HomeMy WebLinkAbout2023-094-02.06.2023 (RECORDED) 111111111111111111111111111111
III IIIII IIII IIII
Doc ID: 011967340002 Type: GEN
Recorded: 06/29/2023 at 11:14:46 AM
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Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2023-00017578
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, 319-291-4323.
RESOLUTION NO. 2023-094
RESOLUTION APPROVING AN AMENDMENT TO THE
DEVELOPMENT AGREEMENT WITH LINCOLN SAVINGS
BANK, ORIGINALLY EXECUTED OCTOBER 7, 2019, AS
AMENDED THEREAFTER ON NOVEMBER 4, 2019, AND
APRIL 5, 2021, TO PROVIDE THAT THE GRANT PAYMENT
MAY BE REPAID BY FUNDS FROM THE DOWNTOWN
WATERLOO URBAN RENEWAL AND REDEVELOPMENT
AREA TAX INCREMENT FINANCING (TIF) DISTRICT, IN
ADDITION TO FUNDS FROM THE IRD RECEIPTS OR CITY-
ISSUED BONDS, AND AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo entered into a Development Agreement, originally
executed October 7, 2019, as amended thereafter on November 4, 2019, and April 5, 2021, with
Lincoln Savings Bank for the renovation of 75,000 square foot of the Tech One building for their
fintech business venture, and
WHEREAS, the Development Agreement included $3.0 million in funding ($200,000.00
over a 15-year period) in Iowa Reinvestment District (IRD) funds for the project. Those funds
were identified in the original IRD contract with the State of Iowa for the Marriot Hotel project,
and
WHEREAS, the Amendment would allow for the grant payment to be repaid by funds
from the Downtown Tax Increment Financing District.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA
1. That the Resolution approving an amendment to the Development Agreement
with Lincoln Savings Bank, to provide that the grant payment may be repaid by funds
from the Downtown Waterloo Urban Renewal and Redevelopment Area tax increment
financing (TIF) district, in addition to funds from the IRD receipts or City-issued bonds,
is hereby approved.
2. That the Mayor and City Clerk are authorized and directed to execute said
documents on behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 6th day of February 2023.
/ /ue UN �[ DIEItALLY
hvG/ l, �TV SIGNED
Quentin Hart, Mayor
ATTEST:
Kelley Felchle D'G"AL`Y
SIGNED
Kelley Felchle, City Clerk
Resolution No. 2023-094
Page 2
CERTIFICATE
I, Kelley Felchle, City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution No. 2023-094 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 6th day of February 2023.
Witness my hand and seal of office this 6th day of February 2023.
R elCey FelehCe STONED
SIGNED
Kelley Felchle, City Clerk
SEAL
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Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, 319-291-4323.
RESOLUTION NO. 2023-094
RESOLUTION APPROVING AN AMENDMENT TO THE
DEVELOPMENT AGREEMENT WITH LINCOLN SAVINGS
BANK, ORIGINALLY EXECUTED OCTOBER 7, 2019, AS
AMENDED THEREAFTER ON NOVEMBER 4, 2019, AND
APRIL 5, 2021, TO PROVIDE THAT THE GRANT PAYMENT
MAY BE REPAID BY FUNDS FROM THE DOWNTOWN
WATERLOO URBAN RENEWAL AND REDEVELOPMENT
AREA TAX INCREMENT FINANCING (TIF) DISTRICT, IN
ADDITION TO FUNDS FROM THE IRD RECEIPTS OR CITY -
ISSUED BONDS, AND AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo entered into a Development Agreement, originally
executed October 7, 2019, as amended thereafter on November 4, 2019, and April 5, 2021, with
Lincoln Savings Bank for the renovation of 75,000 square foot of the Tech One building for their
fintech business venture, and
WHEREAS, the Development Agreement included $3.0 million in funding ($200,000.00
over a 15-year period) in Iowa Reinvestment District (IRD) funds for the project. Those funds
were identified in the original IRD contract with the State of Iowa for the Marriot Hotel project,
and
WHEREAS, the Amendment would allow for the grant payment to be repaid by funds
from the Downtown Tax Increment Financing District.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA
1. That the Resolution approving an amendment to the Development Agreement
with Lincoln Savings Bank, to provide that the grant payment may be repaid by funds
from the Downtown Waterloo Urban Renewal and Redevelopment Area tax increment
financing (TIF) district, in addition to funds from the IRD receipts or City -issued bonds,
is hereby approved.
2. That the Mayor and City Clerk are authorized and directed to execute said
documents on behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 6th day of February 2023.
62uertcrc 9-(arl
Quentin Hart, Mayor
ATTEST:
Kelley Felcile
Kelley Felchle, City Clerk
Resolution No. 2023-094
Page 2
CERTIFICATE
I, Kelley Felchle, City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution No. 2023-094 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 6th day of February 2023.
Witness my hand and seal of office this 6th day of February 2023.
Kelley Fe[ch(e
Kelley Felchle, City Clerk
SEAL
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