HomeMy WebLinkAbout2025-399-07.07.2025 (FAILED)
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-399
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH 3350 UNIVERSITY AVENUE, LLC, FOR
TAX EXEMPTIONS FOR THE REHAB OF AN EXISTING
BUILDING INTO FIFTY-EIGHT MULTIPLE FAMILY UNITS,
WITH A $5,000.00 INFILL INCENTIVE FOR EACH UNIT
TOTALING $290,000.00, WITH A MINIMUM ASSESSED
VALUE OF $2,500,000.00, LOCATED AT 3350 UNIVERSITY
AVENUE, WHICH IS WITHIN THE CONSOLIDATED URBAN
REVITALIZATION AREA, AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE SAID
DOCUMENT.
WHEREAS 3350 University Avenue, LLC has proposed a project to rehabilitate the
existing building located at 3350 University Avenue into fifty-eight (58) multiple-family units;
and
WHEREAS, the property is located within the Consolidated Urban Revitalization Area
established by the City of Waterloo, making it eligible for certain tax exemptions and
development incentives; and
WHEREAS, the University Avenue, LLC seeks tax exemptions and an infill incentive of
$5,000.00 for each of the fifty-eight (58) residential units, resulting in a total incentive of
$290,000.00, provided that the minimum assessed value of the property shall not be less than
$2,500,000.00 upon completion of the project.
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 3350 University
Avenue, LLC, is hereby approved, offering the following terms and conditions:
Tax exemptions in accordance with the City's Urban Revitalization Plan.
An infill incentive of $5,000.00 per unit for fifty-eight (58) units, totaling $290,000.00.
A minimum assessed property value of $2,500,000.00 upon project completion.
2. The Mayor and City Clerk are authorized and directed to execute said documents on
behalf of the City of Waterloo, Iowa.
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PASSED AND ADOPTED this 7 day of July 2025.
______________________________
Quentin Hart, Mayor
ATTEST:
_______________________________
Kelley Felchle, City Clerk
SEAL