HomeMy WebLinkAbout2016-630-8/8/2016 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, 319-291-4323.
RESOLUTION NO. 2016-630
RESOLUTION APPROVING DEVELOPMENT AGREEMENT WITH
M & K QUALITY ELECTRIC FOR THE DEVELOPMENT OF A 3,000
SQUARE FOOT COMMERCIAL BUILDING FOR AN ELECTRICAL
COMPANY WITH A VALUE NO LESS THAN $210,000.00,
OFFERING PROPERTY TAX REBATES OF YEAR ONE THROUGH
YEAR FOUR 70 PERCENT AND YEAR FIVE THROUGH YEAR
SEVEN FOR 65 PERCENT, AND AUTHORIZE MAYOR TO
EXECUTE SAID AGREEMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the Development Agreement dated August 8, 2016, between M & K Quality Electric and the
City of Waterloo, Iowa, for the development of a 3,000 square foot commercial building for an
electrical company with a value no less than $210,000.00, offering property tax rebates of year
one through year four 70 percent and year five through year seven for 65 percent, is hereby
approved and the Mayor is authorized and directed to execute the same on behalf of the City of
Waterloo, Iowa.
PASSED AND ADOPTED this 8h day of August 2016.
L
Quentin Hart, Mayor
ATTEST:
Suzy Sch s, CMC
City Clerk