HomeMy WebLinkAbout2000-665-12.11.2000 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 2000-665
RESOLUTION SUPPORTING AND APPROVING STOKES
DEVELOPMENT LLC IN THE DEVELOPMENT OF A 52-
UNIT, ELDERLY HOUSING COMPLEX TO BE LOCATED IN
THE 1200-1300 BLOCKS OF IDAHO STREET.
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 1200-1300 block of Idaho Street, Iowa with a legal
description as follows :
That part of the West One-half (W1/2) of the Southeast
Quarter (SE 14) 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 (SE ) ; 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 (SE14) ; 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 (SE'/) 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. 665
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 (SE'-) 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 (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 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.
Resolution No. 665
Page 3
2 . Property will be beautifully landscaped with gazebos and
apartments will have decks/patios .
and,
WHEREAS, the sponsor has requested local assistance
through tax increment financing, a tax abatement, issuance of
taxable revenue bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA, that we support and approve the
development of the aforesaid housing in our community, subject to
city ordinances and the building permit process . This resolution
is effective until December 11, 2001 . 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 11th day of December, 2000.
Jo n R. ooff, Mayo
ATTEST:
fdt-
Nancy Eck t, City Clerk