HomeMy WebLinkAboutFailor Hurley Properties LLC-11/15/2010Prewar
Infonnafiare Chris Wendland, PO Box 596, Waterloo, Iowa 50704,
(319) 234.5701
Individual's Name Street Address City
Phone
SPACE ABOVE THIS UNE
FOR RECORDER
DEVELOPMENT AGREEMENT
This Development Agreement is entered into as of //5141 4v 6i / v X 2010, by
and between Failor Hurley Properties, LLC (the "Company") and 'the City of Waterloo,
Iowa (the "City").
RECITALS
A. City considers economic development within the City a benefit to the
community and is willing for the overall good and welfare of the
community to provide financial incentives so as to encourage that goal.
B. Company is willing and able to finance and construct a building and
related improvements on property located in the Rath Tax Increment
Finance District.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Sale of Property. On or before November 28, 2010, City shall convey, or
cause to be conveyed, to Company the real property described in Exhibit "A" hereto
(the "Property") for the sum of $1.00 (the "Purchase Price"). Conveyance shall be by
special warranty deed, free and clear of all encumbrances arising by or through City
except: (a) easements, conditions and restrictions of record which do not, in Company's
opinion, interfere with Company's proposed use; (b) current and future real estate real
property taxes and assessments subject to the agreements made herein; (c) general
utility and right-of-way easements serving the Property; and (d) restrictions imposed by
the City zoning ordinances, other applicable law. If the Property is not already owned
by the City, City's duty to convey is expressly made subject to occurrence of a closing
on the City's acquisition of the Property.
2. Improvements by Company. Company shall construct an industrial
building consisting of approximately 3,520 square feet, and related parking (the
"Improvements"), all of which shall be located on the Property. The Improvements shall
be constructed in accordance with all applicable City, state, and federal building codes
and shall comply with all applicable City ordinances and other applicable law. It is
contemplated that the Improvements will have a total project cost of no less than
$160,000.00. The Property, the Improvements, and all site preparation and
development -related work to make the Property usable for Company's purposes as
contemplated by this Agreement are collectively referred to as the "Project".
3. Timeliness of Construction. The parties agree that Company's
commitment to undertake the Project and to construct the Improvements in a timely
manner constitutes a material inducement for the City to convey the Property, or to
cause the Property to be conveyed, to Company and that without said commitment City
would not done so. Company must obtain a building permit and begin construction
within four (4) months from the date the Property is deeded to it, and construction shall
be completed by August 30, 2011. If, after the expiration of four (4) months from the
date of the executed deed, Company has not begun in good faith the construction of
the Improvements upon the Property, the title to the Property shall revert to the City. If
construction has not begun at the end said four-month period, but the development of
the Project is still imminent, the City Council may, but shall not be required to, consent
to an extension of time for the construction of the Improvements, and if an extension is
granted but construction of the Improvements has not begun within such extended
period, then the title to the Property shall revert to the City after the end of said
extended period. If development has commenced within the four-month period or any
extended period and is stopped and/or delayed as a result of an act of God, war, civil
disturbance, court order, labor dispute, fire, or other cause beyond the reasonable
control of Company, the requirement that construction is to be completed by August 30,
2011 shall be tolled for a period of time equal to the period of such stoppage or delay,
and thereafter if construction is not completed within the allowed period of extension the
title to the Property shall revert to the City after the end of said period.
In the event of any reversion of title, Company agrees that it shall, at its
own expense, promptly execute all documents, including but not limited to a special
warranty deed, or take such other actions as the City may reasonably request to
effectuate said reversion, and Company further agrees that it shall indemnify and hold
harmless the City with respect to any demand, claim, cause of action, damage, or injury
made, suffered, or incurred as a result of or in connection with the Project, or
Company's failure to carry on or complete same, or Company's ownership of the
Property. If the City files suit to enforce the terms of this Section 3 and prevails in such
suit, then the Company shall be liable for all of the City's legal expenses, including but
not limited to reasonable attorneys' fees.
