HomeMy WebLinkAbout2026-516-09.21.2026.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. 2026-516
RESOLUTION APPROVING AN AMENDMENT TO A SITE
LEASE AGREEMENT FOR THE CITY -OWNED PROPERTY
AGREEMENT WITH CROELL, INC., IN THE AMOUNT OF
$7,500.00, TO EXTEND THE TERMINATION DATE TO
NOVEMBER 30, 2026, FOR CONTINUED OPERATION OF A
PORTABLE CONCRETE BATCH PLANT, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo, Iowa, previously entered into a Development
Agreement and a Minimum Assessment Agreement with Dhani RE Waterloo, LLC, relating to
the redevelopment of property located at 722 Water Street, also known as 20 East 5th Street; and
WHEREAS, Dhani RE Waterloo, LLC, has requested amendments to increase the
number of residential dwellings from twenty-six to twenty-eight to provide an additional
$10,000.00 in Housing Infill incentives for two additional residential units, and to extend the
project completion date to March 31, 2027; and
WHEREAS, Dhani RE Waterloo, LLC, has further requested an amendment to the
Minimum Assessment Agreement to establish a minimum assessed value of $2,550,000.00; and
WHEREAS, the City Council finds that approval of the amendments is in the best
interests of the City of Waterloo.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The Amendment to the Development Agreement between the City of Waterloo, Iowa,
and Dhani RE Waterloo, LLC, for the property located at 722 Water Street, also known as 20
East 5th Street, is hereby approved.
2. The Amendment to the Development Agreement shall:
a. Increase the number of residential dwellings from twenty-six to twenty-eight;
b. Provide an additional Housing Infill incentive in the amount of $10,000.00 for
the construction of two additional residential units; and
c. Amend the project completion date to March 31, 2027.
3. The Amendment to the Minimum Assessment Agreement between the City of
Waterloo, Iowa, and Dhani RE Waterloo, LLC, establishing a minimum assessed value of
$2,550,000.00, is hereby approved.
4. 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 21' day of September 2026.
PSigned by:
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David Boesen, Mayor
Docusign Envelope ID: 562DD6CC-F8C4-87D2-8049-9781D65E5E4E
Resolution 2026-516
Page 2
ATTEST:
Signed by:
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Kelley Fe1ch�e, City Clerk