HomeMy WebLinkAbout2005-446-05.23.2005 s
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This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa .
t7 RESOLUTION NO. 2005-446
RESOLUTION APPROVING DEVELOPMENT AGREEMENT
7 ~� WITH VGM COMPANY AND DIRECTING EXECUTION OF
SAID AGREEMENT BY MAYOR.
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BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the Development Agreement dated May 23 , 2005 for construction
of approximately 51 , 700 square feet expansion to professional
cJ office building at 1107 West San Marnan Drive generally located
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the southwest corner of San Marnan Drive and Ansborough Avenue
intersection, with additional minimum taxable value of
$4 , 500, 000 . 00 with the citygranting
,�-, g g $378, 362 . 00 for project
expenses including land acquisition and tax rebatements for five
years at 50 percent on the added value and construction of
entrance and roadway off Ansborough Avenue, by and between VGM
Company of Waterloo, Iowa, and the City of Waterloo, Iowa, be and
the same is hereby approved, and the Mayor authorized to execute
the same in behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 23' day of May, 2005 .
Tim Hurley, or
ATTEST:
Nanc Ecke , CMC
City Clerk