HomeMy WebLinkAbout2026-098-03.02.2026.docDocusign Envelope ID: 64337050-5C29-4744-A60B-7C4FE414B39A
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2026-098
RESOLUTION IN SUPPORT OF AN APPLICATION BY THE
BATTERY BUILDING, LLC, FOR THE IOWA WORKFORCE
HOUSING TAX CREDIT PROGRAM APPLICATION TO THE IOWA
ECONOMIC DEVELOPMENT AUTHORITY, TO CONSTRUCT UP
TO NINETEEN NEW MARKET -RATE APARTMENTS, LOCATED
AT 217-219 W. 5TH STREET, INCLUDING A GRANT OF
$600,000.00 AND REBATES OF SEVENTY PERCENT FOR
FIFTEEN YEARS, AS APPROVED BY CITY COUNCIL BY
RESOLUTION NO. 2025-717, ON DECEMBER 15, 2025.
WHEREAS, The Battery Building, LLC proposes to construct up to nineteen new
market -rate apartment units at 217-219 W. 5th Street, Waterloo, Iowa; and
WHEREAS, the Developer intends to submit an application to the Iowa Economic
Development Authority under the Iowa Workforce Housing Tax Credit Program in support of
the Project; and
WHEREAS, the City of Waterloo, Iowa finds that the Project is consistent with the City's
housing and community development goals, including encouraging investment in housing
options and redevelopment in the community; and
WHEREAS, the City Council previously approved local financial assistance for the
Project by Resolution No. 2025-717, adopted December 15, 2025, including: a city grant in the
amount of $600,000.00 and City rebates equal to seventy percent for a term of fifteen years; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The City Council hereby expresses its support for the Developer's application to the
Iowa Economic Development Authority under the Iowa Workforce Housing Tax Credit Program
for the Project to construct up to nineteen new market -rate apartments at 217-219 W. 5th Street,
Waterloo, Iowa.
2. The City Council acknowledges that Local Assistance for the Project was previously
approved by Resolution No. 2025-717, adopted December 15, 2025, including a $600,000.00
grant and rebates equal to seventy percent for fifteen years.
PASSED AND ADOPTED this 2nd day of March 2026.
ATTEST:
Signed by:
kete, Feld&
K ley teichre BLityulerk
SEAL
Signed by:
56ta INGSWG
David oesen, Mayor