Council authorizes sale of city land to 3 Stooges LLC with development agreement and 10‑year, 50% tax rebate

The Waterloo City Council adopted a resolution authorizing sale and conveyance of city‑owned property south of 115 Work Drive to 3 Stooges LLC for $1 and approved a development agreement that includes a minimum assessment agreement of $3,200,000 and a 10‑year, 50% tax rebate tied to construction of a 50,400‑square‑foot industrial building.

Council discussion included questions about how tax rebate terms are determined. Noel Anderson, community planning and development director, explained the city uses a matrix for tax rebates: smaller projects typically receive shorter rebate terms, while projects with higher estimated taxable value may qualify for longer terms; "when we get up in the $3,000,000 range, we go up to 10 years, at 50% rebates," Anderson said.

A public hearing on the sale was opened and closed with no speakers. The council then adopted the resolution authorizing sale and conveyance and the development agreement, and authorized the mayor and city clerk to execute the documents. Council also approved related motions setting the public hearing and receiving and filing proof of publication for the sale prior to final action.