HomeMy WebLinkAbout2014-842-09/22/2014 1
Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
RESOLUTION NO. 2014-842
RESOLUTION APPROVING DEVELOPMENT AGREEMENT
WITH HOTEL PRESIDENT PARTNERS, LP AND
DIRECTING EXECUTION OF SAID AGREEMENT BY
MAYOR.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the Development Agreement dated September 22, 2014, for the
redevelopment of 500 Sycamore Street, raising the taxable value
from $1, 073, 680 to $2, 542, 230, and authorizing tax rebates for a
10 year schedule at 80%, 70%, 60%, 500, 400, 40%, 30%, 30%, 20%,
and 20% over the 2013 value of $1, 073, 680, by and between Hotel
President Partners, LP and the City of Waterloo, Iowa, be and the
same is hereby approved, and the Mayor and City Clerk authorized
to execute the same in behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 22nd day of September, 2014 .
Lell 64ePA,
Ernest G. Clark, Mayor
ATTEST:
Suzy Sc 1,res, CMC
City Clerk
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