HomeMy WebLinkAbout2025-721-12.15.2025.doc (RECORDED) Docusign Envelope ID: E34EFEFE-BC09-410C-B60C-8BE932E5F543
2026-01054
RECORDED: 01/26/2026 09:33:52 AM
RECORDING FEE: $7.00
REVENUE TAX: $
COMBINED FEE: $7.00
SANDIE L. SMITH, RECORDER
BLACK HAWK COUNTY, IOWA
4 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-721
RESOLUTION APPROVING A DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH RNK
INVESTMENTS, LLC, FOR THE CONSTRUCTION OF A NEW
12,000-SQUARE-FOOT COMMERCIAL BUILDING, AND A
FUTURE 12,000-SQUARE-FOOT EXPANSION, WITH AN
APPROXIMATE VALUE OF $1,500,000.00, AND TAX
RELATES OF FIVE-YEARS AT FIFTY PERCENT, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo, Iowa, seeks to encourage economic growth and
infrastructure development within the community; and
WHEREAS, RNK Investments, LLC proposes the construction of a new 12,000-square-
foot commercial building, along with a future 12,000-square-foot expansion, representing a
combined estimated value of One Million Five Hundred Thousand Dollars ($1,500,000.00); and
WHEREAS, the City and RNK Investments, LLC, have negotiated a Development and
Minimum Assessment Agreement that includes tax rebates for a period of five (5) years at fifty
percent (50%) to incentivize this development; and
WHEREAS, said Agreement has been reviewed and found to be in compliance with all
relevant city codes and state regulations.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The Development and Minimum Assessment Agreement with RNK Investments, LLC,
for the construction and future expansion of the commercial building is hereby approved.
2. The Mayor and City Clerk are authorized and directed to execute said documents on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 15`1' day of December 2025.
—DocuSigned by:
`—D052$D78AAC8449.Ma
yor
Hart,
ATTEST:
, —Signed by:
Why FLU&
`—FF60BCOFF C AB..
Kelley Feichle8, 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. 2025-721
RESOLUTION APPROVING A DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH RNK
INVESTMENTS, LLC, FOR THE CONSTRUCTION OF A NEW
12,000-SQUARE-FOOT COMMERCIAL BUILDING, AND A
FUTURE 12,000-SQUARE-FOOT EXPANSION, WITH AN
APPROXIMATE VALUE OF $1,500,000.00, AND TAX
RELATES OF FIVE -YEARS AT FIFTY PERCENT, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo, Iowa, seeks to encourage economic growth and
infrastructure development within the community; and
WHEREAS, RNK Investments, LLC proposes the construction of a new 12,000-square-
foot commercial building, along with a future 12,000-square-foot expansion, representing a
combined estimated value of One Million Five Hundred Thousand Dollars ($1,500,000.00); and
WHEREAS, the City and RNK Investments, LLC, have negotiated a Development and
Minimum Assessment Agreement that includes tax rebates for a period of five (5) years at fifty
percent (50%) to incentivize this development; and
WHEREAS, said Agreement has been reviewed and found to be in compliance with all
relevant city codes and state regulations.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The Development and Minimum Assessment Agreement with RNK Investments, LLC,
for the construction and future expansion of the commercial building 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 15th day of December 2025.
ATTEST:
Signed by:
Kills f cleft
C61. 4Pb...
Kelley F�FfcTilee, City Clerk
SEAL
,-DocuSigned by:
nittl&filA, hrt
Quentin Hart,.. Mayor