HomeMy WebLinkAbout2016-933-11/28/2016Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2016-933
RESOLUTION APPROVING A DEVELOPMENT AGREEMENT AND
MINIMUM ASSESSMENT AGREEMENT WITH EMPIRE
ENTERPRISES, LLC FOR THE CONSTRUCTION OF A $260,000
ADDITION FOR THEIR EXISTING BUILDING WITH A TAX
REBATE AMOUNT OF 50% FOR A TERM OF FIVE YEARS.
WHEREAS, the Development Agreement dated November 28, 2016, for the construction
of a 10,000 square foot building, adding $260,000 of taxable value to the site, legally described
as follows:
UNPLATTED WATERLOO EAST PT OF NE 1/4 SEC 9 T 89 R 13 COM AT INTERS
OF NELY LINE ROW IC RR AND A LINE 33' W OF THE E LINE SAID SEC TH
NWLY ALONG SAID NELY ROW LINE A DIST OF 675.18' TH E TO A PT 33' W OF
E LINE SAID SEC AND 445.21' N OF PT OF BEG TH S TO PT OF BEG EXC E 17'
THEREOF;
WHEREAS, Empire Enterprises, LLC, must substantially complete construction of the
said improvements by September 30, 2017 and
WHEREAS, the City hereby agrees to a 50 percent property tax rebate for five years, and the
minimum assessment agreement being fixed for assessment purposes at $260,000.00.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA, that
the development agreement and minimum assessment agreement, between Empire Enterprises,
LLC and the City of Waterloo, Iowa be hereby adopted and the Mayor and City Clerk are hereby
authorized to execute said agreements on behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 28th day of November 2016.
ATTEST:
Kelley Fele
City Clerk
Quentin Hart, Mayor