HomeMy WebLinkAbout2024-029-01.16.2024 (RECORDED) 2025-01735
RECORDED:02/06/2025 02:13:22 PM
RECORDING FEE:$12.00
REVENUE TAX:$
COMBINED FEE:$12.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
4`Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319)291-4323.
RESOLUTION NO. 2024-029
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH PWM 1 WAREHOUSE, LLC, FOR THE
CONSTRUCTION OF A COMMERCIAL BUILDING NO LESS
THAN 83,900 SQUARE FEET, MINIMUM ASSESSMENT
AGREEMENT WITH A MINIMUM ASSESSED VALUE OF
$4,200,000.00, TAX REBATES OF 95 PERCENT FOR YEARS
ONE THROUGH ELEVEN, 55 PERCENT FOR YEAR
TWELVE AND FIFTY PERCENT FOR YEARS THIRTEEN
THROUGH SEVENTEEN, ON PROPERTY LOCATED
NORTHWEST OF 3530 MARNIE AVENUE IN THE MARTIN
ROAD TIF DISTRICT, AND AUTHORIZE MAYOR AND CITY
CLERK TO EXECUTE SAID DOCUMENTS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA
AS FOLLOWS:
1. That the Development and Minimum Assessment Agreements dated January 16, 2024,
between PWM 1 Warehouse, LLC and the City of Waterloo, Iowa, for the construction of a
commercial building located northwest of 3530 Mamie Avenue, in the Martin Road TIF
District, and legally described as follows:
LOTS 8-10, CEDAR VALLEY CROSSING, CITY OF WATERLOO, BLACK
HAWK COUNTY, IOWA
are hereby approved.
BE IT FURTHER RESOLVED AS FOLLOWS:
1. That the construction of the building is to be no less than 83,900 square feet.
2. That there is to be a minimum assessed value of$420,000.00,with tax rebates
of 95 percent for years one through eleven, fifty-five percent for year twelve, and fifty
percent for years thirteen through seventeen.
3. 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 16th day of January 2024.
SIGNED.
ATTEST:
Quentin Hart, Mayor Noor
Kelley FeCchCe '✓o
Kelley Felchle, City Clerk
Resolution 2024-029
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. 2024-029 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 16th day of January 2024.
Witness my hand and seal of office this 16th day of January 2024.
RetteycFelchle °SIGN'°"AED""
SEAL Kelley Felchle, City Clerk
A7.
A. et
7vil
Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2024-029
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH PWM 1 WAREHOUSE, LLC, FOR THE
CONSTRUCTION OF A COMMERCIAL BUILDING NO LESS
THAN 83,900 SQUARE FEET, MINIMUM ASSESSMENT
AGREEMENT WITH A MINIMUM ASSESSED VALUE OF
$4,200,000.00, TAX REBATES OF 95 PERCENT FOR YEARS
ONE THROUGH ELEVEN, 55 PERCENT FOR YEAR
TWELVE AND FIFTY PERCENT FOR YEARS THIRTEEN
THROUGH SEVENTEEN, ON PROPERTY LOCATED
NORTHWEST OF 3530 MARNIE AVENUE IN THE MARTIN
ROAD TIF DISTRICT, AND AUTHORIZE MAYOR AND CITY
CLERK TO EXECUTE SAID DOCUMENTS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA
AS FOLLOWS:
1. That the Development and Minimum Assessment Agreements dated January 16, 2024,
between PWM 1 Warehouse, LLC and the City of Waterloo, Iowa, for the construction of a
commercial building located northwest of 3530 Marnie Avenue, in the Martin Road TIF
District, and legally described as follows:
LOTS 8-10, CEDAR VALLEY CROSSING, CITY OF WATERLOO, BLACK
HAWK COUNTY, IOWA
are hereby approved.
BE IT FURTHER RESOLVED AS FOLLOWS:
1. That the construction of the building is to be no less than 83,900 square feet.
2. That there is to be a minimum assessed value of $420,000.00, with tax rebates
of 95 percent for years one through eleven, fifty-five percent for year twelve, and fifty
percent for years thirteen through seventeen.
3. 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 16th day of January 2024.
ATTEST:
7(elley Felchle
Kelley Felchle, City Clerk
62ce cW 9 r
Quentin Hart, Mayor
Resolution 2024-029
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. 2024-029 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 16th day of January 2024.
Witness my hand and seal of office this 16th day of January 2024.
SEAL
WAr
0
0
7elley Eelchle
Kelley Felchle, City Clerk