HomeMy WebLinkAbout2024-673-11.18.2024Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2024-673
A RESOLUTION SETTING THE DATE FOR A PUBLIC
HEARING ON THE SALE AND CONVEYANCE OF CITY -
OWNED PROPERTY LOCATED AT 715 MULBERRY
STREET AND 626 MULBERRY STREET TO FDP CD, LLC,
AND THE ACQUISITION OF PROPERTY LOCATED AT 100
E. 4TH STREET.
WHEREAS, the City of Waterloo, Iowa, owns properties located at 715 Mulberry Street
and 626 Mulberry Street, herein referred to as the "City Properties"; and
WHEREAS, FDP CD, LLC, desires to acquire these City Properties for the sum of $1.00
and in exchange offers to convey to the City the property located at 100 E. 4th Street, valued at
$1.00; and
WHEREAS, along with the property exchange, a Development Agreement and Minimum
Assessment Agreement including a grant of $6,200,000, an annual tax support grant equal to the
amount of tax increment collected by the City, and seventy percent tax rebates for fifteen years
for each completed phase are proposed; and
WHEREAS, Iowa Code Chapter 364.7 requires that before the City may dispose of an
interest in real property, the City Council must set a public hearing to consider the proposal.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as
follows:
1. The Council of the City of Waterloo, Iowa, shall meet in the Harold E. Getty Council
Chambers at City Hall, Waterloo, Iowa, at 5:30 p.m. on the 2nd day of December 2024, to hold a
public hearing to consider the proposed sale and conveyance of the City Properties to FDP CD,
LLC, the acquisition of the property located at 100 E. 4th Street, and the associated Development
Agreement and Minimum Assessment Agreement.
2. That said transaction will include consideration of a grant in the amount of $6,200,000,
an annual tax support grant equal to the amount of the tax increment collected by the City, and
seventy percent tax rebates for a period of fifteen years for each completed phase.
by law.
3. The City Clerk is hereby directed to publish notice of said public hearing as required
4. This resolution shall take effect upon its passage and approval.
PASSED AND ADOPTED this 18th day of November 2024.
62aemin 9 lit
Quentin Hart, Mayor
Resolution 2024-673
Page 2
ATTEST:
Kelley Felchle
Kelley Felchle, City Clerk
SEAL
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