HomeMy WebLinkAbout2006-75-02/06/2006 This Resolution Ifang ; Eckel :, City C = K, 71, Mulberry
Street, Waterloo, `^wa.
RESOLUTION NO. 206o-75
RESOLUTION APPROVING APPLICATION WITH BURG
INVESTMENTS LLC FOR TAX EXEMPTIONS ON
IMPROVEMENTS TOTALING $300, 000 . 00 FOR
PROPERTY LOCATED AT 514-522 DUNDEE AVENUE IN
THE CONSOLIDATED URBAN REVITALIZATION AREA
PLAN, IN THE CITY OF WATERLOO, BLACK HAWK
COUNTY, IOWA.
WHEREAS, Burg Investments LLC has submitted an application
dated February 6, 2006 to the City Council of the City of
Waterloo, Iowa, requesting to receive tax exemptions on
improvements totaling $300, 000 . 00 for property located at 514-522
Dundee Avenue, more fully described as follows :
First Addition to Galloway Lot 66, 67, 68 and 69 except
North 20 feet of Lot 69, all in the City of Waterloo,
Black Hawk County, Iowa;
and,
WHEREAS, said property is located within the designated
Consolidated Urban Revitalization Area in Waterloo, Iowa, as
previously established by the City Council of the City of
Waterloo, Iowa,
and,
WHEREAS, the improvement project respecting said property is
in conformance with the Consolidated Urban Revitalization Plan as
officially adopted by the City Council for the City of Waterloo,
Iowa, and
WHEREAS, the improvements on said property were made during
the time in which such improvements are eligible for the tax
exemption as set forth in the Consolidated Urban Revitalization
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 exemption
schedule:
For the first year 80%
For the second year 70%
For the third year 600
For the fourth year 50%
For the fifth year 40%
For the sixth year 40%
For the seventh year 30°%
For the eighth year 30%
For the ninth year 20%%
For the tenth year 20%
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF 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 by
February 1, 2007 .
7.1
>.; D'• 77,
Rem-zzln No. 2006-75
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PASSED AND ADOLJTED this 6th day of February, 2006.
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