HomeMy WebLinkAbout2024-725-12.02.2024 (RECORDED) 2025-01741
RECORDED:02/06/2025 02:13:28 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. 2024-725
A RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT AND MINIMUM ASSESSMENT AGREEMENT
WITH FDP CD, LLC INCLUDING THE SALE AND
CONVEYANCE OF CITY-OWNED PROPERTY, LOCATED
AT 715 MULBERRY STREET AND 626 MULBERRY STREET,
IN THE AMOUNT OF $1.00, IN EXCHANGE FOR THE
ACQUISITION OF A PROPERTY LOCATED AT 100 E. 4TH
STREET IN THE AMOUNT OF $1.00, INCLUDING A GRANT
OF $6,200,000.00, 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.
WHEREAS, the City of Waterloo, Iowa, owns certain properties located at 715 Mulberry
Street and 626 Mulberry Street, which FDP CD, LLC intends to develop; and
WHEREAS, FDP CD, LLC, wishes to acquire these properties for the nominal sum of
One Dollar ($1.00) and provide the City with property located at 100 E. 4th Street for the same
amount; and
WHEREAS, the City of Waterloo aims to foster urban redevelopment and economic
growth, and therefore, proposes a Development Agreement and Minimum Assessment
Agreement with FDP CD, LLC; and
WHEREAS, the agreement includes a direct grant of $6,200,000.00 to FDP CD, LLC,
and an annual tax support grant equal to the tax increment collected by the City from the
developed properties; and
WHEREAS, the agreement further stipulates seventy percent (70%) tax rebates for a
period of fifteen(15)years for each completed phase of development; and
WHEREAS, a public hearing was held in accordance with Chapter 364.7 of the Code of
Iowa, supporting the public interest in these transactions.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as
follows:
1. The sale and conveyance of the properties located at 715 Mulberry Street and 626
Mulberry Street to FDP CD, LLC, for the amount of One Dollar($1.00) is hereby approved.
2. The acquisition of the property located at 100 E. 4th Street from FDP CD, LLC, for the
amount of One Dollar($1.00) is hereby approved.
3. The Mayor and City Clerk are hereby authorized and directed to execute said
document on behalf of the City of Waterloo, Iowa.
4. This Resolution shall take effect immediately upon its adoption and approval.
PASSED AND ADOPTED this 2nd day of December 2024.
Resolution 2024-725
Page 2
Qudeftü/z ��iSICNEO
J
Quentin Hart, Mayor
ATTEST:
Kelley Felchle SIG°i°'NEi""D"
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 2024-725 as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 2nd day of December 2024.
Witness my hand and seal of office this 2nd day of December 2024.
Kelley Felchle °'�GNED'��"Y
SI
Kelley Felchle, City Clerk
SEAL
t c W 4-
0
IHIMIIi11i uu,iu, •
0
I'VO'3
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2024-725
A RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT AND MINIMUM ASSESSMENT AGREEMENT
WITH FDP CD, LLC INCLUDING THE SALE AND
CONVEYANCE OF CITY -OWNED PROPERTY, LOCATED
AT 715 MULBERRY STREET AND 626 MULBERRY STREET,
IN THE AMOUNT OF $1.00, IN EXCHANGE FOR THE
ACQUISITION OF A PROPERTY LOCATED AT 100 E. 4TH
STREET IN THE AMOUNT OF $1.00, INCLUDING A GRANT
OF $6,200,000.00, 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.
WHEREAS, the City of Waterloo, Iowa, owns certain properties located at 715 Mulberry
Street and 626 Mulberry Street, which FDP CD, LLC intends to develop; and
WHEREAS, FDP CD, LLC, wishes to acquire these properties for the nominal sum of
One Dollar ($1.00) and provide the City with property located at 100 E. 4th Street for the same
amount; and
WHEREAS, the City of Waterloo aims to foster urban redevelopment and economic
growth, and therefore, proposes a Development Agreement and Minimum Assessment
Agreement with FDP CD, LLC; and
WHEREAS, the agreement includes a direct grant of $6,200,000.00 to FDP CD, LLC,
and an annual tax support grant equal to the tax increment collected by the City from the
developed properties; and
WHEREAS, the agreement further stipulates seventy percent (70%) tax rebates for a
period of fifteen (15) years for each completed phase of development; and
WHEREAS, a public hearing was held in accordance with Chapter 364.7 of the Code of
Iowa, supporting the public interest in these transactions.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as
follows:
1. The sale and conveyance of the properties located at 715 Mulberry Street and 626
Mulberry Street to FDP CD, LLC, for the amount of One Dollar ($1.00) is hereby approved.
2. The acquisition of the property located at 100 E. 4th Street from FDP CD, LLC, for the
amount of One Dollar ($1.00) is hereby approved.
3. The Mayor and City Clerk are hereby authorized and directed to execute said
document on behalf of the City of Waterloo, Iowa.
4. This Resolution shall take effect immediately upon its adoption and approval.
PASSED AND ADOPTED this 2nd day of December 2024.
Resolution 2024-725
Page 2
ATTEST:
Kelley Felchle
Kelley Felchle, City Clerk
DIGITALLY
SIGNED
CERTIFICATE
Quetthjz 9-tarE
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 2024-725 as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 2nd day of December 2024.
Witness my hand and seal of office this 2nd day of December 2024.
Kelley Felchle
Kelley Felchle, City Clerk
SEAL