HomeMy WebLinkAboutCrystal Distribution Services - Development Agmnt-8/14/2017Please return this copY to:
City Clerk & Finance Dept.
715 Mulberry St.
Waterloo, IA 50703
Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50704 Phone (319) 234-5701
DEVELOPMENT AGREEMENT
This Development Agreement (the "Agreement") is entered into as of
t , 2017 by and between Crystal Distribution Services, Inc. (the
"Com'plany") 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 that it owns, legally described on Exhibit "A"
(the "Property"), located in the Rath Urban Renewal Plan area.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Improvements by Company. Company shall construct on the Property a
commercial/industrial building of no less than 50,000 square feet and shall make related
parking, landscape, and other improvements to the building and grounds (the
"Improvements"). 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. The Improvements and all site preparation
and development -related work as contemplated by this Agreement are collectively
referred to as the "Project".
2. Project Assistance. City shall provide the following development
assistance for the Project:
A. Purchase of Company Property. Subject to the terms of this
Agreement, City will purchase from Company the property currently owned by it
at 70-90 Sycamore Street, Waterloo, consisting of assessor parcel nos. 8913-23-
476-001 and 8913-23-476-002 (the "Company Property"), legally described as
set forth in Exhibit "B" attached hereto and located within the Downtown Waterloo
Urban Renewal and Redevelopment Plan Area. Within ninety (90) days after the
date of this Agreement, City will close on its purchase of the Company Property
from Company for the sum of $1.00 (the "Purchase Price"). At closing Seller
shall pay taxes prorated to the closing date in accordance with the provisions of
Iowa Code § 427.2, any unpaid real estate taxes payable in prior years, and any
special assessments that are a lien on the Property as of closing or which can be
verified to be owing as of the closing date but are not yet certified as a lien.
Buyer shall pay all subsequent real estate taxes and assessments. At closing on
the sale of the Company Property, Company will enter into a lease of the
Company Property so that it can continue its current activities through 2022.
B. Development Grant. To assist Company in undertaking the Project,
City will pay to Company an economic development grant in the amount of
$640,000.
3. Timeliness of Construction.
A. The parties agree that Company's commitment to construct the
Improvements in timely fashion constitutes a material inducement for the City to
purchase the Company Property and to provide the development grant, and that
without Company's commitment City would not have agreed to make the
incentives described in this Agreement available to Company. Company must
substantially complete construction of the Improvements by June 30, 2018 (the
"Completion Date").
B. Subject to subsection D below, if Company has not obtained a
building permit and begun the Project work by October 31, 2017, (the
"Commencement Date"), then at its sole option City may cancel this Agreement
without further obligation by either party.
C. If a building permit has not been obtained or Project work has not
begun by the Commencement Date, but the development of the Project is still
imminent, the City Council may, but shall not be required to, grant 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 at its sole option City may cancel this Agreement without further
obligation by either party.
D. Notwithstanding the provisions of subsections B and C above, the
City may not cancel this Agreement due to the Company's failure to obtain a
building permit or begin the Project work by the Commencement Date if such
failure is due to an Unavoidable Delay (as defined in subsection E below). In
such circumstance, the requirement that the building permit and commencement
of Project work occur by the Commencement Date shall be tolled for a period of
time equal to the Unavoidable Delay.
2
E. If construction has commenced by the Commencement Date or
extension thereof and is stopped and/or delayed as a result of an act of God,
war, civil disturbance, court order, labor dispute, fire, weather, or other cause
beyond the reasonable control of Company (an "Unavoidable Delay"), the
requirement that construction is to be substantially completed by the Completion
Date shall be tolled for a period of time (the "Tolled Period") equal to the period of
the Unavoidable Delay, and thereafter if construction is not completed within the
Tolled Period following the Completion Date, then at its sole option City may
elect to require that Company repay to City all grant funds that City has
theretofore paid to Company under Section 2.B.
F. Upon written request of the Company after issuance of an
occupancy permit for the Project, the City will furnish the Company with a
Certificate of Completion in recordable form. Such Certificate of Completion shall
be a conclusive determination of satisfactory termination of the covenants and
conditions of this Agreement with respect to the obligations of the Company to
cause construction of the Improvements. The Certificate of Completion may be
recorded in the Black Hawk County Recorder's office at the Company's sole
expense. If the City shall refuse or fail to provide a Certificate of Completion in
accordance with the provisions of this Section, the City shall, within twenty (20)
days after written request by the Company, provide to the Company a written
statement indicating in adequate detail in what respects the Company has failed
to complete the Improvements in accordance with the provisions of this
Agreement, or is otherwise in default under the terms of this Agreement, and
what measures or acts will be necessary, in the opinion of the City, for the
Company to take or perform in order to obtain such Certificate of Completion.
