HomeMy WebLinkAbout2025-446-08.04.2025.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. 2025-446
RESOLUTION APPROVING AN AMENDMENT TO THE
DEVELOPMENT 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 DOCUMENT.
WHEREAS, FDP OC, LLC, entered into a Development and Minimum Assessment
Agreement with the City of Waterloo, originally approved on October 1, 2024, to facilitate
development initiatives at 503 Commercial Street; and
WHEREAS, the City has identified a strategic opportunity to acquire a portion of said
property for future downtown development projects, enhancing the urban revitalization plans;
and
WHEREAS, the City and FDP OC, LLC, have negotiated an amendment to the existing
agreement to reflect this property acquisition, ensuring terms that are beneficial for both parties
and aligned with developmental goals; and
WHEREAS, the proposed amendment requires approval by the City Council to proceed
with the acquisition and integration into the City's broader downtown development strategy.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA,
1. The amendment to the Development and Minimum Assessment Agreement with FDP
OC, LLC, facilitating the acquisition of a portion of the property at 503 Commercial Street by
the City, 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.
ATTEST:
,-Signed by:
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Kelley Fe cae, ity Clerk
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DocuSigned by:
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Quentin Hart, Mayor
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