HomeMy WebLinkAbout2024-501-09.03.2024Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2024-501
RESOLUTION APPROVING THE REQUEST BY SEMS
STORAGE LLC, FOR TAX EXEMPTIONS ON THE
CONSTRUCTION OF A NEW 8-BAY STORAGE UNIT
BUILDING VALUED AT $450,000.00, FOR PROPERTY
LOCATED AT 175 W. 16TH STREET AND LOCATED IN THE
CONSOLIDATED URBAN REVITALIZATION AREA (CURA).
WHEREAS, SEMS Storage LLC, has submitted an application dated June 6, 2024, to the
City Council of the City of Waterloo, Iowa, requesting to receive tax exemptions on the
construction of a new 8-bay storage unit building valued at $450,000.00, for property located at
175 W. 16th Street and located in the Consolidated Urban Revitalization Area (CURA), more
fully described as follows:
LOT 5 IN BLOCK 12 IN HAYES' ADDITION TO THE TOWN OF
WATERLOO, IOWA.
Subject to easements, restrictions, covenants, ordinances, and limited access provisions of
records, and
WHEREAS, said property is located within the designated Consolidated Urban
Revitalization Area (CURA) in Waterloo, Iowa, as previously established by the City Council of
the City of Waterloo, Iowa, and
WHEREAS, the construction improvements are in conformance with the Consolidated
Urban Revitalization Area (CURA) Plan as officially adopted by the City Council for the City of
Waterloo, Iowa, and
WHEREAS, the improvements on said property were made during the time in which
such improvements are eligible for the tax exemption as set forth in the Consolidated Urban
Revitalization Area (CURA) Plan as adopted by the City Council of the City of Waterloo, Iowa,
and as set forth in the Urban Revitalization Act as adopted by the Legislature of the State of Iowa
and signed by the Governor of the State of Iowa, and
WHEREAS, said applicant is requesting the following 10-year partial exemption
schedule:
For the first year 80%
For the second year 70%
For the third year 60%
For the fourth year 50%
For the fifth year 40%
For the sixth year 40%
For the seventh year 30%
For the eighth year 30%
For the ninth year 20%
For the tenth year 20%
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WATERLOO, IOWA, that said application is hereby approved and the City Clerk is hereby
authorized and directed to forward said application and a copy of this resolution to the Assessor.
PASSED AND ADOPTED this 3rd day of September 2024.
Resolution No. 2024-501
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SIGNED
Ray Feuss, Mayor Pro Tem
ATTEST:
�eCCey EeCcFiCe
Kelley Felchle, City Clerk
SEAL
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