HomeMy WebLinkAboutAvita Developments-1/3/2017 (2)Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo. IA 50703.
iumiiuW111111111111mm11111u11111Mmou
Doc ID. 007554120003 Type OEN
Recorded: 02/10/2017 at 03:38:09 PM
Fee Amt: $17.00 Pape 1 of 3
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
Fi1e201 / —000143 15
319-234-5701
AGREEMENT FOR PROJECT INCENTIVES
This Agreement for Project Incentives (the "Agreement") is entered into as of
Jin 3. ze oy and between Avita Developments, LLC (the "Company") and
the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated June 11, 2012 (the "Development Agreement") concerning the
development of property as described in the Development Agreement,
which agreement was amended by amendment on ,vc. o 9„ct 1
(As so amended, the Development Agreement is referred to as the
"Amended DA.") The original Development Agreement was filed in the
records of the Black Hawk County Recorder on September 24, 2012 as
Doc. No. 2013-6066.
B. The Amended DA concerns a project for urban renewal activity under
Chapter 403 of the Iowa Code, in an area known as the Martin Road
Development Plan Area (the "Urban Renewal Area").
C. 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.
D. Company has financed and constructed buildings and related
improvements as set forth in the Amended DA on property legally
described therein (the "Property").
E. City believes that the development of the Property is in the vital and best
interests of the City and in accordance with the public purposes and
provisions of the applicable State and local laws and requirements under
which the Project has been undertaken and is being assisted, and that
( _1) 3
dispensing the funds provided for in this Agreement will reasonably
accomplish a public purpose.
F. Capitalized terms used in this Agreement that are not defined herein shall
have the meaning ascribed to them in the Amended DA.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Development Obligations. The parties acknowledge that Company has
fulfilled the Project requirements set forth in the Amended DA. Provided that Company
continues to abide by the terms of the Amended DA and its related minimum
assessment agreement, Company will remain eligible for the incentives provided for in
this Agreement.
2. Incentive Payments. City agrees to make a series of fourteen (14) semi-
annual incentive payments to Company. Each payment shall be equal to one-half of
the general property taxes paid by Company to satisfy the previous semi-annual tax
installment, net of any special assessment levy, debt service levy, or any other levy that
is exempted from treatment as tax increment financing under the provisions of
applicable law. Such incentives are payable only if Company has actually paid general
property taxes due and owing for such year to fund the tax increment financing account
for the Urban Renewal Area, from which the incentive payments will be drawn. To
receive payments, Company must, within twelve (12) months after the tax payment due
date but not sooner than thirty (30) days after the tax payment due date, submit a
completed payment request to City on the form provided by or otherwise satisfactory to
City, or the incentive payment will be forfeited at City's option. The first payment
payable hereunder shall be in respect of the tax installment that was due and payable
no later than September 30, 2016. As used in this Agreement, the "tax payment due
date" is the last date before a given installment becomes delinquent, i.e., September 30
and March 31 of a given fiscal year.
3. Incorporation of Terms. The parties agree that the terms, conditions
and provisions of Sections 10-18 of the amended DA are hereby incorporated by
reference as though fully set forth herein.
IN WITNESS WHEREOF, the parties have executed this Agreement for Project
Incentives by their duly authorized representatives as of the date first set forth above.
[signatures on next page]
CITY OF WATERLOO, IOWA
By: Zb-4-12/1(1:5
Quentin Hart, Mayor
Attest:
Kelley Fel ' e, City Clerk
AVITA DEVELOPMENTS, LLC
By:
Kalyanundaram, Manager