HomeMy WebLinkAbout2004-411-06.28.2004 t' nr trr0
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HTb+isc1ution prepared by Nancy Eckert, City Clerk, 715 Mulberry
, S ,' -' Oaterloo, Iowa .
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H n n RESOLUTION NO. 2004-411
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T RESOLUTION APPROVING AGREEMENT WITH WATERLOO
e/i o we/I-v-.< DEVELOPMENT CORPORATION TO PURCHASE PRIORITY
o tjj o `� ONE AUTOMOTIVE PROPERTY GENERALLY LOCATED AT
- t-lb' rUt: 220 JEFFERSON STREET FOR $240 , 000 . 00, PLUS
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N. tr] H tri o APPRAISAL FEE OF $1 , 500 . 00, AND DIRECTING
`i " of ' EXECUTION OF SAID AGREEMENT BY MAYOR.
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HRHE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
tt sareement by and between Waterloo Development Corporation
al-id �t City of Waterloo, Iowa, to purchase Priority One
Agttp4Five property generally located at 220 Jefferson Street for
$ , p'0 . 00 , plus appraisal fee of $1 , 500 . 00 , with the City to
pt slime the property from Waterloo Development Corporation in
ty'e&rs using a combination of EDI grant funds in the amount of
$22V08 . 00 , or tax increment General Obligation Bonds, with the
uw..i&3palance drawing interest rate of 4 . 5 percent and principal
aTc4a.trldue November 1, 2006, be and the same is hereby approved,
ai-A, ; Mayor authorized to execute the same in behalf of the
C cam Waterloo, Iowa .
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h p a8SSED AND ADOPTED this 28th day of June, 2004 .
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Tim Hurley, Nyor
ATTEST:
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Nancy Ecker , MC
City Clerk