HomeMy WebLinkAbout2023-762-12.04.2023Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2023-762
RESOLUTION APPROVING THE PRE -CONSTRUCTION
REQUEST BY PRAIRIE RAPIDS SQUARE II, LLC, FOR TAX
EXEMPTIONS ON THE CONSTRUCTION OF A NEW 48-
UNIT MULTIFAMILY RESIDENCE BUILDING, FOR
PROPERTY LOCATED EAST OF 3121 KIMBALL AVENUE
AND LOCATED IN THE CITY LIMITS URBAN
REVITALIZATION AREA (CLURA).
WHEREAS, Prairie Rapids Square II, LLC, submitted an application dated November 8,
2023, to the City Council of the City of Waterloo, Iowa, requesting to receive tax exemptions on
the construction of a new 48-unit multifamily residence building, for property located at 3121
Kimball Avenue, and located in the City Limits Urban Revitalization Area (CLURA), more fully
described as follows:
PARCEL "D" OF PLAT OF SURVEY DOC. #2009-06842, A PART OF
THE NORTHWEST FRACTIONAL QUARTER OF SECTION 3,
TOWNSHIP 88 NORTH, RANGE 13 WEST OF THE 5TH P.M., CITY
OF WATERLOO, BLACK HAWK COUNTY, IOWA.
Subject to easements, restrictions, covenants, ordinances, and limited access provisions of
records, and
WHEREAS, said property is located within the designated City Limits Urban
Revitalization Area (CLURA) in Waterloo, Iowa, as previously established by the City Council
of the City of Waterloo, Iowa, and
WHEREAS, the new construction project respecting said property is in conformance with
the City Limits Urban Revitalization Area (CLURA) Plan as officially adopted by the City
Council for the City of Waterloo, Iowa, and
WHEREAS, the new construction on said property was made during the time in which
such improvements are eligible for the tax exemption as set forth in the City Limits Urban
Revitalization Area (CLURA) Plan as adopted by the City Council of the City of Waterloo, Iowa,
and as set forth in the Urban Revitalization Act 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 10-year partial exemption
schedule:
For the first year 80%
For the second year 70%
For the third year 60%
For the fourth year 50%
For the fifth year 40%
For the sixth year 40%
For the seventh year 30%
For the eighth year 30%
For the ninth year 20%
For the tenth year 20%
Resolution 2023-762
Page 2
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.
PASSED AND ADOPTED this 4th day of December 2023.
62uertan 9-rt
Quentin Hart, Mayor
ATTEST:
ReCley Felchle
9 SIGNEI
Kelley Felchle, City Clerk
SEAL
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