HomeMy WebLinkAbout2024-744-12.16.2024 Prepared by Nancy Higby, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2024-744
A RESOLUTION SETTING DATE OF PUBLIC HEARING AS
JANUARY 6, 2025, FOR THE SALE AND CONVEYANCE OF
CITY-OWNED PROPERTY TO INTERNATIONAL PAPER
COMPANY IN THE AMOUNT OF $1.00, AND APPROVAL OF
A DEVELOPMENT AGREEMENT FOR THE
CONSTRUCTION OF 800,000 SQUARE FEET OF
INDUSTRIAL BUILDING WITH TAX REBATES FOR
FIFTEEN YEARS AT FIFTY PERCENT AND A MINIMUM
ASSESSMENT AGREEMENT IN THE AMOUNT OF
$40,000,000.00, LOCATED AT THE NORTHEAST CORNER
OF THE CN RAILROAD AND LEVERSEE ROAD, AND
INSTRUCT CITY CLERK TO PUBLISH PUBLIC NOTICE.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO,
IOWA, AS FOLLOWS:
Section 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 6th day of January 2025, for
the purpose of considering the approval of the Development Agreement with International Paper
Company, relating to property located at the northeast corner of the CN Railroad and Leversee
Road, and legally described as follows:
A PARCEL OF LAND SITUATED IN PART OF THE SOUTHWEST 1/4 OF SECTION
5, TOWNSHIP 89 NORTH, RANGE 13 WEST OF THE 5TH PRINCIPAL MERIDIAN,
CITY OF WATERLOO, BLACK HAWK COUNTY, STATE OF IOWA, MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION 5; THENCE
NORTH 00° (DEGREES) 36' (MINUTES) 39" (SECONDS) EAST (ASSUMED
BEARING FOR THE PURPOSE OF THIS DESCRIPTION) ON THE WEST LINE OF
THE SOUTHWEST 1/4 OF SAID SECTION 5, A DISTANCE OF 795.59 FEET;
THENCE SOUTH 89023'21" EAST, 33.00 FEET TO THE INTERSECTION OF THE
PRESENT NORTHERLY RIGHT-OF-WAY LINE OF THE CANADIAN NATIONAL
RAILROAD AND THE PRESENT EASTERLY RIGHT-OF-WAY LINE OF
LEVERSEE ROAD, BEING THE POINT OF BEGINNING; THENCE NORTH
00036'39" EAST ON SAID EASTERLY RIGHT-OF-WAY LINE, 1,189.64 FEET;
THENCE SOUTH 89008'13"EAST, 2,368.20 FEET TO A LINE THAT IS 684.00 FEET
NORTHWESTERLY OF AND PARALLEL WITH THE CENTERLINE OF RUNWAY
18/36 AND ITS EXTENSION SOUTHWESTERLY; THENCE SOUTH 07002'11"
WEST ON SAID LINE, 1,258.31 FEET TO THE PRESENT NORTHERLY RIGHT-OF-
WAY LINE OF THE CANADIAN NATIONAL RAILROAD; THENCE NORTH
89012'44" WEST ON SAID NORTHERLY RIGHT-OF-WAY LINE, 1,535.05 FEET;
THENCE WESTERLY ON SAID NORTHERLY RIGHT-OF-WAY LINE BEING A
2,370.51-FOOT RADIUS CURVE CONCAVE NORTHERLY AND HAVING A 423.99-
FOOT LONG CHORD BEARING NORTH 86021'44"WEST, A DISTANCE OF 424.56
FEET (ARC LENGTH); THENCE WESTERLY ON SAID NORTHERLY RIGHT-OF-
WAY LINE BEING A 2,557.26-FOOT RADIUS CURVE CONCAVE NORTHERLY
AND HAVING A 272.51-FOOT LONG CHORD BEARING NORTH 80004'57"WEST,
A DISTANCE OF 272.63 FEET(ARC LENGTH)TO THE POINT OF BEGINNING.
CONTAINING 2,865,228 SQUARE FEET OR 65.78 ACRES.
