HomeMy WebLinkAbout2025-467-08.18.2025.docDocusign Envelope ID: 98987658-B96B-4648-A1 DA-18D15447DEB2
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-467
RESOLUTION OF SUPPORT AND FINANCIAL
COMMITMENT FOR AN APPLICATION BY 1515
SYCAMORE, LLC, FOR THE IOWA HISTORIC TAX CREDIT
PROGRAM TO THE IOWA ECONOMIC DEVELOPMENT
AUTHORITY, TO CONSTRUCT 87 DWELLINGS IN
CONJUNCTION WITH THE REHABILITATION OF THE
RATH ADMINISTRATION BUILDING, LOCATED AT 1515
SYCAMORE STREET, AS APPROVED BY THE CITY
COUNCIL BY RESOLUTION NO. 2024-220, ON APRIL 15,
2024, WHICH INCLUDES THE SALE OF PROPERTY FOR
$1.00, $435,000.00 OF INFILL HOUSING INCENTIVES, AND
PROPERTY TAX INCENTIVES.
WHEREAS, the City Council of the City of Waterloo, Iowa, by Resolution No. 2024-
220, on April 15, 2024, approved the sale and conveyance of city -owned property located at
1515 Sycamore Street to Gearheart Moore Holdings, LLC, in the amount of $1.00; and
WHEREAS, 1515 Sycamore, LLC, proposes to construct 87 dwellings in conjunction
with the rehabilitation of the historic Rath Administration Building, located at 1515 Sycamore
Street; and
WHEREAS, the City of Waterloo recognizes the significance of this rehabilitation
project in preserving the historical integrity of the Rath Administration Building and contributing
to community development; and
WHEREAS, the city is committed to facilitating this project by offering substantial
support that includes:
1. The Sale of Property for $1.00: The City agrees to sell the necessary property to 1515
Sycamore, LLC, for the nominal price of one dollar ($1.00).
2. Infill Housing Incentives: The City has pledged financial incentives in the amount of
four hundred thirty-five thousand dollars ($435,000.00) to promote infill housing as part of the
comprehensive project.
3. Property Tax Incentives: Tax abatements and other relevant property tax incentives
will be provided to support the financial viability and sustainability of the project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The City hereby expresses its support for the application by 1515 Sycamore, LLC, to
the Iowa Economic Development Authority for the Iowa Historic Tax Credit Program.
2. The City commits to the previously agreed -upon financial and property agreements, as
outlined, in support of this project.
PASSED AND ADOPTED this 18th day of August 2025.
Docusign Envelope ID: 98987658-B96B-4648-A1 DA-18D15447DEB2
Resolution 2025-467
Page 2
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