HomeMy WebLinkAbout1981-484-09.28.1981 RESOLUTION NO. AV -4S ____
RESOLUTION APPROVING THE APPLICATION OF Industrial Investors Partnership
(Dynamic Tool ) FOR PROPERTY TAX EXEMPTION FOR IMPROVEMENTS PERFORMED
ON THE INDUSTRIAL PROPERTY LOCATED AT3906 W. Airline Highway WITHIN
THE CITY OF WATERLOO, IOWA. —`
WHEREAS, Industrial Investors Partnership (Dynamic Tool ) has
submitted an application dated September lr T —'—' , to the City Council
of the City of Waterloo, Iowa, requesting to receive an exemption from
taxation on the actual value added by improvements to the industrial property
located at 3906 W. Airline Highway , more fully described as follows :
The south 316 feet of the east 160 feet of the west 710 feet
of the Southwest 1/4 of the Southwest 1/4 of Section 5,
Township 89, Range 13 West of the 5th P.M. in the City of
Waterloo, Black Hawk County, Iowa.
and,
WHEREAS, said property is located within the Corporate Limits
of the City of Waterloo, Iowa; and,
WHEREAS, the improvement project respecting said property is in
conformance with the Industrial Property Tax Abatement Ordinance as
officially adopted by the City Council of 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 Industrial Tax Abatement Ordinance as adopted by the City Council of
the City of Waterloo, Iowa, and as set forth in the Code of Ordinances, City
of Waterloo, Iowa, 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 exemption
schedule:
For the First Year - Seventy-Five Percent (75%)
For the Second Year - Sixty Percent (60%)
For the Third Year - Forty-Five Percent (45%)
For the Fourth Year - Thirty Percent (30%)
For the Fifth Year - Fifteen Percent (15%)
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 by February 1 , 1982 .
PASSED AND ADOPTED this 28th day of September , 19 81
THE CITY OF WATERLOO, IOWA
Leo P. Rooff, Mayor --f(
ATTEST:
Larr P. rger, Cit erk