HomeMy WebLinkAboutClark, Butler, Walsh & Hamann-9/6/2011Attorneys at Law
315 E. 5th Street • IPO. Box 596 • Waterloo, Iowa 50704 • (319) 234-5701
FAX (319) 232-9579 • www.cbwh-law.com
August 17, 2011
Noel Anderson
Community Planning & Development
715 Mulberry Street
Waterloo, IA 50703
Re: 3013 -3015 Greyhound Park
Dear Noel:
Wallace W. Butler, Retired
Craig 0. Clark 1923-2004
Fred G. Clark, Jr. 1922-1984
Emily C. Bartekoske
Rebecca A. Feiereisen
Timothy W. Hamann *
Jared R. Knapp
Christy R. Liss
James E. Walsh, Jr. **
Christopher S. Wendland
Also admitted in Minnesota
ZONi . Also admitted in Illinois,
+v /7tiinesota and Wisconsin
sso.c.
,„z„ all
6ERLOo
The above property is the subject of a development agreement granting rebates to PRSS
Properties, L.C. After that agreement was entered into, the owner subjected the property to a
condo regime, constructed a building with two units and sold those units to other entities. Per the
City's preferred procedures for documenting transfer of rebates to subsequent owners, I have
prepared an Assignment of Rebates form, which is enclosed.
To the extent that there are any rebates tied to pre -condo (i.e., single) ownership of the
premises, they should be divided into the percentages shown on Exhibit "A" to the assignment.
Otherwise, as to rebates payable with respect to each condo unit, they should go entirely to the
respective unit owner.
If you have any questions, please feel free to contact me. Thank you.
Sincerely,
CLARK, BUTLER, WALSH & HAMANN
By: .t C,Ctt-cAI
Chris Wendland
CC: Michelle Weidner, City Finance
S:\Users\Cluis\CLIENTS\CITY\DE V ELOPMENT \LETFERS\2011 \Anderson.PRSSRebates.0817.wpd
ASSIGNMENT OF REBATES
The undersigned ("Assignor") is party to a development agreement (the "Agreement") with the
City of Waterloo, Iowa, concerning the real property identified on Exhibit A hereto (the
"Property"). Subject to the terms of the Agreement, Assignor is entitled to tax rebates in respect
of the Property in an amount determined as set forth in the Agreement.
Assignor has sold the Property to PTL Properties, LLC and SVW Properties, L.C. (each a
"Transferee") in the proportions indicated on Exhibit A hereto. In consideration of Transferees'
purchase of the Property, Assignor does hereby assign to Transferees all of Assignor's right, title
and interest in and to any and all rebates payable in respect of the Property pursuant to the
Agreement, in the proportions stated on Exhibit A.
Dated b\ 12\ 2.0 bt
EXHIBIT A
Original description:
The Westerly 150 feet in even width of Lot 1, Greenbelt Centre Plat No. 3,
Waterloo, Iowa, also known as Parcel "D" according to the Plat of Survey filed
September 18, 2009 as Doc. No. 2010-05876.
The Property was thereafter submitted to a horizontal property regime by Declaration filed
November 16, 2010 as Doc. No. 2011-09948.
The condo units and related common elements were then transferred to PTL Properties, LLC
and SVW Properties, L.C., as follows:
1. To PTL Properties, LLC (49.1%):
A part of the Westerly 150 feet in even width of Lot 1, Greenbelt Centre Plat
No. 3, Waterloo, Iowa, described as follows:
Unit A and the undivided 49.1 percentage interest in the common elements
appurtenant thereto in PRSS Condominium, Declaration filed November 16,
2010, and recorded in Doc. No. 2011-09948.
2. To SVW Properties, L.C. (50.9%):
A part of the Westerly 150 feet in even width of Lot 1, Greenbelt Centre Plat
No. 3, Waterloo, Iowa, described as follows:
Unit B and the undivided 50.9 percentage interest in the common elements
-ttnrirte-7n4-JRSS f`!dent z ---tion 16,
2010, and recorded in Doc. No. 2011-09948.