and directed to forward said application and a copy of this resolution to the Assessor.
Resolution No. 2020-410
Page 2
PASSED AND ADOPTED this 8th day of June 2020.
Quentin i-fa't
Quentin Hart, Mayor
ATTEST:
Ke//e4! Ye/ch/e
Kelley Felchle, City Clerk