HomeMy WebLinkAbout2021-697-10.18.2021Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2021-697
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH LOST ISLAND THEMEPARK, INC., FOR
THE DEVELOPMENT OF THE $104 MILLION
INVESTMENT, LOST WORLDS THEME PARK, WITH TAX
REBATES FOR TWENTY -YEARS AT FIFTY PERCENT, A
NEW TAXABLE VALUE OF $12.5 MILLION, A $14 MILLION
GRANT TO COMPANY AND ROAD IMPROVEMENTS BY
CITY, AND ACQUISITION OF APPROXIMATELY FIFTY-SIX
ACRES OF LAND IN THE AMOUNT OF $1.00, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO,
IOWA, that the Development Agreement dated October 18, 2021, between Lost Island
Themepark, Inc., and the City of Waterloo, in conjunction with development of the $104 million
investment, Lost Worlds Theme Park, with tax rebates for twenty -years at fifty percent, a new
taxable value of $12 5 million, a $14 million grant to Company and road improvements by City,
and acquisition of approximately fifty-six acres of land, in the amount of $1.00, is hereby
approved, and the Mayor and City Clerk are authorized and directed to execute said document on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 18th day of October 2021.
ATTEST:
Kelley Felchle, City Clerk
CERTIFICATE
L' /1- ;/1 Hc,r—t"
DIGITALLY
SIGNED
Nf
Quentin Hart, Mayor
I, Kelley Felchle City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution 2021-697, as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 18th day of October 2021.
Witness my hand and seal of office this 18th day of October 2021
Kelley Felchle, City Clerk
SEAL