HomeMy WebLinkAboutHope Martin Anderson-2/13/2012Prepared by Noel Anderson, City of Waterloo, City Hall, 715 Mulberry Street, Waterloo, Iowa
50703 phone: 319-291-4366, facsimile 319-291-4262
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This First Amendment to Development Agreement (the "Amendment") is entered into as
r
of .l y I , 2012, by and between the City of Waterloo, Iowa ("City") and Hope Martin
Anderson ("Cthmpany°).
RECITALS
A. Company is a party with City to that certain Development Agreement and Minimum
Assessment Agreement dated February 8, 2010 (the "Agreement") concerning the
development of land as described in the Agreement.
B. Company had originally grouped a larger parcel together for future development,
but now would request to separate current development from future development
on the splitting of the parcels of land.
C. The original Development Agreement had an approximate 15,200 sq. ft. office
building to be built on the site, with that site having a new taxable value of
$1,329,976, creating a tax rebate schedule of had occupancy and completion of
the building after that date above, moving the tax rebate schedule back by one
year for full rebate value. Therefore it is necessary to move back the dates above
for substantial completion from December 31, 2010 to December 31, 2012,
termination of the Minimum Assessment Agreement by new wording described
below, altering the new Minimum Value and rebate schedule for a building under
$1 million in value, and by changing the site area covered by the Development
Agreement to reflect only the site for which the office building is being built upon.
D. All other terms of the Development Agreement would remain the same.
NOW, THEREFORE, in consideration of the mutual promises set forth herein, the
parties hereby agree as follows:
1. The Timeliness of Construction wording set forth in Section 4 of the
Agreement is hereby amended to read substantial completion by
December 31, 2012.
2. The Minimum Assessment Agreement, Section 4, wording of the
agreement is amended to read as follows:
4. Minimum Assessment Agreement. Company
acknowledges and agrees that it will pay when due all taxes and
assessments, general or special, and all other charges
whatsoever levied upon or assessed or placed against the
Property. Company further agrees that prior to the date set forth
in Section 2 of Exhibit "B" it will not seek or cause a reduction in
the taxable valuation for the Property, which shall be fixed for
assessment purposes, below the aggregate amount of
$877,500.00 ("Minimum Actual Value").
3. The new rebate schedule, Section 5, shall be 5 years at 50%.
4. Exhibit "B" Minimum Assessment Agreement. Section 1, the new
Minimum Actual Value shall be $877,500 for the office
building/warehouse on parcel number 88-13-10-101-034. Exhibit °A"
shall be amended to reflect this new legal description of said parcel
number. The date for substantial completion shall also be amended in
this section to read December 31, 2012.
5. Exhibit °B° Minimum Assessment Agreement. Section 2 is amended to
read as follows:
2. The Minimum Actual Value herein established shall be
of no further force and effect, and this Minimum Assessment
Agreement shall terminate, on December 31, 2021, or on
December 31 of the year that is ten (10) years after the effective
date of the property's Minimum Actual Value. Nothing herein shall
be deemed to waive the Company's rights under Iowa Code §
403.6, as amended, to contest that portion of any actual value
assignment made by the Assessor in excess of the Minimum
Actual Value established herein. In no event, however, shall the
Company seek or cause the reduction of the actual value
assigned below the Minimum Actual Value established herein
during the term of this Agreement.
The City shall not unreasonably withhold its consent to permit the Company to
contest its taxable valuations in full, commencing with the assessment of January 1, 2022 for
the Property, or, as applicable, January 1 immediately following the timeline of effective date of
property's Minimum Actual Value as noted above.
IN WITNESS WHEREOF, the parties have executed this First Amendment to
Development Agreement by their duly authorized representatives as of the date first set forth
above.
HOPE MARTIN ANDERSON
By:
ACLII
Hope
CITY OF WATERLOO, IOWA
By:
artin Anderson Emest G. Clark, Mayor
Suzy Scha es, City Clerk
2
BEECHER, FIELD,
HUGH M. FIELD
JOHN R. WALKER JR.
RICHARD R. MORRIS
THERESA E. HOFFMAN
ERIC W. JOHNSON
KEVIN D. AHRENHOLZ
D. RAYMOND WALTON
JOHN J. WOOD
ADNAN MAHMUTAGIC
COREY R. LORENZEN
WALKER, MORRIS, HOFFMAN
LAWYERS
COURT SQUARE BUILDING - SUITE 300
620 LAFAYETTE STREET
P.O. BOX 178
WATERLOO, IOWA 50704
TELEPHONE: (319) 234-1766
FAX: (319) 234-1225
www.beecherlaw.com
cwliN.heechcrlaw.com
February 8, 2012
Noel Anderson
Community Planning & Development Director
715 Mulberry Street
Waterloo, IA 50703
Dear Noel:
& JOHNSON, P.C.
KATE B. MITCHELL
KIRSTEN N. ARNOLD
LAURA E. RANGE
ALEXANDER W. CROUSE
W. LOUIS BEECHER-OF COUNSEL
W.L. BEECHER (1891-1976)
JOHN W. RATHERT (1932-2010)
Re: First Amendment to Development
Agreement between Hope Martin Anderson and City
of Waterloo, Iowa
Enclosed you will find one original executed Amendment to Development Agreement
regarding the above referenced matter.
Once the Amendment has been executed by the City of Waterloo, please promptly provide
us with a copy for our file. It is my understanding that this will be on the City Council agenda for
execution no later than Monday, February 20, 2012. Therefore, I would greatly appreciate having a
copy of the fully executed Amendment to Development Agreement by no later than February 24,
2012.
Should you have any questions or wish to discuss the enclosed, please give me a call.
Thank you.
EWJ/bjm
Enclosure
Sincerely,
Johnson
for BEECHER, FIELD, WALKER,
MORRIS, HOFFMAN & JOHNSON, P.C.
+Established in 1918+