HomeMy WebLinkAbout2024-462-08.05.2024 (RECORDED) 2024-21129
RECORDED:10/01/2024 03:34:55 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. 2024-462
RESOLUTION APPROVING A DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH FDP OC,
LLC, FOR THE REHABILITATION OF 503 COMMERCIAL
STREET INTO A MULTI-STORY, MIXED-USE BUILDING OF
APPROXIMATELY SEVENTY-EIGHT APARTMENT UNITS
ON THE UPPER LEVELS AND A RETAIL STOREFRONT ON
THE GROUND FLOOR, INCLUDING THE INFILL HOUSING
INCENTIVE OF $5,000.00 PER RESIDENTIAL UNIT,
PROPERTY TAX REBATES FOR YEARS ONE THROUGH
FIVE AT NINETY-FIVE PERCENT, YEARS SIX THROUGH
TEN AT NINETY PERCENT, AND YEARS ELEVEN
THROUGH FIFTEEN AT EIGHTY-FIVE PERCENT,
PAYMENT OF FIFTY PERCENT FOR REMOVAL OF
EXTERIOR PANELING AT $28,375.00 AND A MINIMUM
ASSESSMENT AGREEMENT OF $7,500,000.00, AND
AUTHORIZING THE 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 Agreement dated August 5, 2024,
between FDP OC, LLC, and the City of Waterloo, Iowa, for the rehabilitation 503 Commercial
Street into a multi-story, mixed-use building of approximately seventy-eight apartment units on
the upper levels and a retail storefront on the ground floor, with a Minimum Assessment
Agreement of$7,500,000.00, is hereby approved.
2. That a$5,000.00 infill housing grant per residential unit, is hereby approved.
3. That property tax rebates for years one through five at ninety-five percent, years six
through ten at ninety percent, and years eleven through fifteen at eighty-five percent are hereby
approved
4. That payment of fifty percent for removal of exterior paneling at$28,375.00, is hereby
approved.
5. 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 5th day of August 2024.
Qudeft4tz,[ 9ir( DIGITALLY
SIGNED
Nef
ATTEST: Quentin Hart, Mayor
N G.vti.c.1 44 h SIG-ALLY
SIGNED
Nancy Higby, Deputy City Clerk
Resolution 2024-462
Page 2
CERTIFICATE
I, Nancy Higby, Deputy City Clerk of the City of Waterloo, Iowa, do hereby certify that
the preceding is a true and complete copy of Resolution No. 2024-462 as passed and adopted by
the City Council of the City of Waterloo, Iowa, on the 5th day of August 2024.
Witness my hand and seal of office on this 5th day of August 2024.
w9 44 171 NE
SEAL Nancy Higby, Deputy City Clerk
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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. 2024-462
RESOLUTION APPROVING A DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH FDP OC,
LLC, FOR THE REHABILITATION OF 503 COMMERCIAL
STREET INTO A MULTI -STORY, MIXED -USE BUILDING OF
APPROXIMATELY SEVENTY-EIGHT APARTMENT UNITS
ON THE UPPER LEVELS AND A RETAIL STOREFRONT ON
THE GROUND FLOOR, INCLUDING THE INFILL HOUSING
INCENTIVE OF $5,000.00 PER RESIDENTIAL UNIT,
PROPERTY TAX REBATES FOR YEARS ONE THROUGH
FIVE AT NINETY-FIVE PERCENT, YEARS SIX THROUGH
TEN AT NINETY PERCENT, AND YEARS ELEVEN
THROUGH FIFTEEN AT EIGHTY-FIVE PERCENT,
PAYMENT OF FIFTY PERCENT FOR REMOVAL OF
EXTERIOR PANELING AT $28,375.00 AND A MINIMUM
ASSESSMENT AGREEMENT OF $7,500,000.00, AND
AUTHORIZING THE 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 Agreement dated August 5, 2024,
between FDP OC, LLC, and the City of Waterloo, Iowa, for the rehabilitation 503 Commercial
Street into a multi -story, mixed -use building of approximately seventy-eight apartment units on
the upper levels and a retail storefront on the ground floor, with a Minimum Assessment
Agreement of $7,500,000.00, is hereby approved.
2. That a $5,000.00 infill housing grant per residential unit, is hereby approved.
3. That property tax rebates for years one through five at ninety-five percent, years six
through ten at ninety percent, and years eleven through fifteen at eighty-five percent are hereby
approved
4. That payment of fifty percent for removal of exterior paneling at $28,375.00, is hereby
approved.
5. 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 5th day of August 2024.
ATTEST:
N A.A,Gc.) 4-14,5 171
Nancy Higby, Deputy City Clerk
Qu1eftlitz 9-(art
SIGNED
.di
Quentin Hart, Mayor
Resolution 2024-462
Page 2
CERTIFICATE
I, Nancy Higby, Deputy City Clerk of the City of Waterloo, Iowa, do hereby certify that
the preceding is a true and complete copy of Resolution No. 2024-462 as passed and adopted by
the City Council of the City of Waterloo, Iowa, on the 5th day of August 2024.
Witness my hand and seal of office on this 5th day of August 2024.
Nancy Higby, Deputy City Clerk