HomeMy WebLinkAbout2025-572-10.06.2025.doc (RECORDED) I
Docusign Envelope ID:7EC7OBA3-A5C5-422A-9E93-8A3E31680A25 2025-18419
RECORDED: 12/15/2025 02:27:58 PM
RECORDING FEE:$7.00
REVENUE TAX:$
COMBINED FEE:$7.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
i` Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-572
RESOLUTION APPROVING A THIRD AMENDMENT TO
THE DEVELOPMENT AGREEMENT AND MINIMUM
ASSESSMENT AGREEMENT WITH BREAD TO BEER LLC.,
(SINGLE SPEED BREWING COMPANY), TO PROVIDE A
GRANT OF $750,000.00 AND AN ADDITIONAL FIVE-YEARS
OF TAX REBATES AT SEVENTY PERCENT FOR THE
ADDITIONAL IMPROVEMENTS MADE TO THE SITE AT
325 COMMERCIAL STREET, AND A NEW MINIMUM
ASSESSMENT VALUE OF $4,000,000.00, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENTS.
WHEREAS the City of Waterloo, Iowa, entered into a Development Agreement and
Minimum Assessment Agreement with Bread to Beer LLC. (Single Speed Brewing Company)to
stimulate economic development and site improvements at 325 Commercial Street; and
WHEREAS, additional improvements warrant adjustments to the existing agreements,
including financial incentives to support continued site development; and
WHEREAS, it is necessary to amend these agreements to provide for a grant and
extended tax rebates, ensuring alignment with the city's economic goals.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The Third Amendment to the Development Agreement and Minimum Assessment
Agreement with Bread to Beer LLC. is approved, including:
A grant of$750,000.00 to support site improvements.
An additional five-year tax rebate at seventy percent.
A revised Minimum Assessment value of$4,000,000.00.
2. The Mayor and City Clerk are authorized and directed to execute said documents on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 6th day of October 2025.
DocuSigned by:
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Quentin Hart, Mayor
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Docusign Envelope ID: 7EC7OBA3-A5C5-422A-9E93-8A3E31680A25
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-572
RESOLUTION APPROVING A THIRD AMENDMENT TO
THE DEVELOPMENT AGREEMENT AND MINIMUM
ASSESSMENT AGREEMENT WITH BREAD TO BEER LLC.,
(SINGLE SPEED BREWING COMPANY), TO PROVIDE A
GRANT OF $750,000.00 AND AN ADDITIONAL FIVE -YEARS
OF TAX REBATES AT SEVENTY PERCENT FOR THE
ADDITIONAL IMPROVEMENTS MADE TO THE SITE AT
325 COMMERCIAL STREET, AND A NEW MINIMUM
ASSESSMENT VALUE OF $4,000,000.00, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENTS.
WHEREAS the City of Waterloo, Iowa, entered into a Development Agreement and
Minimum Assessment Agreement with Bread to Beer LLC. (Single Speed Brewing Company) to
stimulate economic development and site improvements at 325 Commercial Street; and
WHEREAS, additional improvements warrant adjustments to the existing agreements,
including financial incentives to support continued site development; and
WHEREAS, it is necessary to amend these agreements to provide for a grant and
extended tax rebates, ensuring alignment with the city's economic goals.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The Third Amendment to the Development Agreement and Minimum Assessment
Agreement with Bread to Beer LLC. is approved, including:
A grant of $750,000.00 to support site improvements.
An additional five-year tax rebate at seventy percent.
A revised Minimum Assessment value of $4,000,000.00.
2. The Mayor and City Clerk are authorized and directed to execute said documents on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 6th day of October 2025.
DocuSigned by:
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ATTEEPF by:
Ktitt, Fddli
ji y" Yi ie 4eity Clerk
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Quentin Hart, Mayor