HomeMy WebLinkAbout2025-401-07.07.2025.doc (RECORDED) Docusign Envelope ID:C428A5A3-FA27-4082-BF54-F21CC8397570
2025-12133
RECORDED:08/19/2025 04:22:4 4 PM
RECORDING FEE:$7.00
REVENUE TAX:$
COMBINED FEE:$7.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
F� Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
( Waterloo, IA 50703, (319) 291-4323.
r RESOLUTION NO. 2025-401
RESOLUTION APPROVING A DEVELOPMENT AGREEMENT
WITH IOWA CAPITAL PARTNERS, LLC, FOR TAX
EXEMPTIONS FOR THE CONSTRUCTION OF A 110-UNIT
ASSISTED SENIOR LIVING CENTER, WITH A MINIMUM
ASSESSED VALUE OF $14,000.000.00, LOCATED AT 707
TOWER PARK DRIVE, WHICH IS WITHIN THE CITY LIMITS
URBAN REVITALIZATION AREA, AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, Iowa Capital Partners, LLC plans to construct a 110-unit assisted senior
living center located at 707 Tower Park Drive; and
WHEREAS, such construction is situated within the City Limits Urban Revitalization
Area, qualifying the project for tax exemptions to facilitate development; and
WHEREAS, the Developer has committed to a minimum assessed property value of
$14,000,000.00 upon the project's completion, aligning with the urban revitalization objectives
of the City of Waterloo.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The Development Agreement between the City of Waterloo and Iowa Capital
Partners, LLC, is hereby approved, featuring the following primary stipulations:
• Provision of tax exemptions in alignment with the City Limits Urban
Revitalization Area regulations.
• Assurance of a minimum assessed property value of$14,000,000.00 following the
completion of development.
2. 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 7th day of July 2025.
c—DocuSigned by:
-D08Z5D' AC8449..
Quentin art, Mayor
ATTEST:
DocuSignedby:FE�I.Ci(d DaI�'�0�D�e�
e
L— A 44F.
Kelle82 y9eiOc ire, City Clerk
SEAL
4� WATT
w •
tet O
'r��j�*yreirrrrrrsrrrrrrr
• OMB IS IMIYltli I •
- 7 0
Docusign Envelope ID: C428A5A3-FA27-4082-BF54-F21CC8397570
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-401
RESOLUTION APPROVING A DEVELOPMENT AGREEMENT
WITH IOWA CAPITAL PARTNERS, LLC, FOR TAX
EXEMPTIONS FOR THE CONSTRUCTION OF A 110-UNIT
ASSISTED SENIOR LIVING CENTER, WITH A MINIMUM
ASSESSED VALUE OF $14,000.000.00, LOCATED AT 707
TOWER PARK DRIVE, WHICH IS WITHIN THE CITY LIMITS
URBAN REVITALIZATION AREA, AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, Iowa Capital Partners, LLC plans to construct a 110-unit assisted senior
living center located at 707 Tower Park Drive; and
WHEREAS, such construction is situated within the City Limits Urban Revitalization
Area, qualifying the project for tax exemptions to facilitate development; and
WHEREAS, the Developer has committed to a minimum assessed property value of
$14,000,000.00 upon the project's completion, aligning with the urban revitalization objectives
of the City of Waterloo.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The Development Agreement between the City of Waterloo and Iowa Capital
Partners, LLC, is hereby approved, featuring the following primary stipulations:
• Provision of tax exemptions in alignment with the City Limits Urban
Revitalization Area regulations.
• Assurance of a minimum assessed property value of $14,000,000.00 following the
completion of development.
2. 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 7th day of July 2025.
—DocuSigned by:
C�x,u,Atiw Navt
—DD525D��AA C8449..
Quentin riart, Mayor
ATTEST:
—DocuSigned by:
A82BC�.1,E�09�,�44F.
Kelley F e c9 e, City Clerk
SEAL