HomeMy WebLinkAbout2022-423-07.05.2022Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2022-423
RESOLUTION APPROVING THE REQUEST BY 3 STOOGES,
LLC, FOR TAX EXEMPTIONS ON A NEW WAREHOUSE
BUILDING VALUED AT $1,100,000.00, FOR PROPERTY
LOCATED AT 1325 DAVID STREET, AND LOCATED IN THE
CONSOLIDATED URBAN REVITALIZATION AREA (CURA).
WHEREAS, 3 Stooges, LLC, has submitted an application dated June 20, 2022, to the
City Council of the City of Waterloo, Iowa, requesting to receive tax exemptions on a new
warehouse building valued at $1,100,000.00, for property located at 1325 David Street, and
located in the Consolidated Urban Revitalization Area (CURA), more fully described as follows:
EXCEPT ANY LEGAL HIGHWAYS, ALL THAT PART OF THE
NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION
NO. FOURTEEN (14), TOWNSHIP NO. EIGHT -NINE (89) NORTH, RANGE
NO. THIRTEEN (13) WEST OF THE FIFTH (5TH) PRINCIPAL MERIDIAN
IN THE CITY OF WATERLOO, IOWA, THAT LIES NORTH OF THE
NORTH LINE OF PARKER STREET AND NORTHEASTERLY OF THE
NORTH-EASTERLY LINE OF THE RIGHT-OF-WAY OF THE ILLINOIS
CENTRAL GULF RAILROAD COMPANY FORMERLY THE ILLINOIS
CENTRAL RAILROAD AND WEST OF THE WEST LINE OF THE RIGHT-
OF-WAY OF THE WATERLOO RAILROAD COMPANY FORMERLY THE
WATERLOO, CEDAR FALLS AND NORTHERN RAILROAD, EXCEPT THE
NORTH ONE HUNDRED FIFTY (150) FEET THEREOF.
Subject to easements, 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
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%
Resolution No. 2022-423
Page 2
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 5th day of July 2022.
Quentin Hart, Mayor
ATTEST:
. 6,, &fem.
LeAnn M. Even, CMC, IaCMC,
Deputy City Clerk
SEAL