HomeMy WebLinkAbout2011-110-02/14/2011RESOLUTION NO. 2011-110
RESOLUTION APPROVING FIRST AMENDMENT TO
DEVELOPMENT AGREEMENT WITH RICHARD C. MAUER
AND DIRECTING EXECUTION OF SAID AMENDMENT BY
MAYOR.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the Development Agreement dated October 16, 2006, by
Resolution No. 2006-919, to develop a 25,000 square foot building
on a 5.8 acre site generally located along Ridgeway Avenue, just
east of the Greenbelt, with a minimum taxable value of
$6,000,000.00 and tax rebatements for ten (10) years at 500
(percent), by and between Richard C. Mauer of Waterloo, Iowa, and
the City of Waterloo, Iowa; and
IS HEREBY AMENDED to state the Minimum Taxable Assessment
Agreement shall be amended to reflect a new minimum amount of
$2,989,180.00 and the Development Agreement shall be amended to
reduce the number of years for tax rebates from 10 years to 5
years, and said amendment be and the same is hereby approved, and
the Mayor authorized to execute the same in behalf of the City of
Waterloo, Iowa.
PASSED AND ADOPTED this 14th day of February, 2011.
Ernest G. Clark, Mayor
ATTEST:
y Sch res, CMC
City Clerk