2
4. Water and Sewer. Company will be responsible for extending water and
sewer service to any location on the Property and for payment of any associated
connection fees.
5. Minimum Assessment Agreement. Company acknowledges and
agrees that it will pay when due all taxes and assessments, general or special, and all
other lawful 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
$230,000.00 ("Minimum Actual Value"), through:
(i)
willful destruction of the Property, Improvements, or any part of
either;
(11) a request to the assessor of Black Hawk County; or
(iii) any proceedings, whether administrative, legal, or equitable, with
any administrative body or court within the City, Black Hawk
County, the State of Iowa, or the federal government.
Company agrees to sign the agreement attached as Exhibit "B" at closing.
6. Representations and Warranties of City. City hereby represents and
warrants as follows:
A. City is not prohibited from consummating the transaction
contemplated in this Agreement by any law, regulation, agreement, instrument,
restriction, order or judgment.
B. Each person who executes and delivers this Agreement and all
documents to be delivered hereunder is and shall be authorized to do so on
behalf of City.
7. Representations and Warranties of Company. Company hereby
represents and warrants as follows:
A. Company is not prohibited from consummating the transaction
contemplated in this Agreement by any law, regulation, agreement, instrument,
restriction, order or judgment.
B. Company is duly organized, validly existing, and in good standing
under the laws of the state of its organization and is duly qualified and in good
standing under the laws of the State of Iowa.
C. Company has full right, title, and authority to execute and perform
this Agreement and to consummate all of the transactions contemplated herein,
and each person who executes and delivers this Agreement and all documents
3
to be delivered to City hereunder is and shall be authorized to do so on behalf of
Company.
8. Abstracting. No less than fourteen (14) days prior to the anticipated date
of conveyance, City shall, at its own expense, deliver to Company an updated abstract
of title, or in lieu thereof Company may, at its own expense, obtain whatever form of title
evidence it desires. If title is unmarketable or subject to matters not acceptable to
Company, and if City does not remedy or remove such objectionable matters in timely
fashion following written notice of such objections from Company, Company may
terminate this Agreement.
9. Notices. Any notice under this Agreement shall be in writing and shall be
delivered in person, by ovemight air courier service, by United States registered or
certified mail, postage prepaid, or by facsimile (with an additional copy delivered by one
of the foregoing means), and addressed:
(a) if to City, at 715 Mulberry Street, Waterloo, Iowa 50703, facsimile
number 319-291-4571, Attention: Mayor, with copies to the City Attorney and the
Community Planning and Development Director.
(b) if to Company, to William W. Failor, PO Box 446 Hudson, Iowa
50643, facsimile number 319.988.9804,
Delivery of notice shall be deemed to occur (i) on the date of delivery when delivered in
person, (ii) one (1) business day following deposit for overnight delivery to an overnight
air courier service which guarantees next day delivery, (iii) three (3) business days
following the date of deposit if mailed by United States registered or certified mail,
postage prepaid, or (iv) when transmitted by facsimile so long as the sender obtains
written electronic confirmation from the sending facsimile machine that such
transmission was successful.
10. No Joint Venture. Nothing in this Agreement shall, or shall be deemed
or construed to, create or constitute any joint venture, partnership, agency,
employment, or any other relationship between the City and Company nor to create any
liability for one party with respect to the liabilities or obligations of the other party or any
other person.
11. Amendment, Modification, and Waiver. No amendment, modification,
or waiver of any condition, provision, or term of this Agreement shall be valid or of any
effect unless made in writing, signed by the party or parties to be bound or by the duly
authorized representative of same, and specifying with particularity the extent and
nature of the amendment, modification, or waiver. Any waiver by any party of any
default by another party shall not affect or impair any rights arising from any subsequent
default.
12. Severability. Each provision, section, sentence, clause, phrase, and
word of this Agreement is intended to be severable. If any portion of this Agreement
shall be deemed invalid or unenforceable, whether in whole or in part, the offending
4
provision or part thereof shall be deemed severed from this Agreement and the
remaining provisions of this Agreement shall not be affected thereby and shall continue
in full force and effect. If, for any reason, a court finds that any portion of this
Agreement is invalid or unenforceable as written, but that by limiting such provision or
portion thereof it would become valid and enforceable, then such provision or portion
thereof shall be deemed to be written, and shall be construed and enforced, as so
limited.