4. Indemnity. Except with respect to any negligent acts or omissions or
willful misconduct of City, Company agrees that it shall indemnify City and hold it
harmless 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, Company's failure
to carry on or complete same, or any lien, claim, charge, or encumbrance on or against
the Company Property of any type or nature whatsoever which exists prior to the time
the Company Property is conveyed to the City. If City files suit to enforce the terms of
this Agreement and prevails in such suit, then Company shall be liable for all of City's
legal expenses, including but not limited to reasonable attorneys' fees. Company's
duties of indemnity pursuant to this Section shall survive the expiration, termination or
cancellation of this Agreement for any reason.
5. Deed. Upon City's purchase of the Company Property, Company shall
convey or cause to be conveyed fee simple title to the Company Property by warranty
deed, free and clear of all encumbrances except: (a) easements, conditions, and
restrictions of record; (b) current and future real property taxes and assessments
subject to the agreements made herein; (c) general utility and right-of-way easements
serving the Company Property; and (d) restrictions imposed by the City zoning
ordinances and other applicable law.
3
6. Abstracting. No less than fourteen (14) days prior to the anticipated date
of conveyance of the Company Property, Company shall, at its own expense, deliver to
City an updated abstract of title. If title is unmarketable or subject to matters not
acceptable to the City, Company shall remedy or remove such objectionable matters in
timely fashion following written notice of such objections from City.
7. 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.
8. 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 that are levied upon or assessed or placed against the
Property. Company further agrees that, prior to the date set forth in Section 2 of Exhibit
"C," it will not seek or cause a reduction in the taxable valuation for the Property, which
shall be fixed for assessment purposes, below the amount of $9,040,170 ("Minimum
Actual Value"), through:
(i) willful destruction of the Property, Improvements, or any part of
either;
(ii) 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 and deliver to City the agreement attached as Exhibit "C"
concurrently with execution and delivery of this Agreement. The parties acknowledge
that the Property consists of two tax assessment parcels, nos. 8913-25-261-022 and
8913-25-261-017, and that the Minimum Actual Value shall apply to both parcels
together and may be allocated between the parcels in the discretion of the county
assessor.
9. Tax Rebates. Provided that Company has completed the Improvements
as set forth herein and has executed the Minimum Assessment Agreement as set forth
in Section 8, City agrees to rebate property tax (with the exceptions noted below) as
follows:
Year One through Year Ten 85%
Year Eleven 20%
per year for taxes actually paid on any taxable value over the January 1, 2017 value of
$3,971,520 for parcel no. 8913-25-261-022 and $68,650 for parcel no. 8913-25-261-
017. Rebates are payable in respect of a given year only to the extent that Company
has actually paid general property taxes due and owing for such year. To receive
rebates for a given year, Company must, within twelve (12) months after the tax
payment due date, submit a completed rebate request to City on the form provided by
4
or otherwise satisfactory to City. Any rebate for which a request is not timely filed shall
be forfeited. The first year in which a rebate may be given ("Year One") shall be the first
full year for which the assessment is based on the completed value of the
Improvements and not a prior year for which the assessment is based solely on the
value of the land or on the value of the land and a partial value of the Improvements due
to partial completion of the Improvements or a partial tax year.
The taxable value of the Property as a result of the Improvements must be
increased by a minimum of 10% and must increase the annual tax by a minimum of
$500.00. This rebate program is not applicable to 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.
10. 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.
11. 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
to be delivered to City hereunder is and shall be authorized to do so on behalf of
Company.
12. No Assignment or Conveyance. Company agrees that it will not sell,
convey, assign or otherwise transfer its interest in the Property prior to completion of the
Project, whether in whole or in part, to any other person or entity without the prior
written consent of City, which consent shall not be unreasonably withheld. Reasonable
grounds for the City to withhold its consent shall include but are not limited to the
inability of the proposed transferee to demonstrate to the City's satisfaction that it has
5
the financial ability to observe all of the terms to be performed by Company under this
Agreement.
13. Materiality of Company's Promises, Covenants, Representations,
and Warranties. Each and every promise, covenant, representation, and warranty set
forth in this Agreement on the part of Company to be made or performed is a material
term of this Agreement, and each and every such promise, covenant, representation,
and warranty constitutes a material inducement for City to enter this Agreement.
