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HomeMy WebLinkAboutCedar Valley Warehouse LLc-12/9/2013 (2)Mayor BUCK CLARK COUNCIL MEMBERS DAVID JONES Ward 1 CAROLYN COLE Ward 2 HAROLD GETTY Ward 3 QUENTIN HART Ward 4 RON WELPER Ward 5 BOB GREENWOOD At -Large STEVE SCHMITT At -Large CITY OF WATERL 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 Q j() 49 C�\C 011 � CITY OF WATERLOO Council Communication City Council Meeting: December 9, 2013 Prepared: December 3, 2013 Dept. Head Signature: Noel Anderson, Community Planning & Development Director # of Attachments: 1 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 November, a similar document like this was approved. The attorneys have requested one more change in the amendment document. The original Development Agreement was approved prior to finalization of the plat, so a legal description was provided of the metes and bounds description of the parcels, which will now be changed to the platted lots description of the site. Expenditure Required: NA Source of Funds: NA Policy Issue: Economic Development Alternative: NA Background Information: 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 of 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 CITY WEBSITE: wwwci.waterloo.ia.us WE'RE WORKING FOR YOU! An Equal Opportunity/Affirmative Action Employer 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. The RISE funded roadway portions in this area, partnership with Martinson Construction (landowners) and the new businesses in area, has proved to be a quickly growing area for new development with La Forge Industries, Koelker Excavating, Cedar Valley Warehouse, and more to come !! 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 of ft `I , 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"), conceming 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 Year Two - January 1, 2015 assessment Year Three - January 1, 2016 assessment Year Four - January 1, 2017 assessment Year Five - January 1, 2018 assessment Taxes payable in 2015/2016 tax year Taxes payable in 2016/2017 tax year Taxes payable in 2017/2018 tax year Taxes payable in 2018/2019 tax year Taxes payable in 2019/2020 tax year" 2. The DA and the MAA are amended to strike Exhibit "A" therefrom and to substitute in its place a new Exhibit "A" as attached hereto. 3. 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. 4. 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 W TERLOO, IOWA By: .20&' Title: By:" By: 0 Ernest G. Clark, Mayor Suzy Schas, City Clerk STATE OF IOWA ) ) ss. c !L 4-ka-1I COUNTY ) This record was acknowledged before me on /if , 2013 by as Iv -\\j of Cedar Valley Warehouse, LLC. CHRISTOPHER FISCHELS COMMISSION NO. 735549 Mme. COMMIMRES STATE OF IOWA ) ss. BLACK HAWK COUNTY Not Public This record was acknowledged before me on ®eC 4` /0 , 2013 by Emest G. Clark and Suzy Schares, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa. ag1AA too, DeAnne Kob>iska COMMISSION NO. 783996 MY COMMISSION EXPIRES o�Pl 2 EXHIBIT "A" Legal Description of the Property Lots 4 and 5 "South Port 2nd Addition", City of Waterloo, Black Hawk County, Iowa, except Parcel "P' per Plat of Survey dated 10/11/2013 and recorded as Doc. No. 2014-08122. The foregoing description is set forth in a Plat of Survey filed October 18, 2013 as Doc. No. 2014- 08613.