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Home My WebLink AboutCorstang Enterprises, LLC-5/12/2014Mayor BUCK CLARK COUNCIL MEMBERS 000000•••••u•••••• DAVID JONES Ward 1 CAROLYN COLE Ward 2 HAROLD GETTY Ward 3 QUENTIN HART Ward 4 RON WELPER Ward 5 BOB GREENWOOD At -Large STEVE SCHMITT At -Large CITY OF WATERL IOWA COMMUNITY PLANNING AND DEVELOPMENT 715 Mulberry Street • Waterloo, Iowa 50703-5783 • (319) 291-4366 Fax (319) 291-4262 . NOEL C. ANDERSON, Community Planning & Development Director CITY OF WATERLOO Council Communication City Council Meeting: May 12, 2014 Prepared: May 7, 2014 Dept. Head Signature: Noel Anderson, Community Planning & Development Director # of Attachments: 1 SUBJECT: Adopt a resolution approving the Release of Development Obligations between the City of Waterloo and Corstang Enterprises, LLC, for 3211 Titan Trail (Craft Cochran), and authorize the Mayor and City Clerk to sign and fully execute any necessary documents Submitted by: Noel Anderson, Community Planning and Development Director Recommended City Council Action: Resolution approving the document Summary Statement: As you will see from other actions for upcoming City Council meetings, Craft Cochran will be selling their current location of 3211 Titan Trail to a growing church organization. They will then be building a new 10,000 sq. ft. building for their ongoing business needs. Since the City of Waterloo originally granted the funds for acquisition of the existing property ($196,020), and the church is a non -taxpaying entity, the City of Waterloo is essentially being "taken out of" of the original building, and receiving the $196,020 back as a part of the project. This Release document accomplishes that task. Moving ahead, the Candeo Church will be working to utilize the building until they plan larger development and construction plans, Craft Cochran will be building their new building — which will qualify for potential City incentives for a new building — and the City will not have given any incentives to the church site. Form a land use standpoint, other churches have been located within industrial and commercial areas and been compatible for development. Expenditure Required. NA Source of Funds: NA Policy Issue: Economic development Alternative: NA Background Information: The Craft Cochran project helped gain some RISE funds for this area. Staff is delighted to see Craft Cochran building a new building associated with the sale to the church for continued development and traffic generation to this area. CITY WEBSITE: www.ci.waterloo.ia.us WE'RE WORKING FOR YOU! An Equal Opportunity/Affirmative Action Employer Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50704. Phone (319) 234-5701 Return to preparer after recording. RELEASE OF DEVELOPMENT OBLIGATIONS WHEREAS, on or about July 7, 2008, the City of Waterloo, Iowa ("City") and Corstang Enterprises, LLC ("Developer") entered into a certain Development Agreement (the "Agreement") concerning real property legally described as Lot 2, Greenbelt Centre Plat No. 2; and WHEREAS, the parties desire to terminate the Agreement, the related Minimum Assessment Agreement of the same date (the "MAA"), and to release Developer from all obligations under each of said agreements; NOW, THEREFORE, in consideration of the mutual promises exchange herein, the parties agree as follows: 1. Developer will pay to City the sum of $196,020 as reimbursement for the grant made by City to Developer under the Agreement, and said payment will constitute full satisfaction of Developer's obligations under the Agreement. The payment will be made by wire transfer or other immediately available funds. 2. Upon City's receipt of the payment, City will file this document in the office of the Black Hawk County Recorder, and the act of recording it will operate to terminate the Agreement, to terminate the MAA, and to release Developer, its members and managers, from any and all further obligations arising from or in connection with the Agreement or the MAA. After the recording of this document, neither the Agreement nor the MAA will have any further force or effect. Developer hereby waives any right, claim or interest in or to property tax rebates that it has not applied for before the date hereof. IN WITNESS WHEREOF, the parties have executed this Release of Development Obligations by their duly authorized representatives as of o ( , 2014. [signatures on next page] CORSTANG EN 1ERPRISES, LLC CITY OF By: Steven B. Miles, Managing Member STATE OF IOWA ) ) ss. BLACK HAWK COUNTY ) This record was acknowledged before me 011 Clark and Suzy Schares and Mayor and City Clerk, respect' By: f ERLOO, IOWA rnest G. CIark, Mayor Attest: ) Suzy Sc ares, City Clerk STATE OF IOWA ) ss. BLACK HAWK COUNTY ) This record was acknowledged before me on Miles as Managing Member of Corstang Enterprises, LLC. , 2014, by Ernest G. ly, of the City of Waterloo, Iowa. N. tary Public DeAnne Kobliska COMMISSION NO. 763995 MY COMMISSION EXPIRES , 2014, by Steven B. Notary Public 2 Please return this copy to: — City Clerk & Finance Dept. 715 Mulberry St. Waterloo, IA 