HomeMy WebLinkAbout2025-636-11.03.2025.doc (RECORDED)Docusign 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. 2025-636
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH 205 E. 4TH LLC (JSA DEVELOPMENT)
FOR THE APPROXIMATE $56 MILLION REDEVELOPMENT
OF THE HISTORIC BLACK'S BUILDING INTO AN
APPROXIMATE 130-ROOM NATIONAL BRAND HOTEL,
WITH UP TO TWENTY-FIVE RESIDENTIAL UNITS, AND
COMMERCIAL SPACE, TO PROVIDE REIMBURSEMENT
GRANT FUNDS IN THE AMOUNT OF $14 MILLION, WITH
NO TAX REBATES OR ABATEMENT, AND A
MANAGEMENT AGREEMENT FOR THE PARK AVENUE
PARKING RAMP, WITH A NEW MINIMUM ASSESSED
VALUE OF $8 MILLION FOR THE BLACK'S BUILDING,
AND AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENTS.
WHEREAS, the City of Waterloo, Iowa seeks to promote downtown revitalization,
adaptive reuse of historic structures, private investment, and expanded lodging and residential
options consistent with adopted plans and policies; and
WHEREAS, 205 E. 4th LLC, affiliated with JSA Development, proposes to redevelop
the historic Black's Building to include:
An approximately 130-room national brand hotel,
Up to twenty-five (25) residential units, and
Ground -floor and/or upper -level commercial space, together with associated building systems,
life -safety, code, and facade improvements, and site work; and
WHEREAS, the City and JSA Development have negotiated a Development Agreement
that provides for City reimbursement grant funds in a total amount not to exceed $14,000,000.00
for eligible Project costs, disbursed on a reimbursement basis upon achievement of defined
milestones and submission of acceptable documentation, with no property tax rebates or tax
abatement of any kind; and
WHEREAS, the Agreement further provides for the establishment of a new minimum
assessed value for the Black's Building property in the amount $8,000,000.00, effective as set
forth in the Agreement, to be recognized by the Black Hawk County Assessor, and enforceable
in accordance with Iowa law; and
WHEREAS, in support of the Project's operations and public parking needs, the City and
JSA Development have also negotiated a management agreement for the Park Avenue parking
ramp (the "Ramp Management Agreement"), establishing terms for management, operations,
maintenance standards, insurance, reporting, and public access, without conveying ownership;
and
WHEREAS, City staff has reviewed the Development Agreement and the Ramp
Management Agreement and recommends approval, and the City Council finds that the Project
and agreements serve a valid public purpose and are consistent with City policies.
Docusign Envelope ID: 1AA01DEC-56A7-41BA-8480-C42A884085C3
Resolution 2025-636
Page 2
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The City Council hereby approves the Development Agreement between the City and
205 E. 4th LLC (JSA Development) as outlined.
2. The City hereby approves reimbursement grant funds in a total amount not to exceed
$14,000,000.00 for eligible Project costs as defined in the Agreement, with no tax rebates or tax
abatements.
3. The City approves and adopts a minimum assessed value of $8,000,000.00 for the
Black's Building property, as more fully set forth in the Agreement.
4. 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:
L ttAAlit �aV'f
ATTEST:
Signed by:
Wit, Feld&
I‘Ceitey retetile;Atity Clerk
ED0525D70AAC0449...
Quentin Hart Mayor