HomeMy WebLinkAbout2025-735-12.15.2025.doc (RECORDED) Docusign Envelope ID:E34EFEFE-BC09-410C-B60C-8BE932E5F543 2026-01016
RECORDED:01/23/2026 03:28:58 PM
RECORDING FEE:$7.00
REVENUE TAX:$
COMBINED FEE:$7.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
.4 Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-73 5
RESOLUTION APPROVING AN AMENDMENT TO THE
DEVELOPMENT AGREEMENT WITH KL PROPERTIES, LLC
FOR TAX REBATES OF EIGHTY PERCENT FOR YEARS
ONE AND TWO, SEVENTY-FIVE PERCENT FOR YEAR
THREE, AND SIXTY PERCENT FOR YEAR FOUR, ON
SUBSTANTIALLY COMPLETED IMPROVEMENTS
LOCATED AT 3151 TITAN TRAIL, AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE SAID
DOCUMENT.
WHEREAS the City of Waterloo, Iowa, has a Development Agreement with KL
Properties, LLC, regarding improvements at 3151 Titan Trail; and
WHEREAS, an amendment is proposed to modify )he tax rebate structure for the
substantially completed improvements as follows:
• Eighty percent(80%) tax rebate for years one and two.
• Seventy-five percent(75%) tax rebate for year three.
• Sixty percent(60%)tax rebate for year four.
WHEREAS, the amendment aligns with the City's economic development goals to
incentivize property improvements and business investments.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The amendment to the Development Agreement with KL Properties, LLC, detailing
the adjusted tax rebates, 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.
e—DocuSigned by:
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Quentin Hart,Mayor
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. 2025-735
RESOLUTION APPROVING AN AMENDMENT TO THE
DEVELOPMENT AGREEMENT WITH KL PROPERTIES, LLC
FOR TAX REBATES OF EIGHTY PERCENT FOR YEARS
ONE AND TWO, SEVENTY-FIVE PERCENT FOR YEAR
THREE, AND SIXTY PERCENT FOR YEAR FOUR, ON
SUBSTANTIALLY COMPLETED IMPROVEMENTS
LOCATED AT 3151 TITAN TRAIL, AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE SAID
DOCUMENT.
WHEREAS the City of Waterloo, Iowa, has a Development Agreement with KL
Properties, LLC, regarding improvements at 3151 Titan Trail; and
WHEREAS, an amendment is proposed to modify the tax rebate structure for the
substantially completed improvements as follows:
• Eighty percent (80%) tax rebate for years one and two.
• Seventy-five percent (75%) tax rebate for year three.
• Sixty percent (60%) tax rebate for year four.
WHEREAS, the amendment aligns with the City's economic development goals to
incentivize property improvements and business investments.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The amendment to the Development Agreement with KL Properties, LLC, detailing
the adjusted tax rebates, 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`h day of December 2025.
,-DocuSigned by:
M di & Non'
'-D05z5D7 G8449
Quentin dart, Mayor
ATTEST:
Kelley Felchle, City Clerk
SEAL