13. Captions. All captions, headings, or titles in the paragraphs or sections
of this Agreement are inserted only as a matter of convenience and/or reference, and
they shall in no way be construed as limiting, extending, or describing either the scope
or intent of this Agreement or of any provisions hereof.
14. Binding Effect. This Agreement shall be binding and shall inure to the
benefit of the parties and their respective successors, assigns, and legal
representatives.
15. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which, taken
together, shall constitute one and the same instrument.
16. Entire Agreement. This Agreement, together with the Minimum
Assessment Agreement attached hereto as Exhibit "B", constitutes the entire
agreement of the parties and supersedes all prior or contemporaneous negotiations,
discussions, understandings, or agreements, whether oral or written, with respect to the
subject matter hereof.
17. Time of Essence. Time is of the essence of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Development
Agreement as of the date first set forth above.
CITY 0 ATERLOO, IOWA FAILOR HURLEY PROPERTIES, LLC
By:
'
By: iL� �S.L�.rifi.,'
Emest G. Clark, Mayor ` William W. Failor,/46-4q4cA
Attest:
Suzy Schares, City Clerk
5
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Lot 2
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Page 1
Failor Hurley,
abate
tax
%
rebated
Cumulative
Yr
value
rate
rate
rebate
taxes
CITY CAPTURE
Total
1
230,000
0.039
0.0428
100%
$ 8,970.00
$ -
2
230,000
0.039
0.0428
100%
$ 8,970.00
$ -
$ -
3
230,000
0.039
0.0428
100%
$ 8,970.00
$ -
$ -
4
230,000
0.039
0.0428
$ -
$ 9,834.99
$ 9,834.99
5
230,000
0.039
0.0428
$ -
$ 9,834.99
$ 19,669.97
10,000 sf
6
230,000
0.039
0.0428
$ -
$ 9,834.99
$ 29,504.96
$350,000
7
230,000
0.039
0.0428
$ -
$ 9,834.99
$ 39,339.95
8
230,000
0.039
0.0428
$ -
$ 9,834.99
$ 49,174.93
$ 26,910.00
$ 49,174.93
Magic Number of lot value
$ 49,245.00
18th and Black Hawk
Proposed project is industrial building expansion at — 3,520 SF, $230,000 total value land and building
Predict new jobs - not sure how many as of yet.
We own land
Land valued at $1.00 per sq. ft. by Assessed value
1.13 acres of land equals an asking price of $49,222.80.
Page 1
William W. Castle, PLS, City of Waterloo Engineering Department, 715 Mulberry Street, Waterloo, Iowa 50703 Phone: (319) 291-4312
0
J
Outlot B
409 Sq. Ft.
0.01 Acres
DELL OIL MINOR PLAT
l
N 48°55'42" W 65.98'
(N 49°0319" W 66.00')
N 38°172' g
67.19,
yW
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CD -12i
C.X
Fr,
m
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-c
N 49°03'21" W 65.94'
N m (N 49°0526' W 66') 37,932 Sq. Ft.
3 P \ 0.87 Acres
N 40°50'58" E
12.40' (12.4')
Block 21 Hayes' Addition
River Street
0 40 80
1 inch = 80 feet
-----
Vacated 49.5 ft Right -of -Way
Per Misc Bk 83, Pg 168
_-- 1 300.94'
Southwesterly
ou N40°14'3p"
74.g2' thwesterly)Ine W 304.70'
ofCLDBk545,P9381
154.78
Lot 2
Z0 I:3
0 En
L0 0o
Westerly and Southwesterly
lines of Parcel "F" of the SE
1/4, Sec. 25, T89N, R13W
Per Survey Doc #2007 014335
1
65.94' /
(S 49°0T48' E 66') I / 74.06'
Outlot A
8,905 Sq. Ft.
