HomeMy WebLinkAbout2026-181-04.06.2026.doc (RECORDED) Docusign Envelope ID: DF81 F433-1758-467D-A9D1-6EF66C296DDB
2026-05489
RECORDED: 04 20/2026 03:41:06 PM
RECORDING FEE: $12.00
REVENUE TAX: $
COMBINED FEE: $12.00
SANDIE L. SMITH, RECORDER
BLACK HAWK COUNTY, IOWA
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Prepred by LeAnn M. Even, Deputy CityClerk, Cityof Waterloo, 715 MulberryStreet
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Waterloo, IA 50703, (319) 291 -4323.
RESOLUTION NO. 2026-181
RESOLUTION APPROVING A DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH ADVANCED
HEAT TREAT COMPANY FOR THE CONSTRUCTION OF A
18,000-SQUARE-FOOT ADDITION WITH A MINIMUM
ASSESSED VALUE OF $3,653,260.00 AT 2851 BURTON
AVENUE, IN THE EAST WATERLOO UNIFIED TIF
DISTRICT, INCLUDING A REBATE SCHEDULE OF YEAR
ONE AT SIXTY-FIVE PERCENT, YEAR TWO AT SIXTY
PERCENT, AND YEARS THREE THROUGH SEVEN AT
FIFTY PERCENT, AND AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE SAID DOCUMENTS.
WHEREAS Advanced Heat Treat Company proposes constructing an approximately
18,000-square-foot addition at property located at 2851 Burton Avenue, Waterloo, Iowa; and
WHEREAS, said property is located within the East Waterloo Unified Urban Renewal
Tax Increment Financing District; and
WHEREAS, as part of the proposed development, Advanced Heat Treat Company has
agreed to a minimum assessed value of $3,653,260.00 for the improvements; and
WHEREAS, the City Council finds it to be in the best interests of the City of Waterloo,
Iowa, to approve a Development Agreement and Minimum Assessment Agreement with
Advanced Heat Treat Company that includes a tax rebate schedule as follows: Year One — 65%;
Year Two — 60%; Years Three through Seven — 50%.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1 . The Development Agreement and Minimum Assessment Agreement between the City
of Waterloo, Iowa, and Advanced Heat Treat Company, relating to the construction of an
approximately 18,000-square-foot addition at 2851 Burton Avenue, with a minimum assessed
value of $3,653,260.00, located in the East Waterloo Unified Urban Renewal Tax Increment
Financing District, are hereby approved.
2. The approved Agreement shall include a rebate schedule as follows:
Year One: 65%
Year Two: 60%
Years Three through Seven: 50%
3. The Mayor and City Clerk are authorized and directed to execute said documents on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 6th day of April 2026.
�—Signed by:
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Davia Eoesen, Mayor
Docusign Envelope ID:DF81F433-1758-467D-A9D1-6EF66C296DDB
Resolution 2026-181
Page 2
ATTEST:
Signed by:
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--FFeOBCOFFBCe4AB...
Kelley Felchle, City Clerk
SEAL
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Docusign Envelope ID: DF81F433-1758-467D-A9D1-6EF66C296DDB
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2026-181
RESOLUTION APPROVING A DEVELOPMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH ADVANCED
HEAT TREAT COMPANY FOR THE CONSTRUCTION OF A
18,000-SQUARE-FOOT ADDITION WITH A MINIMUM
ASSESSED VALUE OF $3,653,260.00 AT 2851 BURTON
AVENUE, IN THE EAST WATERLOO UNIFIED TIF
DISTRICT, INCLUDING A REBATE SCHEDULE OF YEAR
ONE AT SIXTY-FIVE PERCENT, YEAR TWO AT SIXTY
PERCENT, AND YEARS THREE THROUGH SEVEN AT
FIFTY PERCENT, AND AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE SAID DOCUMENTS.
WHEREAS Advanced Heat Treat Company proposes constructing an approximately
18,000-square-foot addition at property located at 2851 Burton Avenue, Waterloo, Iowa; and
WHEREAS, said property is located within the East Waterloo Unified Urban Renewal
Tax Increment Financing District; and
WHEREAS, as part of the proposed development, Advanced Heat Treat Company has
agreed to a minimum assessed value of $3,653,260.00 for the improvements; and
WHEREAS, the City Council finds it to be in the best interests of the City of Waterloo,
Iowa, to approve a Development Agreement and Minimum Assessment Agreement with
Advanced Heat Treat Company that includes a tax rebate schedule as follows: Year One — 65%;
Year Two — 60%; Years Three through Seven — 50%.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The Development Agreement and Minimum Assessment Agreement between the City
of Waterloo, Iowa, and Advanced Heat Treat Company, relating to the construction of an
approximately 18,000-square-foot addition at 2851 Burton Avenue, with a minimum assessed
value of $3,653,260.00, located in the East Waterloo Unified Urban Renewal Tax Increment
Financing District, are hereby approved.
2. The approved Agreement shall include a rebate schedule as follows:
Year One: 65%
Year Two: 60%
Years Three through Seven: 50%
3. The Mayor and City Clerk are authorized and directed to execute said documents on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 6tn day of April 2026.
by:
cSjignjed
4tit�, f 7 t,SWl,
u34z,
Davi oesen, Mayor
Docusign Envelope ID: DF81F433-1758-467D-A9D1-6EF66C296DDB
Resolution 2026-181
Page 2
ATTEST:
"—Signed by:
Kelley felt
e FFBeB4AB...
Kelley Felchle, City Clerk
SEAL
4,0 Mr el eV eft