HomeMy WebLinkAbout2025-587-10.20.2025.docDocusign Envelope ID: FC6FFF10-57C3-46D1-9826-EFDC21F34FOF
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-587
RESOLUTION APPROVING AN AMENDMENT TO THE
DEVELOPMENT AND MINIMUM ASSESSMENT
AGREEMENT WITH AIRLINE STORAGE, LLC,
ORIGINALLY APPROVED JUNE 20, 2022, TO EXTEND THE
TIMELINE FOR IMPROVEMENT COMPLETIONS, AMEND
THE MINIMUM ASSESSED VALUE AND ALLOW FOR THE
SALE OF UNITS ON PROPERTY LOCATED AT 3318 WEST
AIRLINE HIGHWAY, AND AUTHORIZING THE MAYOR
AND CITY CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo, Iowa, and Airline Storage, LLC, entered into a
Development and Minimum Assessment Agreement on June 20, 2022, regarding the property
located at 3318 West Airline Highway; and
WHEREAS, Airline Storage, LLC has requested an amendment to the Agreement to
extend the timeline for completion of improvements, to amend the minimum assessed value, and
to allow for the sale of units on the property; and
WHEREAS, the City Council has reviewed the proposed amendment and finds it to be in
the best interest of the City and its citizens.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA,
1. The proposed Amendment to the Development and Minimum Assessment Agreement
with Airline Storage, LLC is hereby approved.
2. The timeline for completion of improvements on the property located at 3318 West
Airline Highway is hereby extended to, allowing the Developer adequate time to complete the
agreed -upon improvements.
3. The minimum assessed value of the property is amended from the original agreement
to each building in phase 2 and 3 to $355,000.00 and total improvements, which are two
commercial buildings on Phase 1 shall have a minimum assessed value of $710,000.00 for both
building combined, not each individual building, each reflecting adjustments agreed upon by
both the City and the Airline Storage, LLC.
4. Airline Storage, LLC is permitted to proceed with the sale of individual units on the
property, subject to city ordinances and regulations.
5. 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 20th day of October 2025.
1-DocuSigned by:
& .c, itA, A --of
uutart Mayor
Quentin H
Docusign Envelope ID: FC6FFF10-57C3-46D1-9826-EFDC21F34FOF
Resolution 2025-587
Page 2
ATTEST:
Signed by:
Why f
Kelte tctife, ity Clerk
le
0
• 1s-- 11411i #1 lljije