0.20 Acres
Ho Hay fl,`addit n
rn B1 o'< 15
d
w _
O
Lot1
z 46,069 Sq. Ft.
1.06 Acres
5.00'
140.00' 222.28'
S 49°01'25" E 367.28' (S 49°07'48" E 367.28')
Black Hawk Street
80 ft Public Right -of -Way
N 49°01'44° W 301.34' (N 49°07'48" W 301.38')
Fd No. 4 Rebar
w/Yellow ID Cap
"Iowa - 9961"
(Typical unless noted)
LEGAL DESCRIPTION:
A survey of Parcel "F" as shown on Plat of Survey Doc. #2007 014335, that part of Lots 1 and 10 and the vacated alley in Block 15 of Hayes' Addition lying east of said
Parcel "F" and south of the southwesterly line described in City Lot Deed Book 545 at Page 381 and vacated West 17th Street lying northwesterly of Black Hawk Street and
southwesterly of that portion of West 17th Street vacated in Miscellaneous Book 83 at Page 168, in the City of Waterloo, Black Hawk County, Iowa, and being further
described as follows:
I I
Block 14 Hayes' Addition
Found 1"
Pinched Pipe
(4 g
N N
N
WW
Fs
✓ ;,
r
o `�
,' N
z CD
Cut "x" in
PCC Pavement
Easterly line of Parcel
"F" of the SE 1/4,
— Sec. 25, T89N, R13W
Per Survey Doc
#2007 014335
/
1
66 ft Public Right -of -Way
Found "x" In
PCC Sidewalk
Point of Beginning
Beginning at the southeasterly corner of said Block 15, being the intersection of the northerly line of Black Hawk Street and the westerly line of West 18th Street; thence
North 40°45'47" East 224.50 feet along the easterly line of Block 15 to the southeasterly comer of the parcel described in City Lot Deed Book 545 at Page 381, said corner
being 73 feet northeasterly of the southeasterly comer of Lot 1; thence North 40°14'30" West 304.70 feet along the southwesterly line of the parcel described in City Lot
Deed Book 545 at Page 381 to a point on the westerly line Lot 5, 12.4 feet southwesterly of the northwesterly corner of said Lot 5; thence North 40°50'58" East 12.40 feet to
the said northwesterly comer of Lot 5; thence North 48°55'42" West 65.98 feet to the Northeasterly corner of Block 16, Hayes Addition, said comer being the intersection of
the westerly line of West 17th Street and the southerly line of River Street; thence South 40°50'06" West 283.53 feet along the easterly line of Block 16 to the southeasterly
comer of Block 16, said corner being the intersection of the westerly line of West 17th Street and the northerly line of Black Hawk Street; thence South 49°01'25" East 65.94
feet to the southwesterly comer of Block 15 in Hayes' Addition, said comer being the intersection of the easterly line of West 17th Street and the northerly line of Black Hawk
Street; thence continuing South 49°01'25" East 227.28 feet along the southerly line of said Block 15 to the point of beginning containing 93,315 square feet (2.14 acres) and
reserving an easement over, under and across the Westerly 66 feet of the described parcel (formerly West 17th Street) for utility installation and maintenance.
This Plat or Subdivision has been reviewed by the City of Waterloo.
•
zei
Waterloo City Planner or designee
Date
I hereby certify that this surveying document was
prepared and the related survey work was performed
by me or under my direct personal supervision and
that I am a/ duly lice sed Land Surveyor under the
laws of thef State offowa.
William W. Castle, PLS
License Number 19715
My License Renewol Date is December 31, 2011.
Pages or sheets covered by this seal • �/ l
Date
Survey Notes:
1. The South line of Block 15, Hayes' Addition was given an
assumed bearing of S 49°01'25" E for this survey.