50703 Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50704. Phone (319) 234-5701 Return to preparer after recording. RELEASE OF DEVELOPMENT OBLIGATIONS WHEREAS, on or about July 7, 2008, the City of Waterloo, Iowa ("City") and Corstang Enterprises, LLC ("Developer") entered into a certain Development Agreement (the "Agreement") concerning real property legally described as Lot 2, Greenbelt Centre Plat No. 2; and WHEREAS, the parties desire to terminate the Agreement, the related Minimum Assessment Agreement of the same date (the "MAA"), and to release Developer from all obligations under each of said agreements; NOW, THEREFORE, in consideration of the mutual promises exchange herein, the parties agree as follows: 1. Developer will pay to City the sum of $196,020 as reimbursement for the grant made by City to Developer under the Agreement, and said payment will constitute full satisfaction of Developer's obligations under the Agreement. The payment will be made by wire transfer or other immediately available funds. 2. Upon City's receipt of the payment, City will file this document in the office of the Black Hawk County Recorder, and the act of recording it will operate to terminate the Agreement, to terminate the MAA, and to release Developer, its members and managers, from any and all further obligations arising from or in connection with the Agreement or the MAA. After the recording of this document, neither the Agreement nor the MAA will have any further force or effect. Developer hereby waives any right, claim or interest in or to property tax rebates that it has not applied for before the date hereof. IN WITNESS WHEREOF, the parties have executed this Release of Development Obligations by their duly authorized representatives as of „" wAnx. 2014. [signatures on next page] CORSTANG ENTERPRISES, LLC CITY OFATERLOO, IOWA By: c23 teven B. Miles, Managing Member ifS By: Ernest G. Clark, Mayor Attest: Suzy Sc s � es, City Clerk STATE OF IOWA ) ) ss. BLACK HAWK COUNTY ) This record was acknowledged before me on 2-0 , 2014, by Ernest G. Clark and Suzy Schares and Mayor and City Clerk, respectively, of the City of Waterloo, Iowa. DeAnne Kobliska COMMISSION NO. 763995 MY COMMISSION EXPIRES -2-10�/� STATE OF IOWA ) ) ss. BLACK HAWK COUNTY ) This record was acknowledged before me on ,-;t3,2014, 2014, by Steven B. Miles as Managing Member of Corstang Enterprises, LLS. tr7L-2- A.71 Notary Public 2 t6;t-trC kit) Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50704. Return to preparer after recording. 1101111111111111111111111111111111111111111111111111111111 Doc ID 005580190002 Type GEN Recorded: 09/23/2014 at 08:13:23 AM Fee Amt: $12.00 Page 1 of 2 Black Hawk County Iowa JUDITH A MCCARTHY RECORDER n ice' Fi1e2015-000052 16 Phone (319) 234-5701 RELEASE OF DEVELOPMENT OBLIGATIONS WHEREAS, on or about July 7, 2008, the City of Waterloo, Iowa ("City") and Corstang Enterprises, LLC ("Developer") entered into a certain Development Agreement (the "Agreement") concerning real property legally described as Lot 2, Greenbelt Centre Plat No. 2; and WHEREAS, the parties desire to terminate the Agreement, the related Minimum Assessment Agreement of the same date (the "MAA"), and to release Developer from all obligations under each of said agreements; NOW, THEREFORE, in consideration of the mutual promises exchange herein, the parties agree as follows: 1. Developer will pay to City the sum of $196,020 as reimbursement for the grant made by City to Developer under the Agreement, and said payment will constitute full satisfaction of Developer's obligations under the Agreement. The payment will be made by wire transfer or other immediately available funds. 2. Upon City's receipt of the payment, City will file this document in the office of the Black Hawk County Recorder, and the act of recording it will operate to terminate the Agreement, to terminate the MAA, and to release Developer, its members and managers, from any and all further obligations arising from or in connection with the Agreement or the MAA. After the recording of this document, neither the Agreement nor the MAA will have any further force or effect. Developer hereby waives any right, claim or interest in or to property tax rebates that it has not applied for before the date hereof. IN WITNESS WHEREOF, the parties have executed this Release of Development Obligations by their duly authorized representatives as of ti?, 2014. [signatures on next page] 0,R -0-'9X CORSTANG ENTERPRISES, LLC By: tevei B. Miles, Managing Member 7% CITY OF WATERLOO, IOWA rnest G. lark, Mayor Attest. Suzy Schar s, City Clerk STATE OF IOWA ) ) ss. BLACK HAWK COUNTY ) This record was acknowledged before me on dO , 2014, by Ernest G. Clark and Suzy Schares and Mayor and City Clerk, respectively, of the City of Waterloo, Iowa. 47,64-(„„ Notary Public 1.162 tPioso e� DeAnne Kobliska COMMISSION NO. 763995 MY COMMISSION EXPIRES STATE OF IOWA ) ss. BLACK HAWK COUNTY ) This record was acknowledged before me on (/. (, r , ) `� , 2014, by Steven B. Miles as Managing Member of Corstang Enterprises, LLC. .7) I -TT- Notary Public 2 •