HomeMy WebLinkAboutRobert and Kaye Huff-10/24/2011FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This First Amendment to Development Agreement (the "Amendment") is entered into as
of L -t-, 2011, by and between the City of Waterloo, Iowa ("City") and Robert F.
Huff and Kaye M. Huff ("Owners").
RECITALS
A. Owners are parties with City to that certain Development Agreement and Minimum
Assessment Agreement dated February 5, 2008 (the "Agreement') concerning the
development of land as described in the Agreement.
B. The Minimum Assessment Agreement stated an assessment value of $183,200 for
the project and 5 years of tax rebates at 50%.
C. Owners and City agree that the project was built as described, but the minimum
value was not met for 2008 assessment purposes.
D. The original Development Agreement mistakenly stated the base value as of
January 2008, whereas it should have been January 2007, and the parties desire
to correct that mistake.
NOW, THEREFORE, in consideration of the mutual promises set forth herein, the
parties hereby agree as follows:
1. The Minimum Assessment Agreement shall be amended to allow for rebates to
be eligible for the 2008 year at $174,490.
2. The rebates shall be eligible for all values over the January 1, 2007 assessed
value of $40,660, subject to such exceptions as are stated in the Agreement.
3. All other terms of the Agreement remain unmodified and in full force and effect.
This Amendment is binding on the parties and the respective heirs, personal
representatives, successors and assigns of each.
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.
CITY OF WATERLOO, IOWA
By:
Ernest G. Clark, Mayor
By:
Suzy Schare. , City Clerk