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HomeMy WebLinkAbout2024-655-11.04.2024 (RECORDED) 2024-23713 RECORDED:11/21/2024 04:22:32 PM RECORDING FEE:$12.00 REVENUE TAX:$ COMBINED FEE:$12.00 SANDIE L.SMITH,RECORDER BLACK HAWK COUNTY,IOWA 4 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323. RESOLUTION NO. 2024-655 A RESOLUTION APPROVING A DEVELOPMENT AGREEMENT WITH KENT DIERKS FOR THE CONSTRUCTION OF A NEW COMMERCIAL BUILDING WITH A TAX REBATE SCHEDULE OF FIFTY PERCENT FOR FIVE YEARS, AND A MINIMUM ASSESSMENT AGREEMENT OF $574,720.00, LOCATED AT 3169 WEST AIRLINE HIGHWAY, AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE SAID DOCUMENTS. WHEREAS, the City of Waterloo aims to attract and support commercial development to enhance the local economy, generate employment opportunities, and expand the tax base; and WHEREAS, Kent Dierks has proposed the construction of a new commercial building situated at 3169 West Airline Highway, contributing to the economic development goals of the city; and WHEREAS, the parties have negotiated a Development Agreement, which includes a tax rebate schedule providing for a rebate of fifty percent (50%) of property taxes for a duration of five years to incentivize this development; and WHEREAS, the Agreement also includes a Minimum Assessment Agreement of$574,720.00 to ensure a baseline property tax revenue from the developed property; and WHEREAS, it is in the best interest of the City of Waterloo to approve and execute this Development Agreement to stimulate economic growth and ensure a steady revenue stream within the area. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as follows: 1. The Development Agreement with Kent Dierks for the construction of a new commercial building at 3169 West Airline Highway is hereby approved, contingent upon the terms and conditions set forth in said Agreement. 2. The Agreement provides for a tax rebate of fifty percent (50%) of property taxes payable over the first five years following the completion of the building. 3. A Minimum Assessment Agreement of$574,720.00 is established, guaranteeing at least this value in assessment for taxation purposes. 4. The Mayor and City Clerk are hereby authorized and directed to execute said Development Agreement on behalf of the City of Waterloo, Iowa. 5. This resolution shall take effect upon its passage and approval. PASSED AND ADOPTED this 4th day of November 2024. 6161T0.1LV 'kaal "Fe-tA.55 si Jo Ray Feuss, Mayor Pro Tem Resolution 2024-655 Page 2 ATTEST: ld/W 6 DIGITALLY 9 SIGNED Nancy Higby, Deputy City C CERTIFICATE I, Nancy Higby, Deputy City Clerk of the City of Waterloo, Iowa, do hereby certify that the preceding is a true and complete copy of Resolution No. 2024-655 as passed and adopted by the City Council of the City of Waterloo, Iowa, on the 4th day of November 2024. Witness my hand and seal of office this 4th day of November 2024. %a/ �/ 6 DIGfTAtty VV SIGNED y y Nancy Higby, Deputy City C SEAL WAr `, fit" G ,N i/Sl/i~y O `rrsrrrrsrrare. 1.1 Si 11111 It 111" r Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323. RESOLUTION NO. 2024-655 A RESOLUTION APPROVING A DEVELOPMENT AGREEMENT WITH KENT DIERKS FOR THE CONSTRUCTION OF A NEW COMMERCIAL BUILDING WITH A TAX REBATE SCHEDULE OF FIFTY PERCENT FOR FIVE YEARS, AND A MINIMUM ASSESSMENT AGREEMENT OF $574,720.00, LOCATED AT 3169 WEST AIRLINE HIGHWAY, AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE SAID DOCUMENTS. WHEREAS, the City of Waterloo aims to attract and support commercial development to enhance the local economy, generate employment opportunities, and expand the tax base; and WHEREAS, Kent Dierks has proposed the construction of a new commercial building situated at 3169 West Airline Highway, contributing to the economic development goals of the city; and WHEREAS, the parties have negotiated a Development Agreement, which includes a tax rebate schedule providing for a rebate of fifty percent (50%) of property taxes for a duration of five years to incentivize this development; and WHEREAS, the Agreement also includes a Minimum Assessment Agreement of $574,720.00 to ensure a baseline property tax revenue from the developed property; and WHEREAS, it is in the best interest of the City of Waterloo to approve and execute this Development Agreement to stimulate economic growth and ensure a steady revenue stream within the area. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as follows: 1. The Development Agreement with Kent Dierks for the construction of a new commercial building at 3169 West Airline Highway is hereby approved, contingent upon the terms and conditions set forth in said Agreement. 2. The Agreement provides for a tax rebate of fifty percent (50%) of property taxes payable over the first five years following the completion of the building. 3. A Minimum Assessment Agreement of $574,720.00 is established, guaranteeing at least this value in assessment for taxation purposes. 4. The Mayor and City Clerk are hereby authorized and directed to execute said Development Agreement on behalf of the City of Waterloo, Iowa. 5. This resolution shall take effect upon its passage and approval. PASSED AND ADOPTED this 4th day of November 2024. Ray Feuss, Mayor Pro Tem Resolution 2024-655 Page 2 ATTEST: 9ValIC n 6 Nancy Higby, Deputy City CERTIFICATE I, Nancy Higby, Deputy City Clerk of the City of Waterloo, Iowa, do hereby certify that the preceding is a true and complete copy of Resolution No. 2024-655 as passed and adopted by the City Council of the City of Waterloo, Iowa, on the 4th day of November 2024. Witness my hand and seal of office this 4th day of November 2024. Aran( qq Nancy Higby, Deputy City SEAL