HomeMy WebLinkAbout2016-942-12/5/2016 Prepared by Nancy Higby, Administrative Secretary, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2016-942
RESOLUTION SETTING DATE OF HEARING AS DECEMBER
19, 2016 TO APPROVE A DEVELOPMENT AGREEMENT
WITH GRAND INVESTMENTS LLC FOR THE
CONSTRUCTION OF A NEW MULTI-STORY MIXED USE
BUILDING NEXT TO THE UPPER PLAZA, WITH A NEW
TAXABLE VALUE OF $4.5 MILLION, CITY-OWNED LAND
CONVEYED FOR $1.00, WITH 20 YEARS OF TAX REBATES
AT 42%, AND AUTHORIZE THE MAYOR AND CITY CLERK
TO SIGN AND FULL EXECUTE ALL NECESSARY
DOCUMENTS.
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 Harold E.
Getty Council Chambers at City Hall, in the City of Waterloo, Iowa at 5:30 p.m. on the 19th day
of December, 2016, for the purpose of considering and acting upon a proposed Development
Agreement with Grand Investments LLC, for the construction of a new, multi-story, mixed use
building next to the Upper Plaza, with a new taxable value of $4.5 million, city-owned land
conveyed for$1.00, with 20 years of tax rebates at 42%, and legally described as follows:
A PARCEL OF LAND SITUATED IN PART OF LOT 1 OF BLOCK 2 AND
PART OF VACATED CEDAR STREET LYING NORTHEASTERLY OF
LOT 1 OF BLOCK 2 AND PART OF VACATED WEST 3RD STREET
LYING SOUTHEASTERLY OF LOT 1 OF BLOCK 2, ALSO BEING PART
OF PARCEL 'E' THAT IS SHOW ON A PLAT OF SURVEY RECORDED IN
FILE NUMBER 2009-00015639 IN THE OFFICE OF THE BLACK HAWK
COUNTY RECORDER, ALL IN THE ORIGINAL PLAT ON THE WEST
SIDE OF THE CEDAR RIVER IN THE CITY OF WATERLOO, COUNTY
OF BLACK HAWK, STATE OF IOWA, MORE PARTICULARLY
DESCRIBED AS FOLLOWS:
COMMENCING ATTHE WESTERLY CORNER OF SAID PARCEL 'E'
BEING 10.00 FEET NORMALLY DISTANT SOUTHEASTERLY FROM
THE NORTHWESTERLY LINE OF LOT 3 OF SAID ORIGINAL PLAT ON
THE WEST SIDE OF THE CEDAR RIVER IN THE CITY OF WATERLOO
AND 40.00 FEET NORMALLY DISTANT NORTHEASTERLY FROM THE
SOUTHWESTERLY LINE OF SAID LOT 3, SAID WESTERLY CORNER
IS ON THE PRESENT NORTHEASTERLY RIGHT-OFWAY LINE OF
CEDAR STREET; THENCE SOUTH 48° (DEGREES) 57' (MINUTES) 19"
(SECONDS) EAST (ASSUMED BEARING FOR THE PURPOSE OF THIS
DESCRIPTION) ON THE SOUTHWESTERLY LINE OF SAID PARCEL 'E'
ALSO BEING THE PRESENT NORTHEASTERLY RIGHT-OF-WAY LINE
OF CEDAR STREET, 109.93 FEET TO THE SOUTHWESTERLY
PROLONGATION OF THE OUTSIDE FACE OF A NORTHEASTERLY/
SOUTHWESTERLY CONCRETE RETAINING WALL, BEING THE POINT
OF BEGINNING OF THE PARCEL OF LAND HEREIN DESCRIBED;
THENCE NORTH 41001'32" EAST ON THE SOUTHWESTERLY
PROLONGATION OF THE OUTSIDE FACE OF THE
NORTHEASTERLY/SOUTHWESTERLY CONCRETE RETAINING WALL
Resolution 2016-942
Page 2
AND ALONG THE OUTSIDE FACE OF THE
NORTHEASTERLY/SOUTHWESTERLY CONCRETE RETAINING
WALL, 185.51 FEET TO THE OUTSIDE FACE OF A
NORTHWESTERLY/SOUTHEASTERLY CONCRETE RETAINING
WALL; THENCE SOUTH 48°48'18" ALONG THE OUTSIDE FACE OF
THE NORTHWESTERLY/SOUTHEASTERLY CONCRETE RETAINING
WALL, 65.97 FEET TO A POINT THAT IS PLUMB FROM THE OUTSIDE
FACE OF THE RIVERLOOP UPPER PLAZA DECK; THENCE SOUTH
41002'07" WEST ON A LINE THAT IS PARALLEL WITH THE OUTSIDE
FACE OF THE RIVERLOOP UPPER PLAZA DECK, 185.34 FEET TO THE
SOUTHWESTERLY LINE OF SAID PARCEL 'E' ALSO BEING THE
PRESENT NORTHEASTERLY RIGHT-OFWAY LINE OF CEDAR
STREET; THENCE NORTH 48°57'19" WEST ON THE SOUTHWESTERLY
LINE OF SAID PARCEL 'E' ALSO BEING THE PRESENT
NORTHEASTERLY RIGHT-OF-WAY LINE OF CEDAR STREET, 65.94
FEET TO THE POINT OF BEGINNING.
CONTAINING 12,230 SQUARE FEET OR 0.28 ACRE.
Section 2. That the City Clerk is hereby directed to publish notice of the time and place
of said hearing in the Waterloo Courier.
PASSED AND ADOPTED this Stn day of December, 2016.
Quentin Hart, Mayor
ATTEST:
Kelley Felce
City Clerk