HomeMy WebLinkAbout2016-985-12/12/2016 (RECORDED)IMMUHMIIMMEI
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Black Hawk County Iowa
SANDIE L. SMITH RECORDER
F11e2017-00013396
*eth.' Of alcvloo
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2016-985
RESOLUTION APPROVING 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 AUTHORIZING MAYOR AND CITY CLERK TO
EXECUTE SAID AGREEMENT.
WHEREAS, the Development Agreement dated December 19, 2016, between Grand
Investments, LLC and the City of Waterloo, Iowa, for the construction of a new multi -story
mixed use building next to the Upper Plaza, with an estimated new taxable value of $4.5 million,
was presented for approval, and
WHEREAS, an offer to purchase said real property has been made by Grand Investments,
LLC for $1.00, as described below, and
WHEREAS, conveyance of said area will be subject to an easement over the entire area
to be conveyed to provide the City of Waterloo access to maintain the flood control levee, and
WHEREAS, a public hearing was held on December 19, 2016, at 5:30 p.m. in the Harold
E. Getty Council Chambers, City Hall, Waterloo, Iowa, as provided by law, by the Council of the
City of Waterloo, Iowa on the proposal to sell and convey premises owned by the City of
Waterloo, Iowa, to Grand Investments, LLC, and
WHEREAS, it is the opinion of this Council that sale and conveyance should be made as
proposed.
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE COUNCIL OF THE CITY
OF WATERLOO, IOWA, AS FOLLOWS:
1. The following described real property, as fully described in the published notice in the
Waterloo Courier on December 9, 2016 is not presently needed and will not be needed in the
foreseeable future for municipal purposes and its ownership is serving no municipal purpose, and
2. That the offer of Grand Investments, LLC to purchase real property for the sum of
$1.00 and it is hereby accepted for real property described below:
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
{iv
Resolution 2016-985
Page 2
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 41°01'32" EAST ON THE
SOUTHWESTERLY PROLONGATION OF THE OUTSIDE FACE OF THE
NORTHEASTERLY/SOUTHWESTERLY CONCRETE RETAINING WALL 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 41°02'07" 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.
3. That the City of Waterloo, Iowa conveys said parcel of real property to Grand
Investments, LLC by quit claim deed.
4. That the Mayor and City Clerk are hereby authorized and directed to execute said quit
claim deed to Grand Investments, LLC.
5. That the original of said deed fully executed and acknowledged is hereby approved
and confirmed by the Council.
6. That the Community Planning and Development Director is authorized and directed to
deliver said quit claim deed of conveyance to Grand Investments, LLC upon receipt in the sum
of $1.00.
7. That the Mayor and City Clerk are authorized and directed to execute said
Development Agreement with Grand Investments, LLC on behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 19th day of December, 2016.
Kelley Felc
City Clerk
:ale
uentin Hart, Mayor
Resolution 2016-985
Page 3
CERTIFICATE
I, Kelley Felchle, City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution 2016-985, as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 12th day of December 2016.
Witness my hand and seal of office this 12th day of December 2016.
Kelley Felc I e
City Cler