HomeMy WebLinkAbout2014-035-1 /21/2014Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2014-035
RESOLUTION APPROVING APPLICATION WITH
BUCKETS, INC. FOR TAX EXEMPTIONS ON THE
CONSTRUCTION OF A BUILDING ADDITION VALUED AT
$335,000.00 FOR PROPERTY LOCATED AT 3215
LAFAYETTE STREET IN THE CONSOLIDATED URBAN
REVITALIZATION AREA (LURA), IN THE CITY OF
WATERLOO, BLACK HAWK COUNTY, IOWA.
WHEREAS, Buckets, Inc. has submitted an application dated
January 14, 2014 to the City Council of the City of Waterloo,
Iowa, requesting to receive tax exemptions on the construction of
a building addition valued at $335,000.00 for property located at
3215 Lafayette Street, more fully described as follows:
A part of Government Lot 1, Section 32, Township 89
North, Range 12 West of the Fifth Principal Meridian in
the City of Waterloo, Black Hawk County, Iowa, lying
Southerly of the Illinois Central Switch Track and
lying Southeasterly of the following described line:
Commencing at the point of intersection of the
Southerly right-of-way line of the Illinois Central
Switch Track and the Northeasterly line of former Iowa
State Highway No. 297; thence Southeasterly along said
Highway 620 feet to the point of beginning of the line
herein described; thence Northeasterly at right angles
to the Northeasterly line of said Highway to the
Southerly line of the Illinois Central Switch Track,
except that part thereof bounded as follows:
Commencing at the intersection of the West line of the
East 10 acres of said Government Lot and the
Northeasterly line of said Highway; thence
Northwesterly along the Northeasterly line of said
Highway 270 feet; thence Northeasterly 331 feet to a
point on the West line of the East 10 acres that is 429
feet North of the point of beginning; thence South
along the West line of said East 10 acres 429 feet to
the point of beginning, and except that part thereof
lying in the East 10 acres of said Government Lot;
and,
WHEREAS, said property is located within the designated
Consolidated Urban Revitalization Area (CURA) in Waterloo, Iowa,
as previously established by the City Council of the City of
Waterloo, Iowa, and,
WHEREAS, the new construction project respecting said
property is in conformance with the Consolidated Urban
Revitalization Area (CUBA) Plan as officially adopted by the City
Council for the City of Waterloo, Iowa, and
WHEREAS, the new construction on said property was made
during the time in which such improvements are eligible for the
tax exemption as set forth in the Consolidated Urban
Revitalization Area (CURA) Plan as adopted by the City Council of
the City of Waterloo, Iowa, and as set forth in the Urban
Revitalization Act as adopted by the Legislature of the State of
Iowa and signed by the Governor of the State of Iowa, and
Resolution No. 2014-035
Page 2
WHEREAS, said applicant is requesting the following 10 -year
partial exemption schedule:
For
the
first year
80%
For
the
second year
70%
For
the
third year
60%
For
the
fourth year
50%
For
the
fifth year
40%
For
the
sixth year
40%
For
the
seventh year
30%
For
the
eighth year
30%
For
the
ninth year
20%
For
the
tenth year
20%
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WATERLOO, IOWA, that said application is hereby approved
and the City Clerk is hereby authorized and directed to forward
said application and a copy of this resolution to the Assessor.
PASSED AND ADOPTED this 21St
day
of
January, 2014.
Er
st
G.
Clark, Mayor
ATTEST:
uzy Schalres, CMC
City Cle k