HomeMy WebLinkAboutMiles and Judith Renaas-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 Miles and Judith Renaas ("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 No. 9(LC
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1
Mayor
BUCK
CLARK
COUNCIL
MEMBERS
DAVID
JONES
Ward 1
CAROLYN
COLE
Ward 2
HAROLD
GETTY
TVard 3
QUENTIN
HART
Ward
RON
WELPER
CITY OF WeiiTERLDO, ID A
COMMUNITY PLANNING AND DEVELOPMENT
715 Mulberry Street 0 Waterloo, Iowa 50703-5783 0 (319) 291-4366 Fax (319) 291-4262
NOEL C. ANDERSON, Community Planning & Devciopment 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 9LC, 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
_
BOB
GREENWOOD
At -Large
STEVE
S CHMITT
At -Large
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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, 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 Miles and Judith Renaas ('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 No. 9(LC
Dated
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