HomeMy WebLinkAboutCardinal Construction Inc-1/11/2010 (3)FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This First Amendment to Development Agreement (the "Amendment") is entered into as
of %(Ye1,111,1 , 2010, by and between the City of Waterloo, Iowa ("City") and Cardinal
Construction, Ifhc. ("Company").
RECITALS
A. Company is a party with City to that certain Development Agreement and Minimum
Assessment Agreement dated August 2008 (the "Agreements") concerning the
development of land as described in the Agreements.
B. Pursuant to the amended Agreements, Company has been granted tax rebates,
Per Section 3, for a period of 8 years.
C. Company had a timeline of taking out a building permit for a 3,840 sq. ft. office
building and a 5,300 sq. ft. office building by December 1, 2008, with substantial
completion by January 1, 2010.
D. Company has built the 5,288 sq. ft. building, worth 59.1% of the full value required,
or $1,360,319. This leaves the planned 3,840 sq. ft. building at 40.9% or
$941,405.30.
E. To continue to work with Company to market and develop this location, it is
necessary to expand the timeline of a permit for the 3,840 sq. ft. building, with a
Minimum Assessment of $941,405.30 to June 1, 2010 and substantial completion
to January 1, 2011. Its rebates would be eligible to start upon its completion and
meeting this value.
F. The built 5,288 sq. ft. building would have a separate Minimum Assessment value
of $1,360,319. Its rebates would be eligible to start upon its completion and
meeting this value.
NOW, THEREFORE, in consideration of the mutual promises set forth .herein, the
parties hereby agree as follows:
1. The Timeliness of Completion wording set forth in Section 3 of the
Agreement is hereby amended to read obtaining a building permit by
June 1, 2010 and substantially complete by January 1, 2011.
2. The Minimum Assessment of the 5,288 sq. ft. building shall be
$1,360,319 and the Minimum Assessment of the 3,840 sq. ft. building
shall be $941,405.30.
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.
CARDINAL CONSTRUCTION, INC.
ene - hart, President
CITY OF WATERLOO, IOWA
By '
for:musk Clark, Mayor
By: 1'a
FaitFA-
Carol Failor, Deputy ity Clerk