HomeMy WebLinkAbout2025-417-07.21.2025.doc (RECORDED) Docusign envelope ID: 185AAEE1-57EE-495E-BBB0-208B2CAFC050
2025-13354
RECORDED: 09/11/2025 02:41:00 PM
RECORDING FEE: $12.00
REVENUE TAX: $
COMBINED FEE: $12.00
SANDIE L. SMITH, RECORDER
BLACK HAWK COUNTY, IOWA
gt\tkt1\ 0 C i4-tj
Prepared by LeAnn. M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2022025-417
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH 3 STOOGES, LLC, PROVIDING FOR
THE CONSTRUCTION OF TWO COMMERCIAL BUILDINGS
AND THE PROVISION OF TAX REBATES AND A LAND
ACQUISITION GRANT, AND AUTHORIZING THE MAYOR
AND CITY CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo, Iowa (the "City"), desires to promote economic
development to improve the quality of life for its citizens; and
WHEREAS, 3 Stooges, LLC (the "Developer") proposes to construct an 8,200 square-
foot commercial building, with a plan for a future 8,200 square-foot commercial building with a
minimum assessed value of$1 ,000,000.00, located south of 2661 Geraldine Road; and
WHEREAS, the City wishes to support the Project by entering into a Development
Agreement with the Developer to provide seven years of fifty percent (50%) tax rebates and a
land acquisition grant of$604,612.80 to facilitate the Project; and
WHEREAS, the City Council, after reviewing all pertinent information and making
necessary inquiries, has determined that the assistance to this Project under the terms and
conditions of the Development Agreement is in the best interest of the City and its resources.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA,
1 . The proposed Development Agreement by and between the City and 3 Stooges, LLC,
including the provision of seven years of fifty percent (50%) tax rebates and a land acquisition
grant of$604,612.80, is hereby approved.
2. That the Mayor City Clerk are authorized and directed to execute said documents on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 21st day of July 2025.
FSigned by:
ray utss
77 51 EDD4C56d 11...
Ray Feuss, Mayor Pro Tern
ATTEST:
,-Signed by:
Ki: y f tUIL
Keffey`rdcIite, City Clerk
Docusign Envelope ID:185AAEE1-57EE-495E-BBB0-208B2CAFC050
Resolution 2025-417
Page 2
CERTIFICATE
I, Kelley Felchle, City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution No. 2025-417 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 21 st day of July 2025
Witness my hand and seal of office this 21 st day of July 2025.
Signed by:
feleat
kelt y eta e, City Clerk
SEAL
W04 A T4"
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Docusign Envelope ID: 185AAEE1-57EE-495E-BBB0-208B2CAFC050
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-417
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH 3 STOOGES, LLC, PROVIDING FOR
THE CONSTRUCTION OF TWO COMMERCIAL BUILDINGS
AND THE PROVISION OF TAX REBATES AND A LAND
ACQUISITION GRANT, AND AUTHORIZING THE MAYOR
AND CITY CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo, Iowa (the "City"), desires to promote economic
development to improve the quality of life for its citizens; and
WHEREAS, 3 Stooges, LLC (the "Developer") proposes to construct an 8,200 square -
foot commercial building, with a plan for a future 8,200 square -foot commercial building with a
minimum assessed value of $1,000,000.00, located south of 2661 Geraldine Road; and
WHEREAS, the City wishes to support the Project by entering into a Development
Agreement with the Developer to provide seven years of fifty percent (50%) tax rebates and a
land acquisition grant of $604,612.80 to facilitate the Project; and
WHEREAS, the City Council, after reviewing all pertinent information and making
necessary inquiries, has determined that the assistance to this Project under the terms and
conditions of the Development Agreement is in the best interest of the City and its resources.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA,
1. The proposed Development Agreement by and between the City and 3 Stooges, LLC,
including the provision of seven years of fifty percent (50%) tax rebates and a land acquisition
grant of $604,612.80, is hereby approved.
2. That the Mayor City Clerk are authorized and directed to execute said documents on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 21st day of July 2025.
Signed by:
F Uss
77r51 Cooac„cai r...
Ray Feuss, Mayor Pro Tem
ATTEST:
ESigned by:
feett,fddt
Kettey`Felchle, City Clerk
Docusign Envelope ID: 185AAEE1-57EE-495E-BBB0-208B2CAFC050
Resolution 2025-417
Page 2
CERTIFICATE
I, Kelley Felchle, City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution No. 2025-417 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 21st day of July 2025
Witness my hand and seal of office this 21st day of July 2025.
ESigned by:
Ctlity[-e eee-
Kelleyr efc ire, City Clerk
SEAL
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