HomeMy WebLinkAbout2014-193-3 /24/2014Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2014-193
RESOLUTION FIXING THE TIME AND PLACE OF
HEARING AND NOTICE TO BE GIVEN ON THE
PROPOSED MASTER DEVELOPMENT AGREEMENT AND
SUPLLEMENTAL DEVELOPMENT AGREEMENT WITH GRAND
INVESTMENTS, LLC TO SELL AND CONVEY FOR
$1.00, PLUS COSTS, A PORTION OF CITY -OWNED
PROPERTY COMMONLY KNOWN AS THE FORMER GRAND
HOTEL SITE, AT WEST MULLAN AVENUE AND
JEFFERSON STREET, FOR THE CONSTRUCTION OF AN
APPROXIMATE 70 -UNIT CONDOMINIUM DEVELOPMENT
WITH AN ESTIMATED ACTUAL VALUE OF $6 MILLION,
WITH TAX REBATES FOR 20 YEARS AT 42 PERCENT,
AS APRIL 7, 2014, AT 5:30 P.M. IN THE LAW
COURT THEATER AT THE WATERLOO CENTER FOR THE
ARTS, AND INSTRUCTING THE CITY CLERK TO
PUBLISH THE NOTICE OF HEARING.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
AS FOLLOWS:
Section 1. That the Council of the City of Waterloo, Iowa
shall meet in the Law Court Theater at the Waterloo Center for
the Arts in the City of Waterloo, Iowa at 5:30 p.m. on the 7 t
day of April, 2014, for the purpose of considering and acting
upon a proposed Master Development Agreement and Supplemental
Development Agreement with Grand Investments, LLC to sell and
convey for $1.00, plus costs, a portion of City -owned property
commonly known as the former Grand Hotel site, at West Mullan
Avenue and Jefferson Street, for the construction of an
approximate 70 -unit condominium development with an estimated
actual value of $6 million, with tax rebates for 20 years at 42
percent, and legally described as follows:
Parcel A in Part of Lot No. 30 in "Auditor's Falls
Avenue and Mullen Avenue Plat" in the City of Waterloo,
Black Hawk County, Iowa, described as follows:
Commencing at the most Southerly corner of Lot 30,
thence N 48°50'00" W, along the Southwesterly line of
said Lot 30, a distance of 323.07 feet; to the Point of
Beginning; thence continuing along said Southwesterly
line, N 48050'00" W, a distance of 243.81 feet; thence
N 62055'58" E, a distance of 222.89 feet; thence N
83°45'11" E, a distance of 78.78 feet; thence S
57°07'37" E, a distance of 103.99 feet; thence S
48050'00" E, a distance of 17.47 feet; thence S
43043'43" W, a distance of 280.28 feet; to the Point of
Beginning, containing 1.2010 acres.
Section 2. That the City Clerk is hereby directed to
publish notice of the time and place of said hearing in the
Waterloo Courier.
Resolution 2014-193
Page 2
PASSED AND ADOPTED this 24th da of March, 2014.
Ernest G. Clark, Mayor
ATTEST:
a"- "�no -
Suzy Sch res, CMC
City Cler