HomeMy WebLinkAbout2012-097-1.30.2012Prepared by Carol Failor, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703.
RESOLUTION NO. 2012-97
RESOLUTION APPROVING AMENDMENT TO THE
ORIGINAL DEVELOPMENT AGREEMENT WITH CEDAR
SKYLINE CORPORATION, LLC FROM APRIL 30, 1996,
TO FORGIVE LOAN AND RELEASE AND DISCHARGE
MORTGAGE, AND PLACING A MINIMUM ASSESSMENT
AGREEMENT ON PROPERTY AT $206,260.00 FOR 5
YEARS, AND AUTHORIZE THE MAYOR AND CITY CLERK
TO EXECUTE ANY NECESSARY DOCUMENTS.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
that that the original Development Agreement dated April 30,
1996, between Cedar Skyline Corporation, LLC, and the City of
Waterloo, Iowa, be amended to forgive the loan in the amount of
$250,000.00, and release and discharge the mortgage and placing a
minimum assessment agreement on property - 8913-25-103-022 of
$206,260.00 for a 5-year period, and authorize the Mayor and
City Clerk execute the same on behalf of the City of Waterloo,
Iowa.
PASSED AND ADOPTED this 30th day of January 2012.
E rvti,ES+ 6". C Q.a.rk
Ernest G. Clark, Mayor
ATTEST:
Suzy Schares, CMC
City Clerk