HomeMy WebLinkAboutCedar Valley Warehouse LLC-11/18/2013Mayor
BUCK
CLARK
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DAVID
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COLE
Ward 2
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WELPER
Ward 5
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GREENWOOD
At -Large
STEVE
SCHMITT
At -Large
CITY F WATE ' L
IOWA
COMMUNITY PLANNING AND DEVELOPMENT
715 Mulberry Street • Waterloo, Iowa 50703-5783 • (319) 291-4366 Fax (319) 291-4262 .
NOEL C. ANDERSON, Community Planning & Development Director
CITY OF WATERLOO
Council Communication
City Council Meeting: November 18, 2013
Prepared: November 13, 2013
Dept. Head Signature: Noel Anderson, Community PlanningDevel
# of Attachments: 1
Sent 3 oriO cUS
NAeu.,‘Dv'
eht Director
SUBJECT: Resolution approving Amendment to Development Agreement and
Amendment to Minimum Assessment Agreement with Cedar Valley Warehouse,
LLC for the building at 2843 Geraldine Road, and authorize Mayor to sign and
fully execute the document.
Submitted by: Noel Anderson, Community Planning and Development Director
Recommended City Council Action: Approval of resolution as noted above
Summary Statement: As you may recall, back in 2012, the City of Waterloo
partnered with Cedar Valley Warehouse LLC for the construction of a new
40,000 speculative warehouse project on the RISE -funded extension to
Geraldine Road. This amendment document will more precisely specify when
the 5 years to tax rebates at 50% will be given, and will change the ending dates
back one year of when the Minimum Assessment Agreement will end, based on
those dates of the rebates being specified. This amendment is being requested
as Cedar Valley Warehousing is now selling the building to another company,
and, as you may recall, will be beginning construction on a new warehouse
building just south of this site.
In summary, there are no substantial changes to the original project agreement,
just better defining of timelines for tax rebates and required minimum values on
the project area.
Expenditure Required: NA
Source of Funds: NA
Policy Issue: Economic Development
Alternative: NA
CITY WEBSITE: www ci.waterloo.ia.us
WE'RE WORKING FOR YOU!
An Equal Opportunity/Affirmative Action Employer
AMENDMENT TO DEVELOPMENT AGREEMENT and
AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Amendment to Development Agreement and Amendment to Minimum Assessment
Agreement (the "Amendment") is entered into as ofNcdr 1ST , 2013, by and between
the City of Waterloo, Iowa ("City") and Cedar Valley Warehouse, LLC ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated
September 4, 2012 (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 dated August 23, 2012 (the "MAA")
pertaining to the Property. The DA and MAA have been filed in the land records of
Black Hawk County, Iowa, as Doc. No. 2013-17082.
B. The parties desire to amend the DA and MAA 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 9 of the DA is amended to add the following new paragraph:
"The assessment and rebate years are further defined as follows:
Year One - January 1, 2014 assessment Taxes payable in 2015/2016 tax year
Year Two - January 1, 2015 assessment Taxes payable in 2016/2017 tax year
Year Three - January 1, 2016 assessment Taxes payable in 2017/2018 tax year
Year Four - January 1, 2017 assessment Taxes payable in 2018/2019 tax year
Year Five - January 1, 2018 assessment Taxes payable in 2019/2020 tax year"
2. Section 2 of the MAA is amended to strike "December 31, 2017" and to substitute
"December 31, 2018" in its place. Said section is further amended to strike "January 1, 2018"
and to substitute "January 1, 2019" in its place.
3. Except as amended herein, the DA and the MAA 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 Amendment to Development
Agreement and Amendment to Minimum Assessment Agreement as of the date first set forth
above.
[signatures on next page]
CEDAR VALLEY WAREHOUSE, LLC CITY OF WATERLOO, IOWA
By:
Title: rnana�,PiZ-
STATE OF IOWA
) ss.
COUNTY )
By:
B
Emest G. Clark, Mayor
Suzy Sc ares, City Clerk
This record was acknowledged before me on Trot f/.. f/ , 2013 by
of Cedar Valley Warehouse,
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LLC.
CALI LYNN SORBE
Commission Number 777870
MyASG mi 8 ion Expires
ril
Notary Public
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
This record was acknowledged before me on `'l /41 2 , 2013 by Ernest G. Clark
and Suzy Schares, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
2
DeAnne Kobiiska
COMMISSION NO. 763995
MY COMMISSION EXPIRES