HomeMy WebLinkAbout2024-709-11.18.2024 (RECORDED) 2025-01749
RECORDED:02/06/2025 02:13:36 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. 2024-709
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH WATERLOO CROSSROADS
DEVELOPMENT, LLC, FOR THE ACQUISITION,
DEMOLITION, AND REDEVELOPMENT OF THE
CROSSROADS MALL AREA, WITH OVER $20 MILLION IN
IMPROVEMENTS PLANNED FOR THE REDEVELOPMENT
OF THE SITE, AND AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE SAID DOCUMENTS.
WHEREAS, the City of Waterloo aims to promote economic growth and revitalization
through significant redevelopment projects within the city; and
WHEREAS, Waterloo Crossroads Development, LLC proposes to undertake the
acquisition, demolition, and redevelopment of the Crossroads Mall area, with a planned investment
exceeding$20 million; and
WHEREAS, this redevelopment is expected to create substantial improvements to the site,
enhancing economic opportunities,employment,and community engagement in the area; and
WHEREAS, a Development Agreement has been prepared to outline the responsibilities,
timelines, financial considerations, and expected outcomes associated with the redevelopment
project;and
WHEREAS, it is in the best interest of the City to approve this agreement to facilitate the
transformation of the Crossroads Mall area into a vibrant,economically productive site.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as
follows:
I. The Development Agreement with Waterloo Crossroads Development, LLC, detailing
the redevelopment of the Crossroads Mall area with planned improvements exceeding $20
million, 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. ,,,/// ��/
Q' 'of�n ' - i� DIGITALLY
(,(,� (,�� J � �SIGNED
ATTEST: Quentin Hart, Mayor
Kelley Felchle Bat
SIGNED
Kelley Feichle, City Clerk
Resolution 2024-709
Page 2
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. 2024-709 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.
7(elley Felchle asTri""
SIGNED
SEAL Kelley Felchle, City Clerk
V 0
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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. 2024-709
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH WATERLOO CROSSROADS
DEVELOPMENT, LLC, FOR THE ACQUISITION,
DEMOLITION, AND REDEVELOPMENT OF THE
CROSSROADS MALL AREA, WITH OVER $20 MILLION IN
IMPROVEMENTS PLANNED FOR THE REDEVELOPMENT
OF THE SITE, AND AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE SAID DOCUMENTS.
WHEREAS, the City of Waterloo aims to promote economic growth and revitalization
through significant redevelopment projects within the city; and
WHEREAS, Waterloo Crossroads Development, LLC proposes to undertake the
acquisition, demolition, and redevelopment of the Crossroads Mall area, with a planned investment
exceeding $20 million; and
WHEREAS, this redevelopment is expected to create substantial improvements to the site,
enhancing economic opportunities, employment, and community engagement in the area; and
WHEREAS, a Development Agreement has been prepared to outline the responsibilities,
timelines, financial considerations, and expected outcomes associated with the redevelopment
project; and
WHEREAS, it is in the best interest of the City to approve this agreement to facilitate the
transformation of the Crossroads Mall area into a vibrant, economically productive site.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as
follows:
1. The Development Agreement with Waterloo Crossroads Development, LLC, detailing
the redevelopment of the Crossroads Mall area with planned improvements exceeding $20
million, 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.
Qcue is 91,a,r6
ATTEST: Quentin Hart, Mayor
Belle Felchle
Kelley Felchle, City Clerk
Resolution 2024-709
Page 2
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. 2024-709 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
WAr
0
0
(elley Felchle
Kelley Felchle, City Clerk