HomeMy WebLinkAbout2024-221-04.15.2024 (RECORDED) 2025-01753
RECORDED:02/06/2025 02:13:40 PM
RECORDING FEE:$12.00
REVENUE TAX:$
COMBINED FEE:$12.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
*Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319)291-4323.
RESOLUTION NO. 2024-221
RESOLUTION APPROVING A DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH GEARHEART
MOORE HOLDINGS, LLC, WITH GRANT PAYMENT OF
EACH SIX-MONTH PROPERTY TAX INSTALLMENT, LESS
$5,000.00 FOR EACH INSTALLMENT FOR A PERIOD OF
FIFTEEN YEARS, INFILL HOUSING INCENTIVE OF
$5,000.00 PER UNIT, AND COOPERATION FROM THE CITY
FOR THE COMPANY SECURING A $1,500,000.00 STATE
BROWNFIELD/GRAYFIELD TAX CREDIT, FOR THE
RENOVATION OF THE FORMER RATH ADMINISTRATION
BUILDING, WITH A MINIMUM ASSESSED VALUE OF
$1,335,410.00, 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 15, 2024,
between Gearheart Moore Holdings, LLC and the City of Waterloo, Iowa, with grant payment of
each six-month property tax installment, less $5,000.00 for each installment for a period of
fifteen years, infill housing incentive of$5,000.00 per unit, and cooperation from the City for the
company securing a$1,500,000.00 state Brownfield/Grayfield Tax Credit, for the renovation of
the former Rath Administration Building,with a minimum assessed value of$1,335,410.00, 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 15`h day of April 2024.
Feut.55 DIGITALLY
SIGNED
J
ATTEST: Ray Feuss, Mayor Pro Tern
(elley Felchle UIGITA""
SIGNED
Kelley Felchle, City Clerk
Resolution 2024-221
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. 2024-221 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 15`1' day of April 2024.
Witness my hand and seal of office this 15`h' day of April 2024.
Kelley Felchle `»
ye
SEAL Kelley Felchle, City Clerk
0
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Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2024-221
RESOLUTION APPROVING A DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH GEARHEART
MOORE HOLDINGS, LLC, WITH GRANT PAYMENT OF
EACH SIX-MONTH PROPERTY TAX INSTALLMENT, LESS
$5,000.00 FOR EACH INSTALLMENT FOR A PERIOD OF
FIFTEEN YEARS, INFILL HOUSING INCENTIVE OF
$5,000.00 PER UNIT, AND COOPERATION FROM THE CITY
FOR THE COMPANY SECURING A $1,500,000.00 STATE
BROWNFIELD/GRAYFIELD TAX CREDIT, FOR THE
RENOVATION OF THE FORMER RATH ADMINISTRATION
BUILDING, WITH A MINIMUM ASSESSED VALUE OF
$1,335,410.00, 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 15, 2024,
between Gearheart Moore Holdings, LLC and the City of Waterloo, Iowa, with grant payment of
each six-month property tax installment, less $5,000.00 for each installment for a period of
fifteen years, infill housing incentive of $5,000.00 per unit, and cooperation from the City for the
company securing a $1,500,000.00 state Brownfield/Grayfield Tax Credit, for the renovation of
the former Rath Administration Building, with a minimum assessed value of $1,335,410.00, 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 15th day of April 2024.
ATTEST: Ray Feuss, Mayor Pro Tem
Kelley Felchle SIGNEv
SIGNE6
Kelley Felchle, City Clerk
Resolution 2024-221
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. 2024-221 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 15th day of April 2024.
Witness my hand and seal of office this 15th day of April 2024.
SEAL
WAr
0
0
�eCCey EeCchCe
Kelley Felchle, City Clerk