HomeMy WebLinkAbout2025-404-07.07.2025 (FAILED)
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-404
RESOLUTION APPROVING AN AMENDMENT TO THE
DEVELOPMENT AGREEMENT AND MINIMUM
ASSESSMENT AGREEMENT WITH FDP OC, LLC,
ORIGINALLY APPROVED ON OCTOBER 1, 2024, FOR THE
CITY TO ACQUIRE A PORTION OF THE PROPERTY
LOCATED AT 503 COMMERCIAL STREET FOR FUTURE
DOWNTOWN DEVELOPMENT, AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE SAID
AMENDMENT.
WHEREAS the City of Waterloo entered into a Development Agreement and Minimum
Assessment Agreement with FDP OC, LLC on October 1, 2024, to promote urban development
and economic growth within the city; and
WHEREAS, there is a proposal to amend the aforementioned agreements to enable the
City of Waterloo to acquire a portion of the property located at 503 Commercial Street; and
WHEREAS, the acquisition of this parcel is deemed necessary for future downtown
development projects, contributing to the strategic growth and revitalization of the downtown
area; and
WHEREAS, the amendment to the agreements will stipulate terms for the property
acquisition, ensuring alignment with the city’s development objectives and compliance with all
regulatory requirements.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The amendment to the Development Agreement and Minimum Assessment Agreement
with FDP OC, LLC, to facilitate the city's acquisition of a portion of 503 Commercial Street, 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.
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PASSED AND ADOPTED this 7 day of July 2025.
______________________________
Quentin Hart, Mayor
ATTEST:
_______________________________
Kelley Felchle, City Clerk
SEAL