HomeMy WebLinkAbout2015-698-9/8/2015 RECORDEDDoc ID: 007087530002 Type: GEN
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Black Hawk County Iowa
SANDIE L. SMITH RECORDER
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Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, 319-291-4323.
RESOLUTION NO. 2015-698
RESOLUTION APPROVING A DEVELOPMENT AGREEMENT
WITH BREAD TO BEER, LLC TO AUTHORIZE THE SALE
AND CONVEYANCE OF A PORTION OF CITY OWNED
PROPERTY FOR $1.00 COMMONLY KNOWN AS THE
FORMER WONDER BREAD BAKERY SITE (301-305 AND
325 COMMERCIAL STREET), FOR THE
REDEVELOPMENT INTO A MICROBREWERY, PUB, AND
RETAIL SPACE BUILDING, WITH AN ESTIMATED NEW
TAXABLE VALUE OF $3.0 MILLION, WITH 15 YEARS
AT 70% TAX REBATES, AND $160,000 IN GRANT
FUNDS, AND AUTHORIZING MAYOR AND CITY CLERK
TO EXECUTE SAID AGREEMENT.
WHEREAS, the Development Agreement dated September 8, 2015
between Bread to Beer, LLC and the City of Waterloo, Iowa, for
the redevelopment of the former Wonder Bread Bakery site (301-305
and 325 Commercial Street) into a microbrewery, pub, and retail
space building, with an estimated new taxable value of $3.0
million, with 15 years at 70% tax rebates, and $160,000 in grant
funds,
WHEREAS, the City shall convey property by quit claim deed
to the developer, and
WHEREAS, an offer to purchase said certain real property has
been made by Bread to Beer, LLC for $1.00, as described below,
and
WHEREAS, a public hearing was held on September 8, 2015, at
5:30 p.m. in the Harold E. Getty Council Chambers, City Hall,
Waterloo, Iowa, as provided by law, by the Council of the City of
Waterloo, Iowa on the proposal to sell and convey premises owned
by the City of Waterloo, Iowa, to Bread to Beer, LLC, and
WHEREAS, it is the opinion of this Council that sale and
conveyance should be made as proposed.
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE COUNCIL OF THE
CITY OF WATERLOO, IOWA, AS FOLLOWS:
1. The following described real property, as fully described
in the published notice in the Waterloo Courier on August 28,
2015, is not presently needed and will not be needed in the
foreseeable future for municipal purposes and its ownership is
serving no municipal purpose, and
2. That the offer of Bread to Beer, LLC to purchase real
t property for the sum of $1.00, be and it is hereby accepted for
real property described below:
LOTS NOS. 6, 7, 8, 9 AND 10 IN BLOCK NO. 2, ORIGINAL PLAT ON
THE WEST SIDE OF THE CEDAR RIVER, CITY OF WATERLOO, IOWA;
3. That the City of Waterloo, Iowa conveys said parcel of
real property to Bread to Beer, LLC by quit claim deed.
4. That the Mayor and City Clerk are hereby authorized to
execute said quit claim deed to Bread to Beer, LLC.
5. That the original of said deed fully executed and
acknowledged is hereby approved and confirmed by the Council.
6. That the Community Planning and Development Department
is authorized and directed to deliver said quit claim deed of
Resolution No. 2015-698
Page 2
conveyance to Bread to Beer, LLC upon receipt in the sum of
$1.00.
7. That the Mayor and City Clerk are hereby authorized to
execute said Development Agreement with Bread to Beer, LLC on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 8th day of September 2015.
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Deputy y Clerk
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Ernest G. Clark, Mayor