HomeMy WebLinkAbout2025-133-03.03.2025 (RECORDED) 2025-07473
RECORDED:05/30/2025 03:53:34 PM
RECORDING FEE:$7.00
REVENUE TAX:$
COMBINED FEE:$7.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-133
A RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH CRYSTAL DISTRIBUTION SERVICES,
INC., WITH A MINIMUM ASSESSMENT AGREEMENT OF
$659,060.00 FOR THE REHABILITATION OF THE EXISTING
BUILDING, AND CONSTRUCTION OF A 5,000 SQUARE
FOOT MAINTENANCE SHOP, AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE SAID
DOCUMENT.
WHEREAS, Crystal Distribution Services, Inc. intends to undertake a project involving
the rehabilitation of the existing building and the construction of a 5,000 square foot
maintenance shop on its property; and
WHEREAS, the project is expected to facilitate economic growth and job creation,
enhancing the value of the property and benefiting the Waterloo community; and
WHEREAS, a Development Agreement including a Minimum Assessment Agreement
has been proposed, establishing a valuation of the property at no less than $659,060.00, ensuring
the fiscal benefits to the City; and
WHEREAS, it is in the best interest of the City to approve said Development Agreement
to foster continued economic development;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as
follows:
1. The Development Agreement with Crystal Distribution Services, Inc., including the
Minimum Assessment Agreement of$659,060.00, is hereby approved.
2. The project terms and conditions shall be adhered to, as stipulated in the Agreement, to
ensure compliance and the anticipated economic benefits.
3. The Mayor and City Clerk are hereby authorized and directed to execute all necessary
documents to finalize and convey the property as stipulated.
4. This resolution shall become effective immediately upon its approval and adoption by
the City Council.
PASSED AND ADOPTED this 3ft day of March 2025.
•
Quen-Un 91,ar
ATTEST: Quentin Hart, Mayor
Kelley Felchle Si)
Kelley Felchle, City Clerk
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Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-133
A RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH CRYSTAL DISTRIBUTION SERVICES,
INC., WITH A MINIMUM ASSESSMENT AGREEMENT OF
$659,060.00 FOR THE REHABILITATION OF THE EXISTING
BUILDING, AND CONSTRUCTION OF A 5,000 SQUARE
FOOT MAINTENANCE SHOP, AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE SAID
DOCUMENT.
WHEREAS, Crystal Distribution Services, Inc. intends to undertake a project involving
the rehabilitation of the existing building and the construction of a 5,000 square foot
maintenance shop on its property; and
WHEREAS, the project is expected to facilitate economic growth and job creation,
enhancing the value of the property and benefiting the Waterloo community; and
WHEREAS, a Development Agreement including a Minimum Assessment Agreement
has been proposed, establishing a valuation of the property at no less than $659,060.00, ensuring
the fiscal benefits to the City; and
WHEREAS, it is in the best interest of the City to approve said Development Agreement
to foster continued economic development;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as
follows:
1. The Development Agreement with Crystal Distribution Services, Inc., including the
Minimum Assessment Agreement of $659,060.00, is hereby approved.
2. The project terms and conditions shall be adhered to, as stipulated in the Agreement, to
ensure compliance and the anticipated economic benefits.
3. The Mayor and City Clerk are hereby authorized and directed to execute all necessary
documents to finalize and convey the property as stipulated.
4. This resolution shall become effective immediately upon its approval and adoption by
the City Council.
PASSED AND ADOPTED this 3rd day of March 2025.
Qaertan 9r�
Quentin Hart, Mayor
ATTEST:
Min Kelley Fe c M
e in
yam.
Kelley Felchle, City Clerk