HomeMy WebLinkAbout2025-445-08.04.2025.docDocusign Envelope ID: DA7FF1CO-8FB1-4546-89CD-7CA2C5C79972
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-445
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH 3350 UNIVERSITY AVENUE, LLC, FOR
TAX EXEMPTIONS AND INFILL INCENTIVES, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENT.
WHEREAS, 3350 University Avenue, LLC, has proposed the rehabilitation of an
existing building located at 3350 University Avenue into fifty-eight multiple family units; and
WHEREAS, the property is situated within the Consolidated Urban Revitalization Area,
qualifying it for certain tax exemptions under the City's Urban Revitalization Plan; and
WHEREAS, the Development Agreement includes provisions for a $5,000.00 infill
incentive per unit, totaling $290,000.00, payable to the developer upon completion of the project;
and
WHEREAS, the project will establish a minimum assessed valuation of $2,500,000.00
for the purpose of property taxation, contributing to the local tax base and economic growth; and
WHEREAS, the agreement aligns with the City's goals for urban revitalization and the
enhancement of housing stock within designated areas, offering economic incentives to stimulate
property redevelopment.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA,
1. The Development Agreement with 3350 University Avenue, LLC, for the
rehabilitation project, including tax exemptions and infill incentives, is hereby approved.
2. The Mayor and City Clerk are authorized and directed to execute said document on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 4th day of August 2025.
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