HomeMy WebLinkAboutVets Truck Wash Inc.-6/10/2013Assignment of Rebates
The Undersigned, ("Assignor") is party to a development agreement (the "Agreement") with the
City of Waterloo, Iowa, concerning real property identified below (the "Property"). Subject to the
terms of the Agreement, Assignor is entitled to have tax rebates in respect of the Property in an
amount determined as set forth in the Agreement.
Assignor has sold the Property to Vets Truck Wash Inc. ("Transferee"). In
consideration of Transferee's purchase of the Property, Assignor does hereby assign to
Transferee all of Assignor's right, title and interest in ands to any and all rebates payable in
respect of the Property pursuant to the Agreement, effective as of the date of transfer. The
Property is located at 720 North Elk Run Road
Dated
Veteran Enterprises, Ltd.
Mayor
BUCK
CLARK
COUNCIL
MEMBERS
DAVID
JONES
Ward 1
CAROLYN
COLE --
W'ard2
HAROLD
GETTY
1Vard 3
OUENTPN
HART
Ward 4
RON
WELPER
wards
BOB
GREENWOOD
At -Large
STEVE
SCHMITT
At -Large
cm DP WATERLOO,
t
COMMUNITY PLANNING AND DEVELOPMENT
715 Muli;;:rry Street • Waterloo, Iowa_ 50703-5783 (313) 291-4366 Fax (319) 291-4262
NOEL C. ANDERSON, Community Planning & Der elopn;ent Director
A
CITY OF WATERLOO
Council Communication
City Council Meeting: June 10, 2013
Prepared: June 5, 2013
Dept. bead Signature: Noel Anderson, Community Planning & Development Director
# of Attachments: 1
SUBJECT: Adopt a resolution authorizing the Assignment of Rebates
document for 720 N. Elk Run Road, due to the change in LLC naming.
Submitted by: Noel Anderson, Community Planning & Development Director
Recommended City Council Action: Resolution approving document
Summary Statement: As you may recall, the City of Waterloo has previously
approved a Development Agreement for new construction in the- Northeast
Industrial Park area. The agreement allows far the transfer of the benefits
(rebates) of the Development Agreement to new ownership. While this is
primarily the same owner, the LLC name has been changed for business
purposes, and the attached document will allow for better tracking of tax rebates
for the property.
Expenditure Required: No change from original agreement, just different owner
Source of Funds: Rebates from TIF funds
Policy Issue: Economic Development within the City of Waterloo.
Alternative: NA
Background Information: The City of Waterloo has entered into many
development agreements, which allow for the sale of the property while in the in
the terms of the Development Agreement. This document for Assignment of
Rebates allows for better tracking of rebates for financial purposes.
CITY WEBSITE: wwwci.waterloo.ia.us
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An Equal Opportunity/Affirmative Action Employer
Assignment of Rebates
The Undersigned, ("Assignor") is party to a development agreement (the "Agreement") with the
City of Waterloo, Iowa, concerning real property identified below (the "Property"). Subject to the
terms of the Agreement, Assignor is entitled to have tax rebates in respect of the Property in an
amount determined as set forth in the Agreement.
Assignor has sold the Property to Vets Truck Wash Inc. ("Transferee"). In
consideration of Transferee's purchase of the Property, Assignor does hereby assign to
Transferee all of Assignor's right, title and interest in ands to any and all rebates payable in
respect of the Property pursuant to the Agreement, effective as of the date of transfer. The
Property is located at 720 North Elk Run Road
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