Company acknowledges that without such promises, covenants, representations, and
warranties, City would not have entered this Agreement. In the event of the material
incorrectness or falsity of any representation or warranty of Company, City may, at its
sole option and in addition to any other right or remedy available to it, terminate this
Agreement and declare it null and void.
14. Obligations Contingent. Each and every obligation of City under this
Agreement is expressly made subject to and contingent upon City's completion of all
procedures, hearings and approvals deemed necessary by City or its legal counsel for
amendment of the urban renewal plan applicable to the Property and/or project area, all
of which must be completed within 180 days from the date this Agreement is approved
by the City council. If such completion does not occur, then any conveyance, benefit or
incentive of any type provided by City hereunder within said 180 -day period is subject to
reverter of title, revocation, repayment or other appropriate action to restore such
property, benefit or incentive to City, and Company agrees to cooperate diligently and in
good faith with any reasonable request by City to effectuate the restoration of same, or
failing such restoration Company agrees to be liable for same or for the fair value
thereof, plus interest on any sums owing at the rate of 10% per annum commencing
with the date of demand for payment, if said payment is not remitted to City within 30
days.
15. Notices. Any notice under this Agreement shall be in writing and
shall be delivered in person, by overnight 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, at P.O. Box 1744, Waterloo, Iowa 50704, facsimile
number , Attention: 1.1); -Th Pc v
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
6
transmission was successful. A party may change the address for giving notice by any
method set forth in this section.
16. 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.
17. 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.
18. 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
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.
19. 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.
20. Binding Effect. This Agreement shall be binding and shall inure to the
benefit of the parties and their respective successors, assigns, and legal
representatives.
21. 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.
22. Entire Agreement. This Agreement 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.
23. Time of Essence. Time is of the essence of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Development
Agreement by their duly authorized representatives as of the date first set forth above.
[signatures on next page]
s
CITY OF WATERLOO, IOWA
By:
Quentin Hart, Mayor
Attest:
9
CRYSTAL DISTRIBUTION SERVICES,
INC.
By:
Title:
EXHIBIT "A"
Legal Description of Property
RIVERSIDE ADDITION PART BLK 5 BLK 9 AND VAC DIVISION ST ALSO THAT PART VAC RATH ST
AND LOT 25 IN MORNING SIDE ADDITION ALSO THAT PART OF A CERTAIN PARCEL OF LAND
LOC ALONG N BANK CEDAR RIVER BETWEEN ELM ST AND 18TH ST AND IN N 1/2 SE SEC 25 T 89
R 13 SAID PARCEL AS DESC IN CLD B 594 P 868 ALL OF THE ABOVE DESC AS FOL: BEG AT PT
ON E LINE VAC ELM ST WHICH IS 143.94 FT S OF NW COR BLK 5 IN RIVERSIDE ADDN TH S 54
