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This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
x ¢ RESOLUTION NO. 2005-488
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RESOLUTION APPROVING AGREEMENT WITH IOC BLACK
71
= HAWK COUNTY, INC. AND BLACK HAWK COUNTY
s GAMING ASSOCIATION AND DIRECTING EXECUTION OF
s ~ > SAID AGREEMENT BY MAYOR.
1. •
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
' that the Agreement dated June 6, 2005, establishing a development
�i fee=for the city equal to . 5 percent of each week' s adjusted
gross receipts and on the third anniversary date of commencement
fl, of_ operations the fee shall increase to 1 percent of each week' s
4. adusted gross receipts and payment of $1 million on the date of
octh� -issuance of gambling license, by and between IOC Black Hawk
County, Inc . , Black Hawk County Gaming Association 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 6th day of June, 2005 .
TimHurley, Mayor
ATTEST:
Nanny Ec rt, CMC
City Cle