HomeMy WebLinkAbout2026-489-09.08.2026.docDocusign Envelope ID: 562DD6CC-F8C4-87D2-8049-9781D65E5E4E
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2026-489
RESOLUTION APPROVING A DEVELOPMENT AND MINIMUM
ASSESSMENT AGREEMENT WITH KEL MAR, LC, FOR THE
CONSTRUCTION OF A NEW 60,000 SQUARE -FOOT WAREHOUSE
BUILDING.
WHEREAS, Kel Mar, LC proposes to construct a new approximately 60,000 square -foot
warehouse on property located south of 1575 West Big Rock Road, Waterloo, Iowa; and
WHEREAS, the City of Waterloo, Iowa and the Kel Mar, LC desire to enter into a
Development and Minimum Assessment Agreement setting forth the parties' respective
obligations in connection with the proposed development; and
WHEREAS, the Agreement provides for a tax rebate schedule consisting of:
Seventy-five percent (75%) for one (1) year;
Seventy percent (70%) for one (1) year; and
Fifty percent (50%) for eleven (11) years; and
WHEREAS, the Agreement further provides for a Minimum Assessment Agreement
establishing a minimum assessed value of $3,030,000.00 for the development; and
WHEREAS, the City Council finds that approval of the Development and Minimum
Assessment 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 and Minimum Assessment Agreement with Kel Mar, LC, for
construction of a new 60,000 square -foot warehouse building on property located south of 1575
West Big Rock Road, including a tax rebate schedule of 75% for one year 70% for one year, and
50% for eleven years, and establishing a minimum assessed value of $3,030,000.00, is hereby
approved.
2. That the Mayor and City Clerk are hereby authorized and directed to execute said
documents on behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 8th day of September 2026.
Signed by:
�aWu� bbt,SUA,
33 8 fB3U3421...
Davi oesen, Mayor
ATTEST:
Signed by:
Kel e1eyretcliie ,City Clerk
SEAL