HomeMy WebLinkAbout2026-010-01.05.2026.doc (RECORDED) 1
Docusipn Envelope ID: COD9B10B-7A05-432A-A2D4-3EADF4AD28DC
2026-01056
RECORDED: 01/26/2026 09:33:54 AM
RECORDING FEE: $12.00
REVENUE TAX: $
COMBINED FEE: $12.00
SANDIE L. SMITH, RECORDER
BLACK HAWK COUNTY, IOWA
. tkACCS
Prep red by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2026-010
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH CROSSROADS REALTY, LLC WITH A
MINIMUM ASSESSMENT AGREEMENT OF $430,000.00 FOR
THE CONSTRUCTION OF A 3,600 SQUARE-FOOT
BUILDING LOCATED TO THE SOUTHEAST OF 221 W. 11TH
STREET AND AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo, Iowa, recognizes the need for economic development
to enhance the community's growth and vitality; and
WHEREAS, Crossroads Realty, LLC, proposes to construct a new 3,600 square-foot
building located to the southeast of 221 W. 11th Street, Waterloo, Iowa, contributing to the
economic prosperity and infrastructure of the area; and
WHEREAS, the City has negotiated a Development Agreement with Crossroads Realty,
LLC, which includes a Minimum Assessment Agreement valuing the property at a minimum of
$430,000.00 to ensure sustained economic benefits and proper taxation levels; and
WHEREAS, the proposed Development Agreement outlines the terms and conditions
under which Crossroads Realty, LLC will comply with for the construction and continuation of
the said project; and
WHEREAS, it is deemed to be in the best interest of the City and its residents to approve
the Development Agreement, enhancing community development and fiscal growth.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The proposed Development Agreement with Crossroads Realty, LLC is hereby
approved, contingent upon mutually agreed terms which protect the interests of both the City and
the Developer.
2. The Minimum Assessment Agreement is set at $430,000.00 to ensure a fair and
equitable tax contribution to support ongoing community services and infrastructure.
3. The Mayor and City Clerk are authorized and directed to execute said document on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 5th day of January 2026.
�—Signed by:
15OGSUAi
David Boeseo�ZMayor
Docusi,Ip Envelope ID:COD9B10B-7A05-432A-A2D4-3EADF4AD28DC
Resolution 2026-010
Page 2
ATTEST:
e—Signed by:
Kith, f tldlt
L— FbuuFFD b4#
Kelley .14e llc `le, City Clerk
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Docusign Envelope ID: COD9B10B-7A05-432A-A2D4-3EADF4AD28DC
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2026-010
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH CROSSROADS REALTY, LLC WITH A
MINIMUM ASSESSMENT AGREEMENT OF $430,000.00 FOR
THE CONSTRUCTION OF A 3,600 SQUARE -FOOT
BUILDING LOCATED TO THE SOUTHEAST OF 221 W. 11TH
STREET AND AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo, Iowa, recognizes the need for economic development
to enhance the community's growth and vitality; and
WHEREAS, Crossroads Realty, LLC, proposes to construct a new 3,600 square -foot
building located to the southeast of 221 W. 1 lth Street, Waterloo, Iowa, contributing to the
economic prosperity and infrastructure of the area; and
WHEREAS, the City has negotiated a Development Agreement with Crossroads Realty,
LLC, which includes a Minimum Assessment Agreement valuing the property at a minimum of
$430,000.00 to ensure sustained economic benefits and proper taxation levels; and
WHEREAS, the proposed Development Agreement outlines the terms and conditions
under which Crossroads Realty, LLC will comply with for the construction and continuation of
the said project; and
WHEREAS, it is deemed to be in the best interest of the City and its residents to approve
the Development Agreement, enhancing community development and fiscal growth.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The proposed Development Agreement with Crossroads Realty, LLC is hereby
approved, contingent upon mutually agreed terms which protect the interests of both the City and
the Developer.
2. The Minimum Assessment Agreement is set at $430,000.00 to ensure a fair and
equitable tax contribution to support ongoing community services and infrastructure.
3. The Mayor and City Clerk are authorized and directed to execute said document on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 5th day of January 2026.
Signed by:
VI/a iNGSGIA,
::F FOi3AztF64 4
Davi • : oesen, mayor
Docusign Envelope ID: COD9B10B-7A05-432A-A2D4-3EADF4AD28DC
Resolution 2026-010
Page 2
ATTEST:
Signed by:
lexitel f
Kelley Tc Ii e `City Clerk
11.111M LIifh i li iliifi 11