HomeMy WebLinkAbout2025-640-11.03.2025.docDocusign Envelope ID: 1AAO1DEC-56A7-41BA-8480-C42A884085C3
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-640
RESOLUTION APPROVING A THIRD AMENDMENT TO
THE DEVELOPMENT AND MINIMUM ASSESSMENT
AGREEMENT WITH 1515 SYCAMORE, LLC, ORIGINALLY
EXECUTED APRIL 15, 2024, FOR THE REHABILITATION OF
1515 SYCAMORE STREET, AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE SAID
DOCUMENT.
WHEREAS the City of Waterloo, Iowa and 1515 Sycamore, LLC entered into a
Development Agreement dated April 15, 2024, for the rehabilitation of the property located at
1515 Sycamore Street, and
WHEREAS, the Agreement was subsequently amended May 22, 2024, and December 2,
2024, and the parties now desire to further amend certain terms of the Agreement; and
WHEREAS, the Developer has requested the Infill Housing Incentive to be paid to
Historic Equity Midwest, Inc. (HEI) and an amendment to Section 6 as to who will hold
mortgages on the property, which was provided by the developer and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The Third Amendment to the Development Agreement with 1515 Sycamore, LLC, to
allow the Infill Housing Incentive to be paid to Historic Equity Midwest, Inc. (HEI) and an
amendment to Section 6 as to who will hold mortgages on the property, is hereby approved.
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 3rd day of November 2025.
DocuSigned by:
ATTEST:
,—Signed by:
Will f
Kelfey telicii`le, Lity Clerk
SEAL
DO 2JD78,�AAC844 L..
Quentin Hart, Mayor