HomeMy WebLinkAbout2024-708-11.18.2024 (RECORDED) 2025-01751
RECORDED:02/06/2025 02:13:38 PM
RECORDING FEE:$12.00
REVENUE TAX:$
COMBINED FEE:$12.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
* Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319)291-4323.
RESOLUTION NO. 2024-708
A RESOLUTION APPROVING A DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH DHANI RE
WATER, LLC, FOR RENOVATION OF AN EXISTING
COMMERCIAL BUILDING INTO NO LESS THAN TWENTY-
SIX RESIDENTIAL UNITS WITH A $5,000.00 INFILL
HOUSING INCENTIVE PER UNIT, TOTALING $130,000.00,
AND A $290,000.00 GRANT, TOTALING $420,000.00, AND A
MINIMUM ASSESSED VALUE OF $2,400,000.00, WITH
REBATES OF NINETY PERCENT FOR YEARS ONE
THROUGH FIVE, SEVENTY PERCENT FOR YEARS SIX
THROUGH TEN AND FIFTY PERCENT FOR YEARS
ELEVEN THROUGH FIFTEEN, LOCATED AT 722 WATER
STREET, IN THE DOWNTOWN TIF DISTRICT, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo seeks to encourage the redevelopment and
revitalization of the Downtown TIF District by promoting infill housing projects that contribute
to the area's economic and community vitality; and
WHEREAS, Dhani Re Water, LLC proposes to renovate the property located at 722
Water Street into no less than twenty-six residential units, stimulating growth and residential
presence in the downtown area; and
WHEREAS, the City has proposed a Development and Minimum Assessment Agreement
including the following incentives:
• Infill housing incentive of 5,000.00 per unit for a total of$5,000.00 per unit for a total of
$130,000.00.
• A renovation grant totaling$290,000.00.
• Total incentives amounting to$420,000.00.
WHEREAS, this project aligns with the city's strategic objectives for urban renewal and
housing development in the Downtown TIF District.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as
follows:
1. The Development and Minimum Assessment Agreement with Dhani Re Water, LLC,
as detailed above, is hereby approved.
2. The Mayor and City Clerk are authorized and directed to execute said document on behalf
of the City of Waterloo, Iowa.
3. This resolution shall take effect upon its passage and approval.
PASSED AND ADOPTED this 18t day of November 2024.
Resolution 2024-708
Page 2
Qude/G(. y ll vl nicira��v
SIGNED
--
Quentin Hart, Mayor
ATTEST:
Rely FeCchle
SIGNED
Kelley Felchle, City Clerk
CERTIFICATE
I, Kelley Felchle City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution No. 2024-708 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 18th day of November 2024.
Witness my hand and seal of office on this 18th day of November 2024.
7Ce(Cey Felchle
SIGNED
SEAL Kelley Felchle, City Clerk
'llrl A I~
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Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2024-708
A RESOLUTION APPROVING A DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH DHANI RE
WATER, LLC, FOR RENOVATION OF AN EXISTING
COMMERCIAL BUILDING INTO NO LESS THAN TWENTY-
SIX RESIDENTIAL UNITS WITH A $5,000.00 INFILL
HOUSING INCENTIVE PER UNIT, TOTALING $130,000.00,
AND A $290,000.00 GRANT, TOTALING $420,000.00, AND A
MINIMUM ASSESSED VALUE OF $2,400,000.00, WITH
REBATES OF NINETY PERCENT FOR YEARS ONE
THROUGH FIVE, SEVENTY PERCENT FOR YEARS SIX
THROUGH TEN AND FIFTY PERCENT FOR YEARS
ELEVEN THROUGH FIFTEEN, LOCATED AT 722 WATER
STREET, IN THE DOWNTOWN TIF DISTRICT, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo seeks to encourage the redevelopment and
revitalization of the Downtown TIF District by promoting infill housing projects that contribute
to the area's economic and community vitality; and
WHEREAS, Dhani Re Water, LLC proposes to renovate the property located at 722
Water Street into no less than twenty-six residential units, stimulating growth and residential
presence in the downtown area; and
WHEREAS, the City has proposed a Development and Minimum Assessment Agreement
including the following incentives:
• Infill housing incentive of 5,000.00 per unit for a total of $5,000.00 per unit for a total of
$130,000.00.
• A renovation grant totaling $290,000.00.
• Total incentives amounting to $420,000.00.
WHEREAS, this project aligns with the city's strategic objectives for urban renewal and
housing development in the Downtown TIF District.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as
follows:
1. The Development and Minimum Assessment Agreement with Dhani Re Water, LLC,
as detailed above, is hereby approved.
2. The Mayor and City Clerk are authorized and directed to execute said document on behalf
of the City of Waterloo, Iowa.
3. This resolution shall take effect upon its passage and approval.
PASSED AND ADOPTED this 18th day of November 2024.
Resolution 2024-708
Page 2
ATTEST:
Kelley Felchle
Kelley Felchle, City Clerk
CERTIFICATE
Quern ijz 9 zr(
Quentin Hart, Mayor
I, Kelley Felchle City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution No. 2024-708 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 18th day of November 2024.
Witness my hand and seal of office on this 18th day of November 2024.
SEAL
0
Kelley Felchle
Kelley Felchle, City Clerk