HomeMy WebLinkAbout2016-848-10/24/2016 Prepared by Nancy Higby, Administrative Secretary, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2016-848
RESOLUTION APPROVING THE REQUEST OF 3
STOOGES LLC FOR TAX EXEMPTIONS ON THE
CONSTRUCTION OF IMPROVEMENTS ON A COMMERCIAL
BUILDING VALUED AT $125,000 FOR PROPERTY LOCATED
AT 520 W PARKER STREET AND LOCATED WITHIN THE
CONSOLIDATED URBAN REVITALIZATION AREA (CURA).
WHEREAS, 3 Stooges LLC has submitted an application dated October 3, 2016 to the
City Council of the City of Waterloo, Iowa, requesting to receive tax exemptions for construction
of improvements on a commercial building valued at $125,000 for property located at 520 W
Parker Street , more fully described as follows:
UNPLATTED WLOO EAST ALL THAT PT OF NW SE SEC 14 T 89 R 13
LYING N OF THE I C R R & SLY & WLY OF THE W C F & N R R EXC N
150 FT & EXC STREETS, IN THE CITY OF WATERLOO, BLACK HAWK
COUNTY, IOWA,
and,
WHEREAS, said property is located within the designated Consolidated Urban
Revitalization Area (CUBA) 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 (CURA) 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
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.
Resolution No. 2016-848
Page 2
PASSED AND ADOPTED this 24th day of October, 2016.
Quentin Hart, Mayor
ATTEST:
PvFele
City Clerk