HomeMy WebLinkAbout2025-325-06.02.2025.doc (RECORDED)Docusign Envelope ID: 64C60E61-7D3B-47E0-8D0C-5C833CE268BB
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-325
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH 3 STOOGES, LLC., WITH A MINIMUM
ASSESSMENT AGREEMENT OF $3,200,000.00 FOR THE
CONSTRUCTION OF A 50,400 SQUARE FOOT INDUSTRIAL
BUILDING, AND AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS 3 Stooges, LLC has committed to the construction of a new 50,400 square
foot industrial building situated at 115 Warp Drive, which will foster economic development and
increase the City's tax revenue; and
WHEREAS, a Development Agreement, including a Minimum Assessment Agreement
of $3,200,000.00, has been negotiated between the City and 3 Stooges, LLC to establish a
minimal taxable valuation for the property, thus ensuring contributions to the City's financial
resources; and
WHEREAS, it is in the interest of public welfare and economic development to approve
this Development Agreement, allowing the project to advance; and;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA,
1. The Development Agreement, including the Minimum Assessment Agreement of
$3,200,000.00, between the City of Waterloo and 3 Stooges, LLC, is hereby approved for the
construction at 115 Warp Drive.
2. The Mayor and City Clerk are hereby authorized and directed to execute said
documents on behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 2nd day of June 2025.
DocuSigned by:
— D0525D70AAC8449...
Quentin Hart Mayor
ATTEST:
Signed by:
Fre
7561 D3A01 E80494...
LeAnn M. Even, Deputy City Clerk
SEAL