HomeMy WebLinkAbout2026-429-08.03.2026.docDocusign Envelope ID: B5D0EEFF-A50D-8372-8193-585B17102E38
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2026-429
RESOLUTION APPROVING A DEVELOPMENT AGREEMENT WITH
ROCK STAR REAL ESTATE, LLC FOR THE REHAB OF THE TWO
SINGLE-FAMILY HOMES AND ONE TWIN HOME AND THE CITY
ACQUISITION OF THREE LOTS NEAR 613 RANDALL STREET FIN
THE AMOUNT OF $37,500.00, INCLUDING A PURCHASE PRICE
REIMBURSEMENT PAYMENT OF $15,000.00, AND AN INFILL
GRANT OF $20,000.00 AND AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, Rock Star Real Estate, LLC, proposes to rehabilitate two single-family
homes and one twin home; and
WHEREAS, in connection with the proposed development, the City will acquire three
lots near 613 Randall Street; and
WHEREAS, the proposed Development Agreement provides for financial assistance in
an amount not to exceed $37,500.00, including a purchase price reimbursement payment of
$15,000.00 and an infill grant of $20,000.00; and
WHEREAS, the City Council finds that entering into the Development Agreement is in
the best interests of the City of Waterloo.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA,
1. That the Development Agreement between the City of Waterloo, Iowa, and Rock Star
Real Estate, LLC, for the rehabilitation of two single-family homes and one twin home, and for
the City's acquisition of three lots near 613 Randall Street, is hereby approved.
2. That the City's financial assistance under the Development Agreement is approved in
an amount not to exceed $37,500.00, including a purchase price reimbursement payment of
$15,000.00 and an infill grant of $20,000.00, subject to the terms and conditions of the
Development Agreement.
3. That 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 3rd day of August 2026.
ATTEST:
,(—Signed by:
LeAnn
ven, Deputy City Clerk
Signed by:
Navi•n, ba,suA.
393E8397B3D3421...
David Boesen, Mayor
Docusign Envelope ID: B5D0EEFF-A50D-8372-8193-585B17102E38
Resolution 2026-429
Page 2
CERTIFICATE
I, LeAnn M. Even, Deputy City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution No. 2026-429, as passed and adopted by the
Council of the City of Waterloo, Iowa, on August 3, 2026.
Signed by:
LeAnn ivi.' Even, Deputy City Clerk
SEAL