HomeMy WebLinkAbout2023-624-10.02.2023Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2023-624
RESOLUTION APPROVING THE ASSIGNMENT OF
DEVELOPMENT AGREEMENT WITH SUPERIOR
PROPERTIES, LLC, AND LINCOLN SAVINGS BANK, FOR
THE DEVELOPMENT AGREEMENT ORIGINALLY
APPROVED ON JUNE 20, 2022, IN CONJUNCTION WITH
THE DEVELOPMENT OF PROPERTY LOCATED AT THE
SOUTHWEST CORNER OF AIRLINE HIGHWAY AND
GERALDINE ROAD, ASSIGNING THE REBATES FOR THE
PROJECT TO LINCOLN SAVINGS BANK, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA
AS FOLLOWS:
1. That the Assignment of Development Agreement with Superior Properties, LLC, and
Lincoln Savings Bank, for the Development Agreement originally approved on June 20, 2022, in
conjunction with the development of property located at the southwest corner of Airline Highway
and Geraldine Road, assigning the rebates for the project to Lincoln Savings Bank, and legally
described as follows:
LOT 1 OF SOUTH PORT 2ND ADDITION, CITY OF WATERLOO, BLACK HAWK
COUNTY, IOWA,
AND
THE SOUTH 67 FEET OF THE NORTH 100 FEET OF SECTION 8, TOWNSHIP 89 NORTH,
RANGE 13 WEST OF THE FIFTH PRINCIPAL MERIDIAN, BLACK HAWK COUNTY,
IOWA, LYING DIRECTLY NORTH OF THE NORTH PROPERTY LINE OF LOT 1, SOUTH
PORT 2ND ADDITION, CITY OF WATERLOO
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 2nd day of October 2023.
ATTEST:
Kelley Felchle
Kelley Felchle, City Clerk
Otter -an 9-14r1
Quentin Hart, Mayor
Resolution 2023-624
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. 2023-624 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 2nd day of October 2023.
Witness my hand and seal of office this 2nd day of October 2023.
Kelley Felchle
Kelley Felchle, City Clerk