DEG 23 MIN 30 SEC E 594.07 FT TH S 35 DEG 37 MIN 40 SEC W 221.87 FT TH N 54 DEG 22 MIN 15
SEC W 272.70 FT TH S 34 DEG 04 MIN 40 SEC W 206.87 FT TO SLY LINE OF ABOVE MENTIONED
PARCEL CLD 594-868 TH N 49 DEG 05 MIN 10 SEC W 233.64 FT ALONG SAID SLY LINE TO PT IN
ELM STREET EXTENDED SAID PT BEING 25.7 FT E OF W LINE OF ELM ST AS MEAS RT ANG
THERETO TH N 17 DEG 52 MIN 30 SEC E 80.06 FT (FORM DESC AS "NLY PAR WITH AND 25.7 FT
DIST FROM SAID W LINE ELM ST 80 FT") TO RIVER FRONT IMPROVEMENT COMMISSION
MONUMENT NO. 43 TH S 49 DEG 52 MIN 40 SEC E 37.07 FT ALONG RIVER FRONT COMMISSION
LINE TO E LINE ELM ST TH N 17 DEG 51 MIN 50 SEC E 350.28 FT TO PT OF BEG THAT PART BLK 2
MORNING SIDE ADDN, THE VAC ALLEY WITHIN SAID BLK 2 AND VAC RATH ST LYING WITHIN
THE FOL DESC BOUNDS: BEG AT PT ON NELY LINE SAID BLK 2 WHICH IS 79.83 FT NW MOST
NELY COR SAID BLK 2 TH N 65 DEG 14 MIN 40 SEC W 361.62 FT ALONG SWLY LINE SYCAMORE
ST TH S 35 DEG 37 MIN 40 SEC W 310.74 FT TH S 59 DEG 32 MIN 40 SEC E 508.11 FT TOPT35FT
NORM DIST AND NWLY WLY LINE CONCRETE AVE AS PLATTED TH N 18 DEG 13 MIN 00 SEC E
PAR SAID CONCRETE AVE 313.36 FT TH NWLY 72.84 FT ALONG A 50 FT RADIUS CURVE
CONCAVE WLY HAVING A CHORD LENGTH 66.57 FT WHICH BEARS N 23 DEG 30 MIN 50 SEC W
TO PT OF BEG ALSO AUDITORS MORNINGSIDE PLAT PART OF LOTS 1,2,3,4,5,6,7,8 AND 9 BLOCK
5 AND PART OF BLOCK 9 IN RIVERSIDE ADDITION AND PART OF VACATED DIVISION, RATH AND
WATER STREETS DESC AS FOL COM AT A PT ON E LINE LOT 9 IN SAID AUDITOR'S
MORNINGSIDE PLAT WHICH IS 570.19 FT S OF NE COR BLK 2 MORNINGSIDE ADDITION TH N 71
DEG 47 MIN 00 SEC W 35 FT TO PT OF BEG TH N 18 DEG 13 MIN 00 SEC E 216.24 FT ALONG A
LINE WHICH IS 35 FT NORM DIST AND WLY OF W LINE VINTON ST TH N 59 DEG 32 MIN 40 SEC W
508.11 FT TH N 54 DEG 23 MIN 30 SEC W 31.10 FT TH S 35 DEG 37 MIN 40 SEC W 221.87 FT TH S
54 DEG 22 MIN 15 SEC E 406.20 FT TH S 71 DEG 47 MIN 00 SEC E 205.04 FT TO PT OF BEG.
and
THAT PART OF RIVERSIDE ADD BLK 9 VAC WATER ST AUDITORS MORNINGSIDE PLAT AND
PART UNPLATTED SE 1/4 SEC 25 T 89 R 13 DESC AS FOL: COM AT A PT ON E LINE BLK 9 SAID
AUDITORS MORNINGSIDE PLAT WHICH IS 570.19 FT SLY OF NE COR BLK 2 MORNINGSIDE ADD
TH N 71 DEG 47 MIN W 35 FT TO PT OF BEG TH S 46 DEG 16 MIN 10 SEC W 308.30 FT TH N 51
DEG 54 MIN 50 SEC W 812.77 FT TH 34 DEG 04 MIN 40 SEC E 206.87 FT TH S 54 DEG 22 MIN 15
SEC E 272,70 FT TH CONT S 54 DEG 22 MIN 15 SEC E 406.20 FT TH S 71 DEG 47 MIN E 205.04 FT
TO PT OF BEG EXC THAT PART OF PARCEL "C" AS REC MISC B 330 P 889 & ALL PARCEL "D" AS
REC MISC B 341 P 149 DESC AS COM AT A PT ON E LINE LOT 9 AUDITORS MORNINGSIDE PLAT
WHICH IS 570.19 FT SLY OF NE COR BLK 2 MORNINGSIDE ADD TH N 71 DEG 47 MIN W 35 FT TO
PT OF BEG (SAID PT BEING MOST ELY COR SAID PARCEL "C") TH CONT N 71 DEG 47 MIN W
205.04 FT TH N 54 DEG 22 MIN 15 SEC W 406.20 FT TO MOST WLY COR PARCEL "B" AS REC MISC
B 299 P 597 TH S 53 DEG 00 MIN 30 SEC E 453.91 FT TH S 73 DEG 22 MIN 15 SEC E 162.93 FT TH
N 18 DEG 13 MIN 00 SEC E 20 FT TO PT OF BEG
EXHIBIT "B"
Legal Description of Leaseback Property
VIRDENS ADD WATERLOO PART OF LOTS 1 & 2 BLK 1 ALSO PART OF BLK 1 MILL LOT DES AS
FOL: BEG AT A PT ON NELY LINE LOT 1 VIRDENS ADD THAT IS 126' NWLY OF MOST ELY COR
SAID LOT TH SWLY TO A PT ON SWLY LINE LOT 2 VIRDENS ADD THAT IS 126' NWLY OF MOST
SLY