HomeMy WebLinkAboutMauer Eye Center-2/14/2011FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This Fist Amendment to Development Agreement (the "Amendment") is entered into as
of / -6 / , 2011, by and between the City of Waterloo, Iowa ("City") and Mauer Eye
Center ("Company").
RECITALS
A. Company is a party with City to that certain Development Agreement and Minimum
Assessment Agreement dated October 2006 (the "Agreement") concerning the
development of land as described in the Agreement.
B. Company had a Minimum Assessment Agreement of $6.0 million for the project
and 10 years at 50% tax rebates.
C. Company and City agree that the previous value used for taxable value amount
may have included items and costs not normally associated with a taxable value
amount at finish of project.
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 Minimum Assessment Agreement shall be amended to reflect a new
minimum amount of $2,989,180 and the Development Agreement shall
be amended to reduce the number of years for tax rebates from 10 years
to 5 years.
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.
Mauer Eye Center CITY OF WATERLOO, IOWA
By:
Richard Mauer
By: (//
Ernest G. Clark, Mayor
By:
Suzy Schres, City Clerk
EXHIBIT "C"
MINIMUM ASSESSMENT AGREEMENT
This Minimum Assessment Agreement (the "Agreement") is entered into as of this
® day of February, 2011, by and among the CITY OF WATERLOO, IOWA, ("City"),
Richard C. Mauer ("Company"), and the COUNTY ASSESSOR of the City of Waterloo, Iowa
("Assessor").
WITNESSETH:
WHEREAS, on or before the date hereof the City and Company have entered into a
Development Agreement (the "Development Agreement") regarding certain real property,
described in Exhibit "A" hereto, located in the City; and
WHEREAS, it is contemplated that pursuant to said Agreement, the Company will
undertake the development of an area ("Project") within the City and within the "Martin Road
Development Area"; and
WHEREAS, pursuant to Iowa Code §403.6, as amended, the City and the Company
desire to establish a minimum actual value for the land and the building(s) pursuant to this
Agreement and applicable only to the Project, which shall be effective upon substantial
completion of the Project and from then until this Agreement is terminated pursuant to the terms
herein and which is intended to reflect the minimum actual value of the land and buildings as to
the Project only; and
WHEREAS, the City and the Assessor have reviewed the preliminary plans and
specifications for the improvements (the "Improvements") which the parties contemplate will be
erected as a part of the Project.
NOW, THEREFORE, the parties to this Agreement, in consideration of the promises,
covenants, and agreements =made by each other, do hereby agree as follows:
1. Construction of the Improvements by Company is substantially completed. The
minimum actual taxable value that is fixed for assessment purposes for the land and
Improvements constructed thereon by the Company as a part of the Project shall not be less than
$2,989,180.00 ("Minimum Actual Value") until termination of this Agreement.
2. The Minimum Actual Value herein established shall be of no further force and
effect, and this Agreement shall terminate, on December 31, 2016. 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, 2016.
3. This Agreement shall be promptly recorded by the City with the Recorder of
Black Hawk County, Iowa. The City shall pay all costs of recording.
4. Neither the preambles nor provisions of this Agreement are intended to, or shall
be construed as, modifying the terms of the Development Agreement.
5. This Agreement shall inure to the benefit of and be binding upon the successors
and assigns of the parties.
ATTEST:
Suzy Schwas, City Clerk
STATE OF IOWA
BLACK HAWK COUNTY
)
ss.
)
CITY OF WATERLOO, IOWA
f
By:. ,: e/
Ernest G. Clark, Mayor
On this `"f day of -Q-v , 2011, before me, the undersigned, a Notary
Public in and for the State of Iowa, persona appeared Ernest G. Clark and Suzy Schares, to me
personally known, and who, being by me duly sworn, did say that they are the Mayor and City
Clerk, respectively, of the City of Waterloo, Iowa; that the seal affixed to the foregoing
instrument is the corporate seal of the corporation, and that the instrument was signed and sealed
on behalf of the corporation, and that Ernest G. Clark and Suzy Schares acknowledged the
execution of the instrument to be their voluntary act and deed and the voluntary act and deed of
the corporation, by it voluntarily executed.
otary Ptblic in and for a StaeS Iowa
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3124to
MAUER EYE CENTER
Richard C. Mauer
STATE OF IOWA )
ss.
BLACK HAWK COUNTY ) /
Acknowledged before me on this / 6/ day of February, 2011, by Richard C.
Mauer.
bMY"` s STEPHANIE HONNERMAN
COMMISSION UO.196502
a
COMMISSION EXPIRES
Notary Public in and for the State of Iowa
CERTIFICATION OF ASSESSOR
The undersigned, having reviewed the plans and specifications for the improvements to
be constructed and the market value assigned to the land upon which the improvements are to be
constructed for the development, and being of the opinion that the minimum market value
contained in the foregoing Minimum Assessment Agreement appears reasonable, hereby certifies
as follows: The undersigned Assessor, being legally responsible for the assessment of the
property subject to the development, upon completion of improvements to be made on it and in
accordance with the Minimum Assessment Agreement, certifies that the actual value assigned to
such land, building and equipment upon completion of the development shall not be less than
Two Million Nine Hundred Eighty-nine Thousand One Hundred Eighty and no/100 Dollars
($2,989,180.00) in the aggregate, until termination of this Minimum Assessment Agreement
pursuant to the terms hereof.
STATE OF IOWA
BLACK HAWK COUNTY )
ss.
Assessor for Black Hawk County, Iowa
Date
Subscribed and sworn to before me on this day of February, 2011, by
, Assessor for Black Hawk County, Iowa.
Notary Public in and for the State of Iowa