2. All dimensions are in US Survey feet and decimals thereof.
3. The error of closure is better than 1:10,000
4. Field work completed on November 1, 2010
5. Proprietor: City of Waterloo, Iowa
6. Survey requested by:
Noel Anderson, Director
Waterloo Community Planning & Development
Plat Legend:
•
0
A
A
100.00'
(100.00')
Found Monument
Set 5/8" x 24" Rebar w/Aluminum
Cap "Iowa - 19715"
Found Section Corner
Set Section Corner
Measured distance
Recorded distance
City of Waterloo Engineering Department
715 Mulberry Street, Waterloo, Iowa 50703
Phone: (319) 291-4312 Fax: (319) 291-4262
Drawn By: WWC Approved By: NCA
Date: 10/29/2010 Scale: 1" = 80'
Field Book #: -- Date: 10/25/2010
Sheet No.
1 of 1
STATE OF IOWA,
Black Hawk County
I do solemnly swear that the annexed copy of
1333251
NOTICE OF PUBLIC HEARING TO WHOM IT
notice was published in the WATERLOO/CEDAR FALLS
a daily newspaper printed in WATERLOO,
Black Hawk County, Iowa, for 1 issues
commencing on 11/09/2010, in the issues of
11/09/2010
of said newspaper, and that the annexed rate of
advertising is the regular legal rate of said
newspaper, and that the following is a correct
bill for publishing said notice.
Printer's Bill $37.32
Subscribed and sworn to before me,thi8:
Je,() ,ago
day of
Received of
SUE ALNg z
COMMISSION NO. 761976
114 CpM1 I N EXPIRES
the sum of Dollars
in full for publication of the above invoice.
Notary Seal:
COURIER -,
NOTICE OF PUBLIC HEARING
TO WHOM IT MAY CONCERN:
Notice Is hereby given that on the 15th
day of November, 2010, at 5:30 p.m., In
the Council Chambers in the City Hall in
the City of Waterloo, Iowa, a public hear -
Ing will be held by the Council of the City
of Waterloo, Iowa, on a proposed Devel-
opment Agreement with Failor Hurley
Properties, LLC to sell and convey for
$1.00 city -owned property generally
located at the northwest corner of 18th
Street and Black Hawk Street for con-
struction of a new 3520 square foot in-
dustrial building with a minimum taxable
value of $230,000.00, legally described
es follows:
A survey of Parcel "F" as shown on Plat
of Survey Doc. #2007 014335, that part
of Lots 1 and 10 and the vacated alley In
Block 15 of Hayes' Addition lying east of
said Parcel "F" and south of the south-
westerly line described in City Lot Deed
Book 545 at Page 381andvacated West
17th Street lying northwesterly of Black
Hawk Street and southwesterly of that
portion of West 17th Street vacated in
Miscellaneous Book 83 at Page 168, in
the City of Waterloo, Black Hawk County,
lowa, end being further described es
follows:
Beginning at the southeasterly comer of
said Block 15, being the intersection of
the northerly line of Bleck Hawk Street
and the westerly line of West 18th Street;
thence North 40'45'4r East 224.50 feet
along the easterly line of Block 15 to the
southeasterly corner of the parcel de-
scribed in City Lot Deed Book 545 at
Page 381, said corner being 73 feet
northeasterly of the southeasterly comer
of Lot 1; thence North 40'14'30" West
304.70 feet along the southwesterly line
of the parcel described in City Lot Deed
Book 545 at Page 381 to a point on the
westerly line Lot 5, 12.4 feet southwest-
erly of the northwesterly comer of said
Lot 5; thence North 40'50'58" East 12.40
feet to the Said northwesterly comer of
Lot 5; thence North 48'55'42" West
65.98 feet to the Northeasterly comer of
Block 16, Hayes Addition, said corner
being the intersection of the westerly line
of West 17th Street and the southerly
line of River Street; thence South
40°50'06" West 283.53 feet along the
easterly line of Block 16 to the south-
easterly corner of Block 16, said corner
being the intersection of the westerly line
of West 17th Street and the northerly tine
of Black Hawk Street; thence South
49°01'25' East 65.94 feet to the south -
j westerly corner of Block 15 in Hayes'
Addition, said corner being the intersec-
tion of the easterly line of West 17th
Street and the northerly line of Black
Hawk Street; thence continuing South
49°01'25" East 227.28 feet along the
southerly line of said Block 15 to the
. point of beginning containing 93,315
square feet (2.14 acres) and reserving
an easement over, under and across the
Westerly 66 feet of the described parcel
(formerly West 17th Street) for utility in-
stallation and maintenance, all in the
City of Waterloo, Black Hawk County,
Iowa.
