HomeMy WebLinkAbout2011-676-07/18/2011This Resolution prepared by Carol Failor, Deputy City Clerk, 715
Mulberry Street, Waterloo, Iowa.
RESOLUTION NO. 2011-676
RESOLUTION APPROVING APPLICATION WITH SA
RUSSELL LAMSON LIMITED PARTNERSHIP FOR TAX
EXEMPTIONS ON IMPROVEMENTS TOTALING $7.8
MILLION FOR PROPERTY LOCATED AT 209 WEST 5TH
STREET IN THE CONSOLIDATED URBAN
REVITALIZATION AREA PLAN, IN THE CITY OF
WATERLOO, BLACK HAWK COUNTY, IOWA.
WHEREAS, SA Russell Lamson Limited Partnership has submitted
an application dated June 23, 2011 to the City Council of the
City of Waterloo, Iowa, requesting to receive tax exemptions on
improvements totaling $7.8 million for property located at 209
West 5th Street, more fully described as follows:
Lots 3, 4, and 5 in Block 9, in the Original Plat on
the West Side of the Cedar River, all in the City of
Waterloo, Black Hawk County, Iowa;
and,
WHEREAS, said property is located within the designated
Consolidated Urban Revitalization Area in Waterloo, Iowa, as
previously established by the City Council of the City of
Waterloo, Iowa, and,
WHEREAS, the improvement project respecting said property is
in conformance with the Consolidated Urban Revitalization 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
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 by
March 1, 2012.
Resolution No. 2011-676
Page 2
PASSED AND ADOPTED this 18th day of July, 2011.
Yz� �- -7�11
Ernest G. Clark, Mayor
ATTEST:
. tt 7y ScInares, CMC
City Clerk