HomeMy WebLinkAbout2024-609-10.07.2024Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2024-609
RESOLUTION APPROVING THE ASSIGNMENT OF
DEVELOPMENT AGREEMENT WITH BCS PROPERTIES
LLC AND GAC REAL ESTATE, LLC, AND LINCOLN
SAVINGS BANK, FOR THE DEVELOPMENT AGREEMENT
ORIGINALLY APPROVED ON JULY 3, 2019, IN
CONJUNCTION WITH THE DEVELOPMENT OF PROPERTY
LOCATED AT THE NORTHEAST CORNER OF HIGHWAY 63
AND RIDGEWAY AVENUE, ASSIGNING THE REBATES
FOR THE PROJECT TO LINCOLN SAVINGS BANK, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo previously entered into a Development Agreement with
BCS Properties LLC and GAC Real Estate, LLC, for the development of property located at the
northeast corner of Highway 63 and Ridgeway Avenue, which was approved on July 3, 2019; and
WHEREAS, Lincoln Savings Bank has agreed to receive assignment of the rebates
specified in the original Development Agreement, as provided for the aforementioned development
project; and
WHEREAS, the assignment of such rights to Lincoln Savings Bank is deemed to be in the
interest of facilitating the financial arrangements necessary for the successful advancement of the
project; and
WHEREAS, the City Council finds it appropriate to approve the assignment and authorize
the necessary execution to implement the updated financial framework of the project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as
follows:
1. The Assignment of the Development Agreement, with recognized parties BCS
Properties LLC, GAC Real Estate, LLC, and Lincoln Savings Bank, assigning the rebates to
Lincoln Savings Bank for the previously approved Development Agreement, is hereby approved.
2. The Mayor and City Clerk are authorized and directed to execute said agreement.
3. This resolution shall take effect upon its passage and approval.
PASSED AND ADOPTED this 7t' day of October 2024.
Resolution 2024-609
Page 2
ATTEST:
Kelley Felchle
Kelley Felchle, City Clerk
SEAL
1.1
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• ILIUM LII II oeI II LI11111 •
DIGITALLY
SIGNED
62aertan 9-tar-6
Quentin Hart, Mayor
DIGITALLY
SIGNED