HomeMy WebLinkAbout2025-119-02.17.2025Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-119
A RESOLUTION APPROVING THE DEVELOPMENT
AGREEMENT BETWEEN WATERLOO DEVELOPMENT
CORPORATION (WDC) AND THE CITY OF WATERLOO FOR THE
DEVELOPMENT OF THE HARD COURTS PROJECT ON THE TECH
WORKS SITE, INCLUDING A GRANT OF $4,000,000.00 WITH
PAYMENTS OVER 3 YEARS, AND CONVEYANCE OF WDC-
OWNED PROPERTIES TO THE CITY OF WATERLOO, AND
AUTHORIZE THE MAYOR AND CITY CLERK TO EXECUTE SAID
DOCUMENTS.
WHEREAS, the City of Waterloo is committed to the economic and recreational
development of the Tech Works site, thereby supporting the Hard Courts Project in collaboration
with the Waterloo Development Corporation (WDC); and
WHEREAS, the Development Agreement outlines the responsibilities and contributions
of both parties, including a grant amounting to $4,000,000.00 from the City of Waterloo,
structured over a period of three years, to facilitate project development; and
WHEREAS, the agreement also involves the conveyance of certain properties owned by
WDC to the City of Waterloo as part of the collaborative development plan; and
WHEREAS, the City Council has reviewed the terms of the Development Agreement and
concurs that it is in the best interest of the community to proceed with this partnership.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as
follows:
1. That the Development Agreement between the City of Waterloo and the Waterloo
Development Corporation for the development of the Hard Courts Project on the Tech Works
site is hereby approved.
2. That the City of Waterloo shall provide a financial grant in the amount of
$4,000,000.00 to be disbursed over three years, as stipulated in the agreement terms.
3. That the conveyance of properties from WDC to the City is authorized as part of the
agreement provisions.
4. That the Mayor and City Clerk are authorized and directed to execute said documents
on behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 17th day of February 2025.
ATTEST:
Kelley Eelchle s�o
Kelley Felchle, City Clerk
SEAL
62ue9-t_a,r
Quentin Hart, Mayor