Anyone who Is interested may appear at
said time and place and be heard or may
file written objection with the City Clerk,
City Hall, Waterloo, Iowa, before the
date set for said hearing.
By order of the Council of the City of Wa-
terloo this 1st day of November, 2010.
Suzy Schares
City Clerk
EXHIBIT "B"
MINIMUM ASSESSMENT AGREEMENT
This Minimum Asse ment Agreement (the "Agreement") is entered into as of
this IJIAt day of Lt , 2010, by and among the CITY OF
WATERLOO, IOWA ("City"), Failor Hurley Properties, LLC ("Developer"), and the
COUNTY ASSESSOR of the City of Waterloo, Iowa ("Assessor").
WITNESSETH:
WHEREAS, on or before the date hereof the City and Developer have entered
into a development agreement (the "Development Agreement") regarding certain real
property, described in Exhibit "A" thereto, located in the City; and
WHEREAS, it is contemplated that pursuant to the Development Agreement, the
Developer will undertake the development of an area ("Project") within the City and
within the "Rath Tax Increment Finance District "; and
WHEREAS, pursuant to Iowa Code § 403.6, as amended, the City and the
Developer 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 hereto, in consideration of the promises,
covenants, and agreements made by each other, do hereby agree as follows:
1. Upon substantial completion of construction of the Improvements by the
Developer, the minimum actual taxable value which shall be fixed for assessment
purposes for the land and Improvements to be constructed thereon by the Developer as
a part of the Project shall not be less than $230,000.00 ("Minimum Actual Value") until
termination of this Agreement. The parties hereto agree that construction of the
Improvements will be substantially completed on or before August 30, 2011.
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,
2019. Nothing herein shall be deemed to waive the Developer'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 Developer 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
Developer to contest its taxable valuations in full, commencing with the assessment of
January 1, 2020.
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. It may not be modified or amended except by
the mutual written agreement of the parties.
ATTEST:
By:
Suzy Schares, City Clerk
CITY OF -i-ATERLOO, IOWA
_ r
Bv. ,
rnest G. Clark, Mayor
FAILOR HURLEY PROPERTIES, LLC
�/
✓ , if/ By. /l%'t 4'if J f r,
William W. Failor, 64'6,4480e
STATE OF IOWA
) ss.
COUNTY OF BLACK HAWK )
On this day of j\kniPALGAI-- , 2010, before me, a Notary
Public in and for the State of Iowa, personally appeared Ernest G. Clark and Suzy
Schares, to me personally known, who being duly sworn, did say that they are the
Mayor and City Clerk, respectively, of the City of Waterloo, Iowa, a municipal
corporation, created and existing under the laws of the State of Iowa, and that the seal
affixed to the foregoing instrument is the seal of said municipal corporation, and that
said instrument was signed and sealed on behalf of said municipal corporation by
2
authority and resolution of its City Council, and said Mayor and City Clerk
acknowledged said instrument to be the free act and deed of said municipal corporation
by it and by them voluntarily executed.
STATE OF IOWA )
}ss.
COUNTY OF BLACK HAWK )
Acknowledged before me on , 2010 by William W. Failor as
President of Failor Hurley Properties, LLC.
Notary Public
3
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 Tess than Two
Hundred Thirty Thousand Dollars ($230,000.00).
STATE OF IOWA
) ss.
COUNTY OF BLACK HAWK
Assessor for Black Hawk County, Iowa
Date
Subscribed and sworn to before me on , 2010, by
, Assessor for Black Hawk County, Iowa.
Notary Public