HomeMy WebLinkAbout2013-1016-12/09/2013Z-7 c2O 14
Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2013-1016
RESOLUTION APPROVING APPLICATION WITH HUNTLEY
WITMER DEVELOPMENT LLC FOR TAX EXEMPTIONS FOR
THE REHABILITATION OF AN 84 UNIT APARTMENT
BUILDING WITH ESTIMATED COSTS OF
$11,687,059.00 LOCATED AT 500 SYCAMORE STREET
IN THE CONSOLIDATED URBAN REVITALIZATION AREA
(LURA), IN THE CITY OF WATERLOO, BLACK HAWK
COUNTY, IOWA.
WHEREAS, Huntley Witmer Development LLC has submitted an
application dated November 26, 2013 to the City Council of the
City of Waterloo, Iowa, requesting to receive tax exemptions on
the rehabilitation of an 84 unit apartment building with
estimated costs of $11,687,059.00 located at 500 Sycamore Street,
more fully described as follows:
The Northwesterly 60 feet of Lots 2 and 3, in Block 4,
in the Original Plat, on the East Side of the Cedar
River, in the City of Waterloo, Black Hawk County,
Iowa;
and,
WHEREAS, said property is located within the designated
Consolidated Urban Revitalization Area (CURA) in Waterloo, Iowa,
as previously established by the City Council of the City of
Waterloo, Iowa, and,
WHEREAS, the rehabilitation project respecting said property
is in conformance with the Consolidated Urban Revitalization Area
(CURA) Plan as officially adopted by the City Council for the
City of Waterloo, Iowa, and
WHEREAS, the rehabilitation on said property will be made
during the time in which such improvements are eligible for the
tax exemption as set forth in the Consolidated Urban
Revitalization Area (CURA) Plan as adopted by the City Council of
the City of Waterloo, Iowa, and as set forth in the Urban
Revitalization Act as adopted by the Legislature of the State of
Iowa and signed by the Governor of the State of Iowa, and
WHEREAS, said applicant is requesting the following 10 -year
partial exemption schedule:
For
the
first year
800
For
the
second year
700
For
the
third year
600
For
the
fourth year
500
For
the
fifth year
400
For
the
sixth year
400
For
the
seventh year
300
For
the
eighth year
300
For
the
ninth year
20o
For
the
tenth year
200
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA, that said application is hereby approved
and the City Clerk is hereby authorized and directed to forward
said application and a copy of this resolution to the Assessor.
Resolution No. 2013-1016
Page 2
PASSED AND ADOPTED this 9th day f December, 2013.
Ernest G. Clark, Mayor
ATTEST:
S-, , taur-�
Suzy Sch res, CMC
City Cle k