HomeMy WebLinkAbout2022-196-04.04.2022Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2022-196
RESOLUTION APPROVING THE REQUEST OF UNION
DEVELOPMENT HOLDINGS, LLC, FOR TAX EXEMPTIONS
ON THE CONSTRUCTION OF AT LEAST 150 NEW MULTI-
FAMILY UNITS PROPOSED TO BE CONSTRUCTED WITH
AN ESTIMATED ASSESSED VALUE OF $10,000,000.00, FOR
PROPERTY LOCATED NORTH OF 501 LAKESIDE STREET,
AND LOCATED IN THE CITY URBAN REVITALIZATION
AREA (CURA).
WHEREAS, Union Development Holdings, LLC, has submitted an application dated
March 23, 2022, to the City Council of the City of Waterloo, Iowa, requesting to receive tax
exemptions on 150 new multi -family units valued at $10,000,000.00, for property located at 501
Lakeside Street, and located in the Consolidated Urban Revitalization Area (CURA), more fully
described as follows:
A PART OF AUDITOR'S PARCEL G, AS RECORDED IN DOCUMENT
#2008-10309, ON FILE IN THE BLACK HAWK COUNTY RECORDER'S
OFFICE IN WATERLOO, IOWA, IN THE NORTHEAST QUARTER OF THE
SOUTHWEST QUARTER OF SECTION 12, T89N, R13W OF THE FIFTH
P.M., BLACK HAWK COUNTY, CITY OF WATERLOO, BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF SAID QUARTER -
QUARTER SECTION;
THENCE NORTH 0°56' 11" WEST, 659.05 FEET ALONG THE WEST LINE
OF SAID QUARTER -QUARTER SECTION;
THENCE NORTH 89°38'37" EAST, 33.00 FEET TO THE POINT OF
BEGINNING, SAID POINT ALSO BEING THE NORTHWEST CORNER OF
SAID AUDITOR'S PARCEL G LOCATED ON THE EAST RIGHT-OF-WAY
LINE OF EAST 4TH STREET;
THENCE CONTINUING NORTH 89°38'37" EAST, 885.55 FEET ALONG
THE NORTH LINE OF SAID AUDITOR'S PARCEL G;
THENCE SOUTH 0°54'13" EAST, 292.68 FEET;
THENCE SOUTH 55°04'12" WEST, 236.62 FEET;
THENCE SOUTH 0°53'47" EAST, 103.98 FEET;
THENCE SOUTH 79°44'50" WEST, 378.06 FEET;
THENCE SOUTH 89°38'50" WEST, 316.03 FEET TO THE EAST RIGHT-OF-
WAY LINE OF EAST 4TH STREET;
THENCE NORTH 0°56' 11" WEST, 595.90 FEET ALONG SAID EAST
RIGHT-OF-WAY LINE TO THE POINT OF BEGINNING.
CONTAINING 10.78 ACRES, SUBJECT TO ANY EASEMENTS RECORDED
OR UNRECORDED.
Subject to easements required as part of the pending subdivision infrastructure, restrictions,
covenants, ordinances and limited access provisions of records, and
WHEREAS, said property is located within the designated Consolidated Urban
Revitalization Area (CURA) in Waterloo, Iowa, as previously established by the City Council of
the City of Waterloo, Iowa, and
WHEREAS, the construction improvements are in conformance with the Consolidated
Urban Revitalization Area (CURA) Plan as officially adopted by the City Council for the City of
Waterloo, Iowa, and
Resolution No. 2022-196
Page 2
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 Area (CURA) 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 10-year partial 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 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.
PASSED AND ADOPTED this 4th day of March 2022.
ATTEST:
Kelley Felchle
DIGITALLY
Kelley Felchle, City Clerk
SEAL
v4
Quentin Hart, Mayor