HomeMy WebLinkAboutJJB Properties LLC-1/9/2012Prepared by Nod Anderson, City of Waterloo, City Hall, 715 Mulberry Street, Waterloo, Iowa 50703 phone 319-291-
4386, facsimile 319-291-4262
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This First Amendment to Development Agreement (the Amendment') is entered into as
ofstytg', 201* -by and between the City of Waterloo, Iowa ("City'} and J.J.B.
Properties LLC ("Company").
RECITALS
A. Company is a party with City to that certain Development Agreement and Minimum
Assessment Agreement dated ifVO 11 .7).e...1.? 1 (the "Agreement") concerning
the development of land as described in the Agreement.
B. Company had a timeline of substantial completion for an 8,000 sq. it. office building
by January 1, 2009, with a termination date on the Minimum Assessment
Agreement of December 31, 2022.
C. Company 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 by January
1, 2010 and termination of the Minimum Assessment Agreement by December 31,
2023.
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 3 of the
Agreement is hereby amended to read substantial completion by January
1, 2010.
2 The Minimum Assessment Agreement, Section 4, and the Minimum
Assessment Agreement, Exhibit B, Section 2, wording of the agreement
is amended to read termination of the Minimum Assessment Agreement
on December 31, 2023. This indudes amending the date to January 1,
2024 in both sections for when the City shall not unreasonably withhold
its consent to permit the Developer to contest its taxable valuations in full,
or the Company seeking to contest its valuation prior to that date of
January 1, 2024.
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.
J. J. B. Properties LLC CITY OF,W(TERLOO, IOW
BY
an, President/CEO
ce Advisors
G. Clark, Mayor
Suzy Schafes, City Clerk