HomeMy WebLinkAbout2014-211-04/07/2014Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2014-211
RESOLUTION APPROVING MASTER DEVELOPMENT
AGREEMENT AND SUPPLEMENTAL DEVELOPMENT
AGREEMENT WITH GRAND INVESTMENTS, LLC OF
CEDAR FALLS, IOWA AND DIRECTING EXECUTION OF
SAID AGREEMENTS BY MAYOR.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the Master Development Agreement and Supplemental
Development Agreement dated April 7, 2014, for the sale and
conveyance of City -owned property commonly known as the former
Grand Hotel site, located at West Mullan Avenue and Jefferson
Street, for $1.00, plus costs, for the construction of an
approximate 70 -unit condominium development, with an estimated
actual value of $6 million, with 42 percent tax rebates for 20
years, by and between Grand Investments, LLC of Cedar Falls, Iowa
and the City of Waterloo, Iowa, be and the same is hereby
approved, and the Mayor and City Clerk authorized to execute the
same in behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 7th day of April, 2014.
_.e -7 / ee 5
Ernest G. Clark, Mayor
ATTEST:
zy Scares, CMC
City Clirk