HomeMy WebLinkAbout2016-544-7/11/2016 Prepared by Nancy Higby, Administrative Secretary, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2016-544
RESOLUTION APPROVING THE ASSIGNMENT OF REBATES
TO PARAMOUNT INVESTMENTS, LLC IN CONJUNCTION
WITH A DEVELOPMENT AGREEMENT WITH BLACK HAWK
CONTRACTING AND DEVELOPMENT, ORIGINALLY
APPROVED ON FEBRUARY 17, 2014, FOR THE
CONSTRUCTION OF SIX TOWNHOUSES ON EAST 3RD
STREET AND LAFAYETTE STREET, AND AUTHORIZE THE
MAYOR AND CITY CLERK TO EXECUTE SAID AGREEMENT.
WHEREAS, Black Hawk Contracting & Development entered into a Development
Agreement with the City of Waterloo, Iowa for the construction of six townhouses on East 3rd
Street and Lafayette Street, and
WHEREAS,the developer was given tax rebates for the added value of the project, and
WHEREAS, the property has been sold and the Development Agreement states that
assignment of tax rebates is eligible and that the Assignment of Rebates will allow the new owner,
Paramount Investments, LLC,to receive the tax rebates.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA, that the Assignment of Rebates for properties located as follows, be and the
same is hereby approved.
Parcels Address If available
8913-24-353-009
8913-24-353-010
8913-24-353-011 311 E. 3`d Street, Waterloo, IA
8913-24-353-012 309 E. 3d Street, Waterloo,IA
8913-24-353-013 307 E. 3a Street, Waterloo,IA
8913-24-353-014 305 E. 3` Street, Waterloo, IA
8913-24-353-015 303 E. 3` Street, Waterloo,IA
8913-24-353-016 301 E. 3` Street, Waterloo,IA
PASSED AND ADOPTED this 11'h day of July,2016.
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Quentin Hart,Mayor
ATTEST:
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Suzy Sch es, CMC
City Cler