HomeMy WebLinkAbout2023-744-11.20.2023 (RECORDED) I IIllIIII 1111 II IIllhI H IIHI HI III
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Recorded: 12/01/2023 at 03:24:45 PM
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Black Hawk County Iowa
SANDIE L. SMITH RECORDER i
File2024-0000 /7 2 13
Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319)291-4323.
RESOLUTION NO. 2023-744
RESOLUTION APPROVING A DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH THE MARTIN
FLATS, LLC, FOR THE REHABILITATION OF 319 E. 4TH
STREET INTO COMMERCIAL AND RESIDENTIAL SPACE,
INCLUDING A GRANT OF $199,000.00, PLUS REBATES FOR
FIFTEEN YEARS AT SEVENTY PERCENT, WITH A
MINIMUM ASSESSED VALUE OF $993,060.00 UPON
COMPLETION, 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 Development Agreement dated November 20, 2023, between Martin Flats,
LLC and the City of Waterloo, for the rehabilitation of 319 E. 4th Street into commercial and
residential space, including a grant of$199,000.00, plus rebates for fifteen years at seventy
percent,with a minimum assessed value of$993,060.00 upon completion, and legally described
as follows:
THE SOUTHWESTERLY 40 FEET OF THE SOUTHEASTERLY 95 FEET OF LOT 4,
BLOCK 29, ORIGINAL PLAT, EAST SIDE OF THE CEDAR RIVER,CITY OF
WATERLOO, BLACK HAWK COUNTY, IOWA
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 20th day of November 2023.
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ATTEST: Quentin Hart, Mayor
7(elley Felchle ""rt"""
SIGNED
Kelley Felchle, City Clerk
I1.5.1N,
Resolution 2023-744
Page 2
CERTIFICATE
I, Kelley Felchle, Clerk of the City of Waterloo, Iowa, do hereby certify that the preceding
is a true and complete copy of Resolution No. 2023-744 as passed and adopted by the City
Council of the City of Waterloo, Iowa,on the 20th day of November 2023.
Witness my hand and seal of office this 20th day of November 2023.
Kelley Felchle °'A''A"Y
SIGNED
SEAL Kelley Felchle, City Clerk
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• .AM 11111 II`IAKIII1471,./y
Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2023-744
RESOLUTION APPROVING A DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH THE MARTIN
FLATS, LLC, FOR THE REHABILITATION OF 319 E. 4TH
STREET INTO COMMERCIAL AND RESIDENTIAL SPACE,
INCLUDING A GRANT OF $199,000.00, PLUS REBATES FOR
FIFTEEN YEARS AT SEVENTY PERCENT, WITH A
MINIMUM ASSESSED VALUE OF $993,060.00 UPON
COMPLETION, 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 Development Agreement dated November 20, 2023, between Martin Flats,
LLC and the City of Waterloo, for the rehabilitation of 319 E. 4th Street into commercial and
residential space, including a grant of $199,000.00, plus rebates for fifteen years at seventy
percent, with a minimum assessed value of $993,060.00 upon completion, and legally described
as follows:
THE SOUTHWESTERLY 40 FEET OF THE SOUTHEASTERLY 95 FEET OF LOT 4,
BLOCK 29, ORIGINAL PLAT, EAST SIDE OF THE CEDAR RIVER, CITY OF
WATERLOO, BLACK HAWK COUNTY, IOWA
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 20th day of November 2023.
ATTEST:
Kelley Felchle
Kelley Felchle, City Clerk
Quentin Hart, Mayor
Resolution 2023-744
Page 2
CERTIFICATE
I, Kelley Felchle, Clerk of the City of Waterloo, Iowa, do hereby certify that the preceding
is a true and complete copy of Resolution No. 2023-744 as passed and adopted by the City
Council of the City of Waterloo, Iowa, on the 20th day of November 2023.
SEAL
Witness my hand and seal of office this 20th day of November 2023.
Kelley Felchle
Kelley Felchle, City Clerk