HomeMy WebLinkAboutRobert Palusinski-6/10/2013Assignment of Rebates
The Undersigned, ("Assignor") is party to a development agreement (the "Agreement") with the
City of Waterloo, Iowa, conceming 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 Robert Palusinski ("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 25 Westfield Avenue No. 10
Dated A.): b /00 i 3
Marc Del Rizzo
Mayor
BUCK
CLARK
COUNCIL
MEMBERS
OOOOOOO 01011•0
DAVID
JONES
Ward 1
CAROLYN
COLE
Ward 2
HAROLD
GETTY
Ward 3
QUENTIN
HART
Ward 4
RON
WELPER
BOB
GREENWOOD
At -Large
STEVE
SCHMITT
At -Large
CETY DF WATERLOO,
WA
COMMUNITY PLANNING AND DEVELOPMENT
715 Mulberry Street 0 Waterloo, Iowa 50703-5783 (319) 2.91-4366 Fax (319) 291-4262
NOEL C. ANDERSON, Community Planning & DNelopnnent Director
CITY OF WATERLOO
Council Communication
City Council Meeting: June 10, 2013
Prepared: June 5, 2013
Dept. Head Signature: Noel Anderson, Community Planning & Development Director
# of Attachments: 1
SUBJECT: Adopt a resolution authorizing the Assignment of Rebates
document for 25 Westfield Avenue, Unit 4, due to the sale of the property.
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 an overall Development Agreement for the redevelopment of the
Winterbottom Supply warehouse into condominium units. The overall structure
of that agreement also includes individual agreements with each condominium
owner. The agreements also allow for the transfer of the benefits (rebates) of the
Development Agreement to new owners. That is what has happened in this
request, as the unit noted above has been sold, and the attael ped 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.
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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 Nancy Staack Muir ('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 25 Westfield Avenue No. 4
Dated
Marc Del Rizzo