HomeMy WebLinkAbout2023-220-04.03.2023Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2023-220
RESOLUTION APPROVING AN AMENDMENT TO A
DEVELOPMENT AGREEMENT WITH UNION AT NORTH
CROSSING (FORMERLY KNOWN AS UNION
DEVELOPMENT HOLDINGS, LLC), FOR THE ADDITION OF
TAX REBATES WITH A SCHEDULE OF THREE (3) YEARS
AT 40 PERCENT, TWO (2) YEARS AT 50 PERCENT AND
TWO (2) YEARS AT 60 PERCENT, WITH A MINIMUM
ASSESSMENT AGREEMENT OF $5,000,000.00, FOR THE
DEVELOPMENT OF 180-RESIDENTIAL UNITS NEAR
NORTH CROSSING, AND AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE SAID DOCUMENTS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
that an amendment to the Development Agreement with Union at North Crossing (formerly
known as Union Development Holdings, LLC), originally approved April 4, 2022, for the
addition of tax rebates with a schedule of three (3) years at 40 percent, two (2) years at 50 percent
and two (2) years at 60 percent, with a minimum assessment agreement of $5,000,000.00, for the
development of 180-residential units near North Crossing, is hereby approved and the Mayor and
City Clerk are authorized and directed to execute said document on behalf of the City of
Waterloo, Iowa.
PASSED AND ADOPTED this 3rd day of April 2023.
ATTEST:
Kelley Felchle, City Clerk
SEAL
OF W q r4".
Quentin Hart, Mayor