HomeMy WebLinkAbout2004-389-06.21.2004 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2004-389
RESOLUTION APPROVING APPLICATION WITH RENTOWN
IV INC. FOR TAX EXEMPTIONS ON IMPROVEMENTS
TOTALING $285, 917 . 00 FOR PROPERTY LOCATED AT
2325 LOGAN AVENUE IN THE CONSOLIDATED URBAN
REVITALIZATION AREA PLAN, IN THE CITY OF
WATERLOO, BLACK HAWK COUNTY, IOWA.
WHEREAS, Rentown IV Inc . has submitted an application dated
June 21, 2004 , to the City Council of the City of Waterloo, Iowa,
requesting to receive tax exemptions on improvements totaling
$285, 917 . 00 for property located at 2325 Logan Avenue, more fully
described as follows :
BV Addition Lot 2 , 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 60%
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, 2005 .
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NED AND ADOPTED this 21st day of June, 2004 .
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