HomeMy WebLinkAbout2016-229-3/28/2016 L
Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
RESOLUTION NO. 2016-229
RESOLUTION APPROVING DEVELOPMENT AGREEMENT
WITH JAS INVESTMENTS, LLC (GUBBELS HEATING AND
AIR CONDITIONING) FOR THE CONSTRUCTION OF A
9, 675 SQUARE FOOT COMMERCIAL BUILDING IN
MARTIN ROAD TIF DISTRICT, WITH A MINIMUM
TAXABLE VALUE OF $680, 000 AND TAX REBATES FOR
SEVEN YEARS AT 95 PERCENT, 2 YEARS AT 90
PERCENT, ONE YEAR AT 60 PERCENT, AND AUTHORIZE
THE MAYOR AND, CITY CLERK TO SIGN AND FULLY
EXECUTE ALL NECESSARY DOCUMENTS .
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO,
IOWA, that the Development Agreement dated March 28, 2016,
between JAS Investments, LLC and the City of Waterloo, Iowa, for
the construction of a 9, 675 square foot commercial building in
the Martin Road TIF District, with a minimum taxable value of
$680, 000 and tax rebates for seven years at 95 percent, 2 years
at 90 percent, one year at 60 percent, is hereby approved and the
Mayor and City Clerk are authorized and directed to execute the
same on behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 28th day of March 2016.
Quentin Hart, Mayor
ATTEST : - ?
zy c ares, CMC
City lerk