HomeMy WebLinkAbout2025-140-03.03.2025 (RECORDED) 2025-07475
RECORDED:05/30/2025 03:53:36 PM
RECORDING FEE:$12.00
REVENUE TAX:$
COMBINED FEE:$12.00
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. 2025-140
A RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH CRYSTAL DISTRIBUTION SERVICES,
INC., WITH A MINIMUM ASSESSMENT AGREEMENT OF
$24,538,570.00, SEVENTY PERCENT PROPERTY TAX
REBATES FOR FIFTEEN YEARS, AND A $137,000.00
ECONOMIC DEVELOPMENT GRANT, FOR THE
CONSTRUCTION OF A 42,000 SQUARE FOOT EXPANSION,
LOCATED AT 1650 SYCAMORE STREET, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENT.
WHEREAS, Crystal Distribution Services, Inc. intends to undertake the construction of a
42,000 square foot expansion at 1650 Sycamore Street to enhance its operational capabilities;
and
WHEREAS, the City of Waterloo is committed to encouraging economic development and
has negotiated a Development Agreement that includes:
• A Minimum Assessment Agreement valued at$24,538,570.00, ensuring a stable tax base
for the duration of the agreement;
• A provision for seventy percent(70%) property tax rebates for a period of fifteen (15)
years to incentivize the project;
• An Economic Development Grant in the amount of$137,000.00 to support infrastructure
and related costs associated with the expansion.
WHEREAS, the proposed agreement is in alignment with the City's strategic economic
development goals and is considered to enhance the financial vitality and employment
opportunities within the City;
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., which includes
the terms of the Minimum Assessment Agreement, property tax rebates, and economic
development grant as detailed above, is hereby approved.
2. The Mayor and City Clerk are authorized and directed to execute said documents on
behalf of the City of Waterloo, Iowa.
3. This resolution shall become effective immediately upon its approval and adoption by
the City Council.
PASSED AND ADOPTED this 3rd day of March 2025.
62uertiuz r
Quentin Hart, Mayor
Resolution 2025-140
Page 2
ATTEST:
?elTey Fe(ch(e
Kelley Felchle, City Clerk
SEAL
NV Al+0 44,
tr
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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. 2025-140
A RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH CRYSTAL DISTRIBUTION SERVICES,
INC., WITH A MINIMUM ASSESSMENT AGREEMENT OF
$24,538,570.00, SEVENTY PERCENT PROPERTY TAX
REBATES FOR FIFTEEN YEARS, AND A $137,000.00
ECONOMIC DEVELOPMENT GRANT, FOR THE
CONSTRUCTION OF A 42,000 SQUARE FOOT EXPANSION,
LOCATED AT 1650 SYCAMORE STREET, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENT.
WHEREAS, Crystal Distribution Services, Inc. intends to undertake the construction of a
42,000 square foot expansion at 1650 Sycamore Street to enhance its operational capabilities;
and
WHEREAS, the City of Waterloo is committed to encouraging economic development and
has negotiated a Development Agreement that includes:
• A Minimum Assessment Agreement valued at $24,538,570.00, ensuring a stable tax base
for the duration of the agreement;
• A provision for seventy percent (70%) property tax rebates for a period of fifteen (15)
years to incentivize the project;
• An Economic Development Grant in the amount of $137,000.00 to support infrastructure
and related costs associated with the expansion.
WHEREAS, the proposed agreement is in alignment with the City's strategic economic
development goals and is considered to enhance the financial vitality and employment
opportunities within the City;
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., which includes
the terms of the Minimum Assessment Agreement, property tax rebates, and economic
development grant as detailed above, is hereby approved.
2. The Mayor and City Clerk are authorized and directed to execute said documents on
behalf of the City of Waterloo, Iowa.
3. This resolution shall become effective immediately upon its approval and adoption by
the City Council.
PASSED AND ADOPTED this 3rd day of March 2025.
Quentin Hart, Mayor
Resolution 2025-140
Page 2
ATTEST:
DIGITALLYE
Kelley Fe c e M
Kelley Felchle, City Clerk
SEAL
0 * W 4 .
A