HomeMy WebLinkAbout1986-056-02.03.1986 am C .
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, ,-+ , RESOLUTION NO. 1986-56
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tri ,-: c RESOLUTION APPROVING THE APPLICATION OF PROGRESSIVE TOOL CO. ,
. x �' ` FOR PROPERTY TAX EXEMPTION FUR IMPROVEMENTS PERFORMED ON
1 Y 7 ::: INDUSTRIAL PROPERTIES LOCATED AT 1624 BLACK HAWK STREET WITHIN
i 8 THE CITY OF WATERLOO, IOWA.
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p-, -y a -WHEREAS, Progressive Tool Company has submitted an application dated
s January 30, 1986, to the City Council of the City of Waterloo, Iowa,
E c requesting to receive exemptions from taxation on the actual value
• �•� r` added by improvements to industrial properties located at 1624 Black
W H �4 Hawk Street as follows:
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--4 Hayes Addition Waterloo
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ro Gc d Lot 1 Block 10
x Lot 2 Block 10
• ,r Lot 3 Block 10
Lot 4 Block 10
ti Lot 5 Block 10
City of Waterloo, Black Hawk County, Iowa
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~-:WHEREAS, said properties are located within the Corporate Limits of
s the City of Waterloo, Iowa; and,
WHEREAS, the improvement project respecting said properties are in
�= conformance with the Industrial Property Tax Abatement Ordinance as
officially adopted by the City Council of the City of Waterloo, Iowa;
and,
WHEREAS, the improvements on said properties were made during the
time in which such improvements are eligible for the tax exemption as
set forth in the Industrial Tax Abatement Ordinance as adopted by the
City Council of the City of Waterloo, Iowa, and as set forth in the
Code of Ordinances, City of Waterloo, Iowa, 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 exemption
schedule:
For the First Year - Seventy-Five Percent (75%)
For the Second Year - Sixty Percent (60%)
For the Third Year - Forty-Five Percent (45%)
For the Fourth Year - Thirty Percent (30%)
For the Fifth Year - Fifteen Percent (15%)
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA that said application is hereby approved and said
application and a copy of this resolution to the Assessor by
February 1 , 1986.
Passed and adopted this 3rd day of February, 1986.
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Q: Seeb-r, Mayor Pro Tem
ATTEST:
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Michelle emey r Deputy Clerk/A t�ir
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