HomeMy WebLinkAboutHotel President Partners, LP-10/20/2014 (2)Prepaced by Noel Anderson
Please return this copy to:
Clty Clerk & Finance Dept.
715 Mulberry St.
Waterloo, IA 50703
715 Mulberry Street, Waterloo, IA 50703. Phone 319.291.4366
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This First Amendment to Development Agreement (the "Amendment") is entered into as
of UC --1-0o , 2014 by and between the City of Waterloo, Iowa ("City") and Hotel
President Partners, LP ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated
, 2014 (the "DA"), concerning the development of land (the
"Property") described on Exhibit "A" to the DA. Company and City are also parties
to that certain Minimum Assessment Agreement (the "MAA") pertaining to the
Property.
B. The parties desire to amend the DA on the terms set forth herein.
NOW, THEREFORE, in consideration of the premises and of other consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree to amend the
Agreement as follows:
1. Section 4 of the DA is hereby stricken in its entirety, and a new Section 4 is
substituted therefor, as follows:
4. Property Tax Rebates. Provided that Company has executed the
Minimum Assessment Agreement as set forth in paragraph 2, City agrees to rebate
property taxes (with the exceptions noted below) as follows:
a. Year One - 90% Rebate
b. Year Two - 80% Rebate
c. Year Three - 70% Rebate
d. Year Four - 60% Rebate
e. Year Five - 40% Rebate
f. Year Six - 30% Rebate
g. Year Seven - 20% Rebate
h. Year Eight - 20% Rebate
Year Nine - 20% Rebate
j. Year Ten - 10% Rebate
for any taxable value over the January 1, 2011 value of $239,850.00. Rebates are
payable in respect of a given year only to the extent that Company has actually paid
general property taxes due and owing for such year.
The taxable value of the Property as a result of the improvements must be
increased by a minimum of 10% and must increase the annual tax by a minimum of
$500.00. This rebate program is not applicable to any special assessment levy, debt
service levy, or any other levy (such as the Self -Supported Municipal Improvement
District) that is exempted from treatment as tax increment financing under the provisions
of applicable law. The first year in which a rebate may be given ("Year One") shall be
the first full year for which the assessment is based upon the completed value of the
improvements and not a prior year for which the assessment is based solely upon the
value of the land or upon the value of the land and a partial value of the improvements,
due to partial completion of the improvements or a partial tax year.
2. Except as amended herein, the DA shall continue unmodified in full force and
effect. This Amendment is binding on the parties and the respective successors, assigns,
transferees and legal representatives of each. This Amendment may be executed in
counterparts, each of which shall be deemed an original and all of which, when taken together,
shall constitute a single instrument.
IN WITNESS WHEREOF, the parties have executed this First Amendment to
Development Agreement by their duly authorized representatives as of the date first set forth
above.
HOTEL PRESIDENT PARTNERS, LP
CITY OFATERLOO, IOWA
By: W;` By
Titl of
�� & P�-c opt
STATE OF
ss.
COUNTY )
By:
7 1i
Ernest G. Clark, Mayor
Suzy Sc ares, City Clerk
This record was acknowledged before me on , 2014 by
as of Hotel President Partners,
LP.
2
STATE OF IOWA
) ss.
BLACK HAWK COUNTY
Notary Public
This record was acknowledged before me on ajad/2 Z/oV/ , by Ernest G. Clark
and Suzy Schares, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
6E7 ATE...4.c-
LD DATE _
3
Notary Public
Certificate of Acknowledgment
A notary public or other officer completing this certificate verifies only the identity of the
individual who signed the document to which this certificate is attached, and not the
truthfulness, accuracy, or validity of that document.
State of California
County of Los Angeles
On / re me, June G oscov, Notary
Public, personal app - . red 1/ A
who proved to me on the basis of satisfactory evidence to be the person
whose name is/are-subscribed to the within instrument and acknowledged
to me that /she/they executed the same in his h - - = ' . uthorized
capac tyke, and that by his/herfti-r signature ) on the instrument the
person, or the entity upon behalf of which t person0) acted, executed
the insment.
I certify under PENALTY OF PERJURY under the laws of the State of
California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature of Notary P . lic
JUNE G. MOSCOV
Commission # 2059811
Notary Public - California
Los Angeles County
My Comm. Expires Mar 2, 201
(Notary Seal)
ADDITIONAL INFORMATION
r Descri tion of the Attached Document
�r/4c 3j teW eit/T iv D orlog'%%eb_
(Tit e . r Description of Attached Document)
Document Date 0 ` I
Number of Pages
(Additional Information)