HomeMy WebLinkAbout2026-095-03.02.2026.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. 2026-095
RESOLUTION APPROVING A CONSENT AND ASSIGNMENT OF
GROUND LEASE BETWEEN THE CITY OF WATERLOO,
WATERLOO DEVELOPMENT CORPORATION AND FARMERS
STATE BANK, FOR THE NEW HARDCOURTS FACILITY,
LOCATED AT 205 W. COMMERCIAL STREET, AND
AUTHORIZING THE MAYOR TO EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo, Iowa is the lessor under that certain Ground Lease
concerning real property located at 205 W. Commercial Street, Waterloo, Iowa; and
WHEREAS, the Waterloo Development Corporation is the lessee under the Ground
Lease; and
WHEREAS, Waterloo Development Corporation has requested, and the City has agreed,
subject to City Council approval, to execute a Consent and Assignment of Ground Lease among
the City, Waterloo Development Corporation, and Farmers State Bank in connection with
financing for the new Hardcourts facility on the Property; and
WHEREAS, the City Council finds it to be in the best interests of the City to approve the
Consent and Assignment of Ground Lease and authorize execution of the document.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The Consent and Assignment of Ground Lease with the City of Waterloo, Iowa,
Waterloo Development Corporation, and Farmers State Bank, relating to the new Hardcourts
facility located at 205 W. Commercial Street, is hereby approved.
2. The Mayor is authorized and directed to execute said documents on behalf of the City
of Waterloo, Iowa.
PASSED AND ADOPTED this 2nd day of March 2026.
ATTEST:
SignedAby: AA ee
Kelley f Lid &
Kelley e c e i heerk
SEAL
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Signed by:
FRWAI, t,SUA,
Davtioeseri 3M1ayor