HomeMy WebLinkAbout2013-140-2 /25/2013M
Prepared by Carol Failor, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2013-140
RESOLUTION APPROVING APPLICATION WITH GARRICK
GANTNEY DBA RISING STAR PROPERTIES L.L.C. FOR
TAX EXEMPTIONS ON THE REHABILITATION OF A 9-
PLEX APARTMENT BUILDING TOTALING $365,000.00
FOR PROPERTY LOCATED AT 618-620 WEST 3RD
STREET IN THE CONSOLIDATED URBAN
REVITALIZATION AREA PLAN, IN THE CITY OF
WATERLOO, BLACK HAWK COUNTY, IOWA.
WHEREAS, Garrick Gantney DBA Rising Star Properties L.L.C.
has submitted an application dated December 31, 2012 to the City
Council of the City of Waterloo, Iowa, requesting to receive tax
exemptions on the rehabilitation of a 9-plex apartment building
totaling $365,000.00 for property located at 618-620 West 3rc'
Street, more fully described as follows:
The Northeasterly Half of Lots Nos. 9 and 10 in Block
No. 34 in Original Plat, on the West 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 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 Plan
as officially adopted by the City Council for the City of
Waterloo, Iowa, and
WHEREAS, the rehabilitation on said property was made during
the time in which such improvements are eligible for the tax
exemption as set forth in the Consolidated Urban Revitalization
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
200
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. 2013-140
Page 2
PASSED AND ADOPTED this 25th day of February, 2013.
Ernest G. Clark, Mayor
ATTEST:
Suzy Schres, CMC
City Cle k