AND AN OPTION AREA OF THE SOUTH 30 ACRES (MORE OR LESS) OF THE
FOLLOWING DESCRIBED PARCEL:
A PARCEL OF LAND LOCATED IN THE SOUTHWEST QUARTER AND
NORTHWEST FRACTIONAL QUARTER OF SECTION 5, TOWNSHIP 89 NORTH,
Resolution 2024-744
Page 2
RANGE 13 WEST OF THE 5TH PRINCIPAL MERIDIAN, CITY OF WATERLOO,
BLACK HAWK COUNTY, STATE OF IOWA,AND BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION 5; THENCE
NORTH 00036'49" EAST (NORTH 00036'39" EAST PER RELEASES OF FEDERAL
ENCUMBRANCES AT THE WATERLOO, IOWA REGIONAL AIRPORT SURVEY
PREPARED BY EARTHTECH DATED JANUARY 26, 2006) ALONG THE WEST
LINE OF SAID SECTION 795.25 FEET; THENCE SOUTH 89'23'11" EAST
(SOUTH 89°23'21" EAST PER EARTHTECH SURVEY) 33.00 FEET TO THE
INTERSECTION OF THE PRESENT NORTHERLY RIGHT-OF-WAY LINE OF
THE CANADIAN NATIONAL RAILROAD AND THE EAST RIGHT-OF-WAY
LINE OF LEVERSEE ROAD AND ALSO BEING THE SOUTHWEST CORNER OF
AIRPORT RELEASE PARCEL D PER EARTHTECH SURVEY; THENCE NORTH
00036'49" EAST (NORTH 00036'39" EAST PER EARTHTECH SURVEY) ALONG
THE EAST RIGHT-OF-WAY LINE LEVERSEE ROAD 1189.64 FEET TO THE
NORTHWEST CORNER OF SAID RELEASE PARCEL D AND THE POINT OF
BEGINNING OF THIS DESCRIPTION; THENCE CONTINUING NORTH 00°36'49"
EAST ALONG THE SAID EAST LEVERSEE ROAD RIGHT-OF-WAY 702.35 FEET
TO THE NORTH LINE OF THE SOUTHWEST QUARTER OF SECTION 5;
THENCE NORTH 00027'21" EAST ALONG THE EAST RIGHT-OF-WAY LINE OF
LEVERSEE ROAD 395.39 FEET TO THE SOUTHWESTERLY LINE OF AIRPORT
RELEASE PARCEL C; THENCE SOUTH 89°47'33" EAST (SOUTH 89°48'20"
EAST PER EARTHTECH SURVEY) ALONG SAID SOUTHWESTERLY LINE
208.35 FEET; THENCE NORTH 67002'45" EAST (NORTH 67002'10" EAST PER
EARTHTECH SURVEY) ALONG THE SOUTHEASTERLY LINE OF RELEASE
PARCEL C 2623.16 FEET (2623.53 FEET PER EARTHTECH SURVEY) TO THE
SOUTHEAST CORNER OF SAID PARCEL; THENCE SOUTH 07002'54" WEST
ALONG A LINE THAT IS 684 FEET NORTHWESTERLY OF AND PARALLEL
WITH THE CENTERLINE OF RUNWAY 18/36 AND ITS SOUTHWESTERLY
EXTENSION 2172.16 FEET TO THE NORTHEAST CORNER OF SAID RELEASE
PARCEL D; THENCE NORTH 89°08'07" WEST (NORTH 89'08'13" WEST PER
EARTHTECH SURVEY) ALONG THE NORTH LINE OF RELEASE PARCEL D
2368.20 FEET TO THE POINT OF BEGINNING CONTAINING 3,883,827 SQUARE
FEET OR 89.16 ACRES.
Section 2. That the City Clerk is hereby directed to publish notice of the time and place of
said hearing as required by law.
PASSED AND ADOPTED this 16'h day of December 2024.
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Dili W G / (�(,�i SIG�D
Quentin Hart, Mayor
ATTEST:
Kef(ey Felchle SIG D
Kelley Felchle, City Clerk
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