HomeMy WebLinkAbout2025-717-12.15.2025.doc (RECORDED) Docusign Envelope ID: E34EFEFE-BC09-410C-B60C-8BE932E5F543 2025-18923
RECORDED: 12/29/2025 10:01:16 AM
RECORDING FEE: $7.00
REVENUE TAX: $
COMBINED FEE: $7.00
SANDIE L. SMITH, RECORDER
BLACK HAWK COUNTY, IOWA
(du lc)1 tt cL�0 6.Preared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-717
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH THE BATTERY BUILDING, LLC,
INCLUDING REIMBURSEMENT OF PHASE 1 EMERGENCY
REPAIRS UP TO $259,315.00, WITH A GRANT OF
$600,000.00, AND TAX REBATES OF FIFTEEN YEARS AT
SEVENTY PERCENT AND AUTHORIZING THE MAYOR
AND CITY CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, The Battery Building, LLC intends to proceed with development at 217-221
W. 5th Street, Waterloo, Iowa; and
WHEREAS, the development agreement includes:
• Reimbursement for Phase 1 emergency repairs up to $259,315.00,
• A grant of $600,000.00 to support the project; and
WHEREAS, the agreement provides for tax rebates over fifteen years at a rate of seventy
percent; and
WHEREAS, the City Council finds this development agreement to be supportive of
community development and urban revitalization efforts.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1 . The Development Agreement with The Battery Building, LLC, is hereby approved,
including financial support and tax incentives as outlined.
2. Approval of up to $259,315.00 reimbursement for Phase 1 emergency repairs.
3. Approval of a total grant of$600,000.00 to assist with the rehabilitation project.
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 15`" day of December 2025.
—DocuSigned by:(,�-,,
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Q.ugGi'lluaTMayor
ATTEST:
,—Signed by:
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Kelley Felchle, City Clerk
SEAL
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Docusign Envelope ID: E34EFEFE-BC09-410C-B60C-8BE932E5F543
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-717
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH THE BATTERY BUILDING, LLC,
INCLUDING REIMBURSEMENT OF PHASE 1 EMERGENCY
REPAIRS UP TO $259,315.00, WITH A GRANT OF
$600,000.00, AND TAX REBATES OF FIFTEEN YEARS AT
SEVENTY PERCENT AND AUTHORIZING THE MAYOR
AND CITY CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, The Battery Building, LLC intends to proceed with development at 217-221
W. 5th Street, Waterloo, Iowa; and
WHEREAS, the development agreement includes:
• Reimbursement for Phase 1 emergency repairs up to $259,315.00,
• A grant of $600,000.00 to support the project; and
WHEREAS, the agreement provides for tax rebates over fifteen years at a rate of seventy
percent; and
WHEREAS, the City Council finds this development agreement to be supportive of
community development and urban revitalization efforts.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The Development Agreement with The Battery Building, LLC, is hereby approved,
including financial support and tax incentives as outlined.
2. Approval of up to $259,315.00 reimbursement for Phase 1 emergency repairs.
3. Approval of a total grant of $600,000.00 to assist with the rehabilitation project.
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 15th day of December 2025.
,—DocuSigned by:
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Quentin Hart, Mayor
ATTEST:
"—Signed by:
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Kelley Felchle, City Clerk
SEAL