HomeMy WebLinkAbout2024-179-04.01.2024Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2024-179
RESOLUTION APPROVING A DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH RIVER
PLAZA INVESTMENTS, LLC, FOR RENOVATION OF AN
EXISTING COMMERCIAL BUILDING INTO NO LESS THAN
56 RESIDENTIAL UNITS WITH A $5,000.00 INFILL
HOUSING INCENTIVE PER UNIT, HAVING A MINIMUM
ASSESSED VALUE OF $6,730,000.00, WITH REBATES OF
FIFTY PERCENT FOR TEN YEARS, LOCATED AT 10 WEST
4TH STREET, IN THE DOWNTOWN TIF DISTRICT, 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 and Minimum Assessment Agreement dated April 1, 2024,
between River Plaza Investments, LLC and the City of Waterloo, Iowa, for the renovation of an
existing commercial building into no less than 56 residential units with a $5,000.00 infill housing
incentive per unit, having a minimum assessed value of $6,730,000.00, with rebates of fifty
percent for ten years, located at 10 West 4th Street, in the Downtown TIF District, 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 1st day of April 2024.
ATTEST:
Kelley Felchle
Kelley Felchle, City Clerk
QuetiWz 9-tar(
Quentin Hart, Mayor
Resolution 2024-179
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. 2024-179 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 1st day of April 2024.
SEAL
Witness my hand and seal of office this 1st day of April 2024.
Kelley Felcfile
Kelley Felchle, City Clerk