HomeMy WebLinkAbout2025-402-07.07.2025.docDocusign 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. 2025-402
RESOLUTION OF SUPPORT FOR AN APPLICATION BY
MARTIN FLATS, LLC, FOR THE IOWA HISTORIC TAX
CREDIT PROGRAM TO THE IOWA ECONOMIC
DEVELOPMENT AUTHORITY, TO CONSTRUCT TWO
MARKET -RATE UPPER -STORY APARTMENTS, LOCATED
AT 319 EAST 4TH STREET, INCLUDING AN ECONOMIC
DEVELOPMENT GRANT OF $199,000.00, AND PROPERTY
TAX REBATES OF FIFTEEN YEARS AT SEVENTY
PERCENT, AS APPROVED BY THE CITY COUNCIL BY
RESOLUTION NO. 2023-744, ON NOVEMBER 20, 2023.
WHEREAS Martin Flats, LLC, has proposed the construction of two market -rate upper -
story apartments at 319 East 4th Street, Waterloo, Iowa, which is a key component of urban
revitalization and historical preservation efforts; and
WHEREAS, the Developer seeks to utilize the Iowa Historic Tax Credit Program offered
by the Iowa Economic Development Authority to complement the financial strategy for this
development project; and
WHEREAS, the City Council of the City of Waterloo recognizes the public and
economic benefits of this project, supporting revitalization and adding to the housing inventory,
and has previously expressed its support through the approval of an economic development grant
of $199,000.00, and property tax rebates for a period of fifteen years at seventy percent, as
documented in Resolution No. 2023-744 dated November 20, 2023; and
WHEREAS, the City's support enhances the Developer's application for the Iowa
Historic Tax Credit Program, thereby promoting the redevelopment of historic urban properties
and further supporting economic and community development goals.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA,
1. The City of Waterloo formally supports Martin Flats, LLC's application to the Iowa
Historic Tax Credit Program for the redevelopment project at 319 East 4th Street.
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 7th day of July 2025.
DocuSigned by: A It
Quentin Hart Mayor
ATTEST:
-DocuSigned by: DD
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Kelley1e, City Clerk
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