HomeMy WebLinkAboutCountil Packet - 1/10/2022THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
SPECIAL MEETING TO BE HELD AT
Harold E. Getty Council Chambers
Monday, January 10, 2022
5:00 PM
CITY OF WATERLOO
GOALS
1. Support the creation of new, livable wage jobs through a balanced economic development
approach of assisting existing businesses, fostering start-ups, attracting new employers and
cultivating an adequate workforce.
2. Implement a Community Policing strategy that creates a safe environment in Waterloo.
3. Reduce the City's property tax levies through a responsible balance of cost reduction in
City operations and increases in taxable property valuations to ensure that Waterloo is a
competitive, affordable, and livable city.
4. Enhance the image of Waterloo and the City to residents and businesses inside and outside
of the community.
GENERAL RULES FOR PUBLIC PARTICIPATION SPECIAL SESSION AGENDA
A Iowa Code Chapter 21 gives the public the right to attend council meetings, but it does not require cities to allow public
participation except during public hearings. The public is required to follow the rules listed in this article when speaking during
any meeting of the city council.
R At the presiding officer's discretion, individuals may address the presiding officer by stepping to the podium, and after
recognition by the presiding officer, shall state their name, address and group affiliation, if appropriate, and speak clearly into the
microphone.
C. Comments shall be germane and refrain from personal, impertinent, or slanderous remarks.
D. Cell phones and electronic devices shall be set to silent prior to the start of the meeting.
Roll Call.
Agenda, as proposed or amended.
A. Motion to approve the following:
RESOLUTIONS
1. Resolution approving Amendment No. 6 to a Development Agreement and Minimum
Assessment Agreement with Central Property Holdings, LLC, raising the minimum assessed
value from $2.5 million to $4.0 million, for the All -In Grocers Project, and authorizing the
Mayor and City Clerk to execute said document.
Submitted By: Noel Anderson, Community Planning and Development Director
ADJOURNMENT
Motion to adjourn.
Kelley Felchle
City Clerk
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CITY OF WATERLOO
Council Communication
Resolution approving Amendment No. 6 to a Development Agreement and Minimum Assessment Agreement
with Central Property Holdings, LLC, raising the minimum assessed value from $2.5 million to $4.0 million, for
the All -In Grocers Project, and authorizing the Mayor and City Clerk to execute said document.
City Council Meeting: 1/10/2022
Prepared: 1/7/2022
REVIEWERS:
Department
Clerk Office
ATTACHMENTS:
Description
❑ Agreement
Reviewer
Felchle, Kelley
Action
Approved
Type
Backup Material
Date
1/7/2022 - 4:16 PM
Resolution approving Amendment No. 6 to a Development Agreement and
Minimum Assessment Agreement with Central Property Holdings, LLC,
SUBJECT: raising the minimum assessed value from $2.5 million to $4.0 million, for the
All -In Grocers Project, and authorizingthe e Mayor and City Clerk to execute
said document.
Submitted by: Submitted By: Noel Anderson, Community Planning and Development
Director
Page 2 of 4
Preparer
Information-. Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704 (319) 234.5701
Name Add ress city Phone
SPACE ABOVE THIS LINE
FOR RECORDER
AMENDMENT NO. 6 TO DEVELOPMENT AGREEMENT
and MINIMUM ASSESSMENT AGREEMENT
This Amendment No. 6 to Development Agreement and Minimum Assessment
Agreement (the "Amendment") is entered into as of , by and
between Central Property Holdings, LLC (the "Company") and the City of Waterloo,
Iowa (the "City„).
RECITALS
A. Company and City are parties to that certain Development Agreement
dated August 7, 2017, as later amended (collectively, the "DA"),
concerning the development of land (the "Property") described on Exhibit
"A° to the DA_ The DA has been filed in the land records of Black Hawk
County, Iowa, as Doc. No. 2018-7765, Doc. No. 2019-2747, Doc. No.
2019-13537, Doc. No. 2019-13538, Doc. No. 2021-12976 and Doc. 2022-
13516. In connection with the DA, the parties also executed a certain
Minimum Assessment Agreement dated August 7, 2017 (the "MAX).
B. The parties desire to amend the DA to modify the terms thereof as set
forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Sections 4 and 6 of the DA and Section 1 of the MAA are amended to
strike 12,500,000.00" therefrom and to substitute °$4,000,000.00" in its place.
2. Except as modified herein, the DA and MAA shall continue unmodified in
full force and effect. Terms in this Amendment that are capitalized but not defined will
have the same meanings herein that are ascribed to them in the DA or MAA, as
applicable. The DA, the MAA and this Amendment shall inure to the benefit of and be
binding upon the parties and their respective successors and assigns.
Page 3 of 4
Page 2
IN WITNESS WHEREOF, the parties have executed this Amendment No. 6 to
Development Agreement and Amendment to Minimum Assessment Agreement by their
duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA
22
Quentin Hart, Mayor
Attest:
Kelley Felchle, City Clerk
CENTRAL PROPERTY HOLDINGS,
LLC
By. 9 L
Rodney . Anderson
Managing Member
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