HomeMy WebLinkAbout1999-434-06.28.1999 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 1999-434
RESOLUTION APPROVING APPLICATION WITH STOKES
SENIOR HOUSING VENTURES, L. P. FOR TAX
EXEMPTIONS ON IMPROVEMENTS TOTALING
APPROXIMATELY $1, 989, 737 . 00 FOR PROPERTY
LOCATED AT 515 - 652 STOKES DRIVE IN THE
CONSOLIDATED URBAN REVITALIZATION AREA PLAN,
IN THE CITY OF WATERLOO, BLACK HAWK COUNTY,
IOWA.
WHEREAS, Stokes Senior Housing Ventures, L. P. has submitted
an application dated June 28, 1999 to the City Council of the City
of Waterloo, Iowa, requesting to receive tax exemption on
improvements totaling approximately $1, 989, 737 . 00 for property
located at 515 - 562 Stokes Drive, more fully described as
follows :
That part of the Southwest Quarter (SW%) of the
Southeast Quarter (SE%) of Section Thirteen (13) ,
Township Eighty-nine North (T89N) , Range Thirteen West
(R13W) of the Fifth Principal Meridian, City of •
Waterloo, Black Hawk County, Iowa, described as
follows :
Beginning at a point on the East line of North Barclay
Street which is Seventy-seven and Thirteen Hundredths
(77 . 13) feet North of the Northwest corner of Lot One
(1) , Block Six (6) , Peek' s Second Addition; thence East
One Hundred Sixty (160) feet along a line which if
extended intersects the West line of Hewitt Street at a
point which is Seventy-six and Ninety-five Hundredths
(76 . 95) feet North of the Northeast corner of Block
Seven (7) in said Peek' s Second Addition; thence South
parallel with said North Barclay Street Three and Eight
Hundredths (3 . 08) feet to a point which is Seventy-four
(74) feet North of the North line of said Block Six
(6) ; thence East parallel with said North line to the
Northerly extension of the West line of Peek Street;
thence South fifty-four (54) feet along said extension
to a point which is Twenty (20) feet North of the
Northeast corner of said Block Six (6) ; thence East
Sixty (60) feet to a point which is Twenty (20) feet
North of the Northwest corner of said Block Seven (7) ;
thence North Fifty-four (54) feet along the Northerly •
extension of the East line of said Peek Street; thence
East parallel with the North line of said Block Seven
(7) to a point which is Three Hundred (300) feet West
of the West line of Hewitt Street; thence south
parallel with said Hewitt Street Fifty-four (54) feet
to a point which is Twenty (20) feet North of the North
line of said Block Seven (7) ; thence East Three Hundred
(300) feet to the West line of said Hewitt Street at a
point Twenty (20) feet North of the Northeast corner of
said Block Seven (7) ; thence North Two Hundred
Seventeen and Nine Tenths (217 . 9) feet along said West
line; thence West along a line which if extended West,
intersects the East line of North Barclay Street at
point which is Two Hundred Thirty-eight and Twenty-six
Hundredths (238 .26) feet North of the Northwest corner
of said Block Six (6) , to a point which is One Hundred
Fifteen (115) feet East of the East line of said North
Barclay Street; thence South parallel with said North
Resolution No. 1999-434
Page 2
Barclay Street to a point on a line which is drawn from
a point on the East line of said North Barclay Street
which is One Hundred Twenty-nine and Thirteen
Hundredths (129 . 13) feet North of the Northwest corner
of said Block Six (6) to a point on the West line of
said Hewitt Street which is One Hundred Twenty-eight
and Ninety-five Hundredths (128 . 95) feet North of the
Northeast corner of said Block Seven (7) ; thence West
along said previously described line One Hundred
Fifteen (115) feet to the East line of North Barclay
Street; thence South Fifty-two (52) feet to the point
of beginning, 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, 2000 .
PASSED AND ADOPTED this 28th day of June, 1999 .
John R. R off, Mayor
•
ATTEST:
Nancy Ecke , City Clerk