HomeMy WebLinkAbout2017-100-2/13/2017 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2017-100
RESOLUTION APPROVING THE REQUEST OF JSA
DEVELOPMENT, LLC, FOR TAX EXEMPTIONS ON THE
RENOVATION OF A COMMERCIAL BUILDING VALUED AT
$1,201,000 FOR THE PROPERTY LOCATED AT 227-229 W. 4TH
STREET, AND LOCATED WITHIN THE CONSOLIDATED
URBAN REVITALIZATION AREA(CURA).
WHEREAS, JSA Development, LLC, has submitted an application dated December 30,
2016 to the City Council of the City of Waterloo, Iowa, requesting to receive tax exemptions for
renovation of a commercial building valued at $1,201,000, for the property located at 227-229
W. 4a' Street and within the Consolidated Urban Revitalization Area (LURA), more fully
described as follows:
ORIGINAL PLAT WATERLOO WEST SW 40 FT LOT 6 BLK 8, IN THE
CITY OF WATERLOO, BLACK HAWK COUNTY, IOWA.
and,
WHEREAS, said property is located within the designated Consolidated Urban
Revitalization Area (CURA) in Waterloo, Iowa, as previously established by the City Council of
the City of Waterloo,Iowa, and
WHEREAS, the renovation 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 renovations on said property were 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 three-year exemption schedule:
For the first year 100%
For the second year 100%
For the third year 100%
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.
PASSED AND ADOPTED this 13th day of February 2017.
;4
Quentin Hart, Mayor
ATTEST:
Pefleyy AFelchl 17
City Clerk
CONSOLIDATED URBAN REVITALIZATION APPLICATION '
FOR PROPERTY TAX EXEMPTION FOR IMPROVEMENTS UNDER THE
PROVISIONS OF THE CONSOLIDATED URBAN REVITALIZATION AREA PLAN
•• ADOPTED BY THE CITY COUNCIL OF THE CITY OF WATERLOO. y
The Consolidated Urban Revitalization Area(CURA)allows property tax exemptions on improvements to proocated
within its boundaries that meet the following criteria: 4n
1. At least a 10%improvement to the value of the residential property. At least a 15%improvement to the value X or', 10
commercial property if a building was previously on the site. If commercial property was previously vacant,all actual
value added by the improvements is eligible for tax exemption.
2. Be located within the CURA boundaries(a map of which can be obtained from the City of Waterloo Community Planning
&Development Department.)
3. This application must be filed with City prior to the 11 working day of February following the year when the
improvements are completed to comply with the timeline of the State Code of Iowa,Section 404.4 unnumbered paragraph
2. However,a single application may be filed upon completion of an entire project requiring more than one year to
construct or complete,providing prior approval has bee granted by the City Co ct County Board of Supervisors.
Please fill out the following information for your application to be submitted to the City ounc' .
NAME: JSA Development,LLC SIGNATURE• bA
ADDRESS: 315 E 5th Street-2nd Floor,Waterloo,IA 50703 319-233-3147
TELEPHONE. DATE: n
A. What is the Address of the property being improved? 227-229 W 4th Street
What is the Legal Description of the property?(May be available at County Recorder's Office on 2nd floor of the
Courthouse)?
ORIGINAL PLAT WATERLOO WEST SW 40 FT LOT 6 BLK 8
B. Indicate desired exemption schedule:(I or 2)
1. x One Hundred Percent(100%)exemption for three years on the actual value added by improvements;
2. A partial exemption on the actual value added by improvements according to the following schedule:
a. First Year----------80% d. Fourth Year-------50% g. Seventh Year------30%
b. Second Year------70% e. Fifth Year---------40% h. Eighth Year--------30%
c. Third Year---------60% f. Sixth Year---------40% i. Ninth Year---------20%
j. Tenth Year---------20%
C. What was the nature of the improvements)?
Complete rehabilitation of entire building resulting in the creation of two,market-rate,apartments and two street front commercial space. Installation of
sprinkler syslem throughout the bulldIng.Portions of the buildings had been out of use for over 30 yearT.-
D. City of Waterloo Building and Inspections Department Information:
Permit Number: WA09605 Date permit was issued: 12/12/13 Total permit(s)valuation: 1,573,977
E. What was the cost of the improvement? $1,201,000 rehabilitation cost. C)HClwjt►,J SJf It,05f3)
F. Estimated or actual date of completion of these improvements? September 2015(227)and May 2016(229)
G. If this is not a singe-family dwelling unit,which you own and reside in,will these improvements create a displacement of
your tenants? Yes X No n/a
CITY PF WATERLOO
APPROVED DATED: "'Yt 3 /1 RESOLUTION NO:
DENIED
BLACK HAWK COUNTY ASSESSOR
APPROVED DATED:
Tami McFarland
DENIED Black Hawk County Assessor
Note: The improvements to your home or business may not change the assessed value.
Note: City Council approval does not guarantee tax exemptions. The application must be reviewed and approved by the
Black Hawk County Assessor's Office for criteria eligibility.