HomeMy WebLinkAbout2025-634-11.03.2025.doc (RECORDED) Docusign Envelope ID:1AA01DEC-56A7-41BA-8480-C42A884085C3
2025-17495
RECORDED:11/26/2025 12:40:05 PM
RECORDING FEE:$7.00
REVENUE TAX:$
COMBINED FEE:$7.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
Preparbd by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-634
RESOLUTION APPROVING A SECOND AMENDMENT TO
THE DEVELOPMENT AND MINIMUM ASSESSMENT
AGREEMENT WITH VI 2, LLC TO ALLOW FOR A
MINIMUM ASSESSMENT IN THE AMOUNT OF $386,610.00
AND AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENTS.
WHEREAS, the City of Waterloo, Iowa, and VI 2, LLC, entered into a Development and
Minimum Assessment Agreement on August 5, 2019, regarding the construction of a new
commercial building located at the northwest corner of San Marnan Drive and Kimball Avenue;
and
WHEREAS, the parties desire to amend the agreements to modify the minimum assessed
value in the amount of$386,610.00; and
WHEREAS, the City Council has reviewed the amendment proposal and finds it aligns
with the City's development objectives.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA,
1. The proposed Amendment to the Development Agreement with VI 2, LLC is hereby
approved.
2. The Minimum Assessment Agreement is amended, setting the minimum assessed
value of the commercial building at$386,610.00, ensuring stable tax revenue for the city.
3. 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 3rd day of November 2025.
"—DDocuSig�ned by:
u�,
,/•mil`v &i
'—Du55D_TEAA C49...
Quentin Hart Mayor
ATTEST:
"—Signed by:
Ki at, f cleft
'—FFGOBCOFFBCG4AB..;
Kelley Felchle, City Clerk
SEAL
OF WA T�'�
C.
• 1111181111•NI 11 *1 •
v v a
w��
't IVO%3
Docusign Envelope ID: 1AA01DEC-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. 2025-634
RESOLUTION APPROVING A SECOND AMENDMENT TO
THE DEVELOPMENT AND MINIMUM ASSESSMENT
AGREEMENT WITH VI 2, LLC TO ALLOW FOR A
MINIMUM ASSESSMENT IN THE AMOUNT OF $386,610.00
AND AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENTS.
WHEREAS, the City of Waterloo, Iowa, and VI 2, LLC, entered into a Development and
Minimum Assessment Agreement on August 5, 2019, regarding the construction of a new
commercial building located at the northwest corner of San Marnan Drive and Kimball Avenue;
and
WHEREAS, the parties desire to amend the agreements to modify the minimum assessed
value in the amount of $386,610.00; and
WHEREAS, the City Council has reviewed the amendment proposal and finds it aligns
with the City's development objectives.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA,
1. The proposed Amendment to the Development Agreement with VI 2, LLC is hereby
approved.
2. The Minimum Assessment Agreement is amended, setting the minimum assessed
value of the commercial building at $386,610.00, ensuring stable tax revenue for the city.
3. 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 3rd day of November 2025.
p-DocuSigned by:
t -art
ATTEST:
Signed by:
EWA"f cleat
FFGOBCOFFBCG4AB...
Kelley Felchle, City Clerk
SEAL
44.
/PA%
•
I
O
"-D0525D AAG 4 9...
Quentin Hart Mayor