HomeMy WebLinkAbout2001-668-12.10.2001 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2001-668
RESOLUTION SUPPORTING AND APPROVING STOKES
DEVELOPMENT LLC IN THE DEVELOPMENT OF A 52-
UNIT, ELDERLY HOUSING COMPLEX TO BE LOCATED AT
1311-1528 PROSPECT AVENUE.
WHEREAS, the City of Waterloo, Iowa has been informed by
Stokes Development LLC and Highland Park, LP that a low income
housing tax credit application will be filed with the Iowa Finance
Authority for the development of affordable rental housing to be
located at 1311-1528 Prospect Avenue, Iowa with a legal
description as follows:
That part of the West One-half (W1/2) of the Southeast
Quarter (SE 'I) of Section Nineteen (19) , Township
Eighty-nine North (T89N) , Range Twelve West (R12W) of
the Fifth Principal Meridian, City of Waterloo, Black
Hawk County, Iowa, described as follows :
Beginning at a point on the East line of Idaho Street
which is Six Hundred Five ( 605) feet North of the South
line of said Southeast Quarter (SEA) ; thence N
00°00' 00"E One Hundred Seventy-two (172 . 00) feet along
the East line of Idaho Street; thence N 1°18' 00"E One
Hundred Seventeen and Fifty-four Hundredths (117 . 54)
feet along said East line; thence N 90°00' 00"E One
Hundred Forty-three and Eighty-seven Hundredths
(143 . 87 ) feet; thence S 00°00' 00"W Seventy-five and
Forty-two Hundredths (75. 42) feet; thence S 89°56' 45"E
One Hundred Twenty-six and One Hundredth (126. 01) feet;
thence N 7°13' 00"E Sixty-six and Seventy-six Hundredths
( 66. 76) feet; thence S 82°47' 00"E Two Hundred Sixty-two
and Thirteen Hundredths (262 . 13) feet; thence N
90°00' 00"E Three Hundred Thirty-seven and Sixty-two
Hundredths (337 . 62) feet; thence S 00°00' 00"W Ninety-
seven and Forty-six Hundredths ( 97 . 46) feet; thence S
89°59' 30"E Fifty and Seventy-nine Hundredths (50. 79)
feet; thence S 00°00' 30"W Fifty (50 . 00) feet; thence S
89°59' 30"E Two Hundred Seventy-four and Nine Hundredths
(274 . 09) feet to the Westerly line of the Chicago
Central and Pacific Railroad property; thence
Southeasterly One Hundred One and Eighty-six Hundredths
(101 . 86) feet along said Westerly line which is a One
Thousand Eight Hundred Fifty and Eight Hundredths
(1, 850. 08) foot radius curve, concave Westerly, with a
long chord of One Hundred One and Eighty-five
Hundredths (101 . 85) feet which bears S 10°54' 10"E to
the North line of the South Six Hundred Five ( 605) feet
of said Southeast Quarter (SDI) ; thence S 89°59' 20"W
One Thousand Two Hundred Twenty-two and Seventy-four
Hundredths (1, 227 . 74 ) feet to the point of beginning,
containing 5. 96 acres .
DESCRIPTION (Parcel "B")
That part of the West One-half (W1/2) of the Southeast
Quarter (SDI) of Section Nineteen (19) , Township
Eighty-nine North (T89N) , Range Twelve West (R12W) of
the Fifth Principal Meridian, City of Waterloo, Black
Hawk County, Iowa, described as follows :
Resolution No , 2001-668
Page 2
Commencing at a point on the East line of Idaho Street
which is Six Hundred Five ( 605) feet North of the South
line of said Southeast Quarter (SEA) : thence N
00°00' 00"E One Hundred Seventy-two (172 . 00) feet along
the East line of Idaho Street; thence N 1°18' 00"E One
Hundred Seventeen and Fifty-four Hundredths (117 . 54)
feet along said East line; thence N 90°00' 00"E One
Hundred Forty-three and Eighty-seven Hundredths
(143 . 87 ) feet to the point of beginning; thence S
00°00' 00"W Seventy-five and Forty-two Hundredths
(75 . 42) feet; thence S 89°56' 45"E One Hundred Twenty-
six and One Hundredth (126. 01) feet; thence N 7°13' 00"E
Sixty-six and Seventy-six Hundredths ( 66. 76) feet;
thence N 86°02' 20"W One Hundred Thirty-four and
Seventy-two Hundredths (134 . 72) feet to the point of
beginning, containing 0. 21 acres.
DESCRIPTION (Parcel "C")
That part of the West One-half (W1/2) of the Southeast
Quarter (SEA) of Section Nineteen (19) , Township
Eighty-nine North (T89N) , Range Twelve West (R12W) of
the Fifth Principal Meridian, City of Waterloo, Black
Hawk County, Iowa, described as follows:
Commencing at a point on the East line of Idaho Street
which is Six Hundred Five ( 605) feet North of the South
line of said Southeast Quarter (SE11) ; thence N
00°00' 00"E One Hundred Seventy-two (172 . 00) feet along
the East line of Idaho Street, thence N 1°18' 00"E One
Hundred Seventeen and Fifty-four Hundredths (117 . 54)
feet along said East line; thence N 90°00' 00"E One
Hundred Forty-three and Eighty-seven Hundredths
(143. 87 ) feet; thence S 00°00' 00"W Seventy-five and
Forty-two Hundredths (75. 42) feet; thence S 89°56' 45"E
One Hundred Twenty-six and One Hundredth (126. 01) feet;
thence N 7°13' 00"E Sixty-six and Seventy-six Hundredths
(66. 76) feet; thence S 82°47' 00"E Two Hundred Sixty-two
and Thirteen Hundredths (262 . 13) feet; thence N
90°00' 00"E Three Hundred Thirty-seven and Sixty-two
Hundredths (337 . 62) feet to the point of beginning;
thence S 00°00' 00"W Ninety-seven and Forty-six
Hundredths (97 . 46) feet; thence S 89°59' 30"E Fifty and
Seventy-nine Hundredths (50. 79) feet; thence N
00°00' 00"E Ninety-seven and Forty-seven Hundredths
( 97 . 47 ) feet; thence N 90°00' 00"W Fifty and Seventy-
nine Hundredths (50. 79) feet to the point of beginning,
containing 0. 11 acres;
and,
WHEREAS, this housing project will contain fifty-two
(52) units, and
WHEREAS, the units will be targeted to elderly, special
needs, rent subsidized, and
WHEREAS, the project will be a new construction, and
WHEREAS, the property will have the following amenities:
1 . Apartments will be all electric with the following major
appliances: washers and dryers, stoves, refrigerators
and central air conditioning.
R Re?ol'ution No . 2001-668
3
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CV CO .1/4-Property will be beautifully landscaped with gazebos and
c o " "'apartments will have decks/patios.
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1 ':WHEREAS, the sponsor has requested local assistance
o r,through tax increment financing, a tax abatement, issuance of
taxable revenue bonds.
C? N t
C) _ ` ' ('}NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
czo
7,0-I Y OF WATERLOO, IOWA, that we support and approve the
°development of the aforesaid housing in our community, subject to
a) ?city ordinances and the building permit process. This resolution
s rs effective until December 11, 2002 . In the event that any of
the characteristics mentioned above should change prior to the
issuance of a building permit, this resolution is null and void.
PASSED AND ADOPTED this 10th day of December, 2001.
John . Rooff, Mayor
ATTEST:
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Nancy Eck t, City Clerk