HomeMy WebLinkAbout2004-410-06.28.2004 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2004-410
RESOLUTION APPROVING APPLICATION TO THE IOWA
DEPARTMENT OF ECONOMIC DEVELOPMENT REQUESTING
CERTIFICATION OF THE FORMER WINTERBOTTOM
BUILDING GENERALLY LOCATED AT 25 WESTFIELD
AVENUE AS AN ENTERPRISE ZONE IN THE CITY OF
WATERLOO AND PROVIDING FOR THE EXEMPTION FROM
TAXATION OF THE IMPROVEMENTS MADE BY
BUSINESSES WITHIN THE ZONE.
WHEREAS, the City of Waterloo (hereinafter referred to as
the "City" ) , State of Iowa, is a political subdivision organized
and existing under the law and the Constitution of the State of
Iowa (the "State" ) ; and
WHEREAS, the purpose of 1997 Iowa Acts, House File 724 (the
"Act") is to encourage mutual development objectives between
communities and private business and to promote economic
investment in enterprise zones within the State; and
WHEREAS, the Act and administrative rules adopted by the
Iowa Department of Economic Development require the City to
approve, by resolution, the establishment of an enterprise zone
and the submission of a request for certification to the Iowa
Department of Economic Board; and
WHEREAS, under the Act, one of the benefits provided to
eligible businesses locating within a certified enterprise zone
is a City exemption from taxation of all, or a portion, of the
actual value added by improvements to real property that is :
1) directly related to new jobs created by the location or
expansion of an eligible business in the zone, and 2) used in the
operation of an eligible business within the zone; and
WHEREAS, it is the intention of the City of exempt from
location taxation all or a portion of the assessed real estate
value added by improvements to the property, beginning the first
year the improvements are assessed for taxation in the enterprise
zone .
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA, as follows :
Section 1 . The City certifies that it is an eligible
participant under the Act and meets the following distress
criteria required under section 4 of the Act :
a) The area has a family poverty rate of 12% or higher
based on the 2000 Census .
b) The valuations of each class of property in the
designated area is 75% or less of the citywide average
for that classification based upon the most recent
valuations for property tax purposes .
c) The area is a h° ighted area, per State Code 403 . 17 .
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kgettV.Atii6hNo. 2004-410
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Son 2 . The City hereby requests enterprise zone
o mcarHti itcation for property generally located at 25 Westfield
aem the Iowa Department of Economic ment Board as
Development
a l
in section 2 of the Act for the following designated
os - 0-'. 904 acres, which the City certifies is less than 1% of
• ElittigUal area for the purposes of receiving the benefits under
cA E- ct : he legal description of the enterprise zone area to be
o 0dAis :
-1- HLTJHHtztd
CD
es Eggers Addition all Lots 1 and 2 , Block 4, all
f' Block 4 , except Southwest 5 feet, all Lot 4,
o H = oak 4, except Southwest 5 feet, all Lot 5, Block 4,
trieNge<pt Southwest 5 feet and except city on North, also
o �? , Lot 26, Auditor Falls Avenue and Mullan Avenue
F, h lying Northeasterly of an extension Northwesterly
b i HNprtheasterly line of Southwesterly 5 feet of Lots
1-1 1-g1s4 and 5, Block 4 , James Eggers Addition, all in the
o H on Ci of Waterloo, Black Hawk County, Iowa.
Q,' H o H
ec wiled map of the area described above is attached to
t-f iSs F ution.
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tLr cepl,"tta;on 3 . The City shall provide a copy of this resolution
IgpH 4wa Department of Economic Development and shall file
re 'ution with the Black Hawk County Assessor.
Section 4 . The following officers of the City are hereby
authorized to take such further actions as are deemed necessary
in order to carry into effect the provisions of this resolution:
Tim Hurley, Mayor, and Nancy Eckert, CMC, City Clerk.
Section 5 . All resolutions and parts thereof in conflict
herewith are hereby repealed to the extent of such conflict .
Section 6 . The provisions of this resolution are hereby
declared to be severable; and if any section, phrase, or
provision shall for any reason be declared to be invalid, such
declaration shall not effect the validity of the remainder of the
sections, phrases, and provisions hereof .
Section 7 . This resolution shall become effective
immediately upon its passage and approval .
PASSED AND ADOPTED this 28th day of June, 2004 .
Tim Hurley, yor
ATTEST:
Nancy Ecker , CMC
City Clerk