HomeMy WebLinkAboutTournier Manufacturing, Inc-5/20/2013Preparer
Information: Noel Anderson, 715 Mulberry Street, Waterloo, Iowa 50703 (319) 291-4366
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SPACE ABOVE THIS LINE
FOR RECORDER
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This First Amendment to Development Agreement (the "Amendment") is entered into as
of \A-U�-+.� , 2013, by and between the City of Waterloo, Iowa ("City") and Toumier
Manufacturing, Inc. ("Owners").
RECITALS
A. Owners are parties with City to that certain Development Agreement and Minimum
Assessment Agreement dated , 2009 (the "Agreement")
concerning the development of land as described in the Agreement.
B. The Minimum Assessment Agreement stated an assessment value of $1,000,000
for the project and 5 years of tax rebates at 50%.
C. The original Development Agreement called for a 15,000 sq. ft. building whereas
company built a 11,600 sq. ft. building due to site layout, market conditions, and
discovery of another easement on site (gas line).
D. A follow up appraisal has put the value of the finished building at $628,310.
E. The amendment of original Development Agreement below $1,000,000 would
require the loss of the 5 years at 50% tax rebates to company, per City policy.
NOW, THEREFORE, in consideration of the mutual promises set forth herein, the
parties hereby agree as follows:
1. The Minimum Assessment Agreement, Exhibit "B", shall be amended to
$400,000.
2. Part 2, Improvements By Company, shall be amended to reflect the square
footage of building on site at 11,600 sq. ft. and approximately $500,000 in
improvements.
3. Part 5, Minimum Assessment Agreement, shall be amended to $400,000.
4. Part 6, the 5 years of tax rebates at 50% per year, shall be reduced to one year
at 58% tax rebates, for the year that has partially been paid, and future tax rebate
years eliminated from the Development Agreement.
5. All other terms of the Agreement remain unmodified and in full force and effect.
This Amendment is binding on the parties and the respective heirs, personal
representatives, successors and assigns of each.
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.
TOURNIER MANUFACTURING, INC. CITY OF W
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By:
By:
ERLOO, IOWA
Ernest G. Clark, Mayor
Suzy Scha -s, City Clerk