HomeMy WebLinkAbout2010-390-5 /24/2010RESOLUTION NO. 2010-390
RESOLUTION APPROVING APPLICATION WITH CEDAR
VALLEY COLONIAL APTS. LLC FOR TAX EXEMPTIONS
ON IMPROVEMENTS TOTALING $770,000.00 FOR
PROPERTY LOCATED AT 801 WEST 4TH STREET IN
THE CONSOLIDATED URBAN REVITALIZATION AREA
PLAN, IN THE CITY OF WATERLOO, BLACK HAWK
COUNTY, IOWA.
WHEREAS, Cedar Valley Colonial Apts. LLC has submitted an
application dated May 13, 2010 to the City Council of the City of
Waterloo, Iowa, requesting to receive tax exemptions on
improvements totaling $770,000.00 for property located at 801
West 4th Street, more fully described as follows:
Leavitts Addition Lots 13 and 14 Block 1 except
commencing on the Northeast line of alley 62M feet
Northwest from the Southwest corner of Lot 12, thence
Northeast to a point on the Southwest line of
Wellington Street 82 1/3 feet Northwest from the
Southeast corner of Lot 12, thence Southeast along the
Southwest line of Wellington Street to the Southeast
corner of Lot 13, thence Southwest along the Southeast
line of Lot 13 to the Southwest corner of Lot 13,
thence Northwest to the beginning, all in the City of
Waterloo, Black Hawk County, Iowa;
and,
WHEREAS, said property is located within the designated
Consolidated Urban Revitalization Area in Waterloo, Iowa, as
previously established by the City Council of the City of
Waterloo, Iowa,
and,
WHEREAS, the improvement project respecting said property is
in conformance with the Consolidated Urban Revitalization Plan as
officially adopted by the City Council for the City of Waterloo,
Iowa, and
WHEREAS, the improvements on said property were made during
the time in which such improvements are eligible for the tax
exemption as set forth in the Consolidated Urban Revitalization
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
exemption schedule:
For
the
first year
80%
For
the
second year
7006
For
the
third year
600
For
the
fourth year
500-o
For
the
fifth year
400-.
For
the
sixth year
400-.
For
the
seventh year
300-.
For
the
eighth year
300-o
For
the
ninth year
200-o
For
the
tenth year
200-o
Resolution No. 2010-390
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 by
March 1, 2011.
PASSED AND ADOPTED this 24th day of May, 2010.
Ernest G. Clark, Mayor
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City Clerk