| | | | | | | | CITY OF WATERLOO
Council Communication
Resolution approving a Development Agreement and Minimum Assessment Agreement with Makenda, LLC for the redevelopment of a commercial building located at 205 West 4th Street (Ramada Hotel) for renovations to the hotel with a new taxable value of $9,500,000, 20 years of tax rebates at 85 percent, and 20 years of increased hotel/motel increment, and authorize the Mayor and City Clerk to execute said document.
City Council Meeting: 10/14/2019
Prepared: 10/11/2019 |
| ATTACHMENTS: | | Description | Type |  | Agreement | Backup Material |
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| | | | | | | | SUBJECT:
| Resolution approving a Development Agreement and Minimum Assessment Agreement with Makenda, LLC for the redevelopment of a commercial building located at 205 West 4th Street (Ramada Hotel) for renovations to the hotel with a new taxable value of $9,500,000, 20 years of tax rebates at 85 percent, and 20 years of increased hotel/motel increment, and authorize the Mayor and City Clerk to execute said document. |
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| | | | | | | | Submitted by:
| Submitted By: Noel Anderson, Commuity Planning and Development Director |
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| | | | | | | | Recommended Action:
| Approval |
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| | | | | | | | Summary Statement:
| The property is currently the Ramada Hotel located adjacent to the convention center in downtown Waterloo. The owner has entered into a purchase agreement with Makenda, LLC. |
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| | | | | | | | Expenditure Required:
| $450,000 grant
$125,000 Hotel/Motel |
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| | | | | | | | Source of Funds:
| Future rebates and future hotel/motel increment from hotel |
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| | | | | | | | Policy Issue:
| Strategic Planning Policy 1, 3 and 4 regarding Economic Development |
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| | | | | | | | Legal Descriptions:
| ORIGINAL PLAT WATERLOO WEST NWLY 13 FT LOT 2 AND LOTS 3, 4 AND 5 IN BLK 8 EXC THAT PART LOT 2 DESC AS FOL: COM AT A PT ON NELY LINE SAID BLK 8 THAT IS 86.50 FT NWLY FROM PT OF INTER SAID NELY LINE BLK 8 WITH NWLY LINE W 5TH ST AND RUNNING FROM SUCH PT OF BEG NWLY ALONG NELY LINE SAID BLK 8 A DIST OF 22.125 FT TH SWLY ALONG A STRAIGHT LINE TO A PT ON SWLY LINE SAID LOT 2 WHICH IS 108.60 FT NWLY FROM THE NWLY LINE SAID W 5TH ST TH SELY ALONG THE SWLY LINE SAID LOT 2 A DIST OF 22.10 FT TH NELY ALONG A STRAIGHT LINE TO THE PT OF BEG AND ALSO ALL THAT PART OF THE ROW OF W 4TH ST LYING ADJ TO LOT 5 BLK 8 LYING WITHIN THE FOL DESC BOUNDARY: BEG AT THE N COR SAID LOT 5 TH SWLY ALONG THE NWLY LINE SAID LOT 5 TO THE W COR SAID LOT 5 TH NWLY ALONG AN EXT OF THE SWLY LINE SAID LOT 5 A DIST OF 34.13 FT TO A PT WHICH IS 40 FT NORM DIST SELY FROM THE CENTERLINE OF EXISTING W 4TH ST PAVING TH DEFLECTING TO THE RT IN A NELY DIRECTION AT AN ANGLE OF 75 DEG 13 MIN 30 SEC ALONG A LINE WHICH IS PAR WITH CENTERLINE W 4TH ST PAVING A DIST OF 47.54 FT TH NWLY NORM TO THE NWLY LINE SAID LOT 5 A DIST OF 11.11 FT TH NELY PAR WITH NWLY LINE SAID LOT 5 A DIST OF 18 FT TH SELY NORM TO THE NWLY LINE SAID LOT 5 A DIST OF 6.38 FT TO A PT WHICH IS 40 FT NORM DIST SELY FROM CENTER- LINE W 4TH ST PAVING TH DEFLECTING TO THE LEFT IN A DIRECTION AT AN ANGLE OF 104 DEG 43 MIN 50 SEC ALONG A LINE WHICH IS PAR WITH SAID W 4TH ST CENTER- LINE A DIST OF 6.18 FT TH NELY ALONG A CURVE CONCAVE SELY TANGENT TO LAST DESC LINE HAVING A RADIUS OF 876.73 FT A DIST OF 73.34 FT (ARC LENGTH) TO A PT ON NWLY EXT OF NELY LINE SAID LOT 5 TH SELY A DIST OF 68.17 FT TO PT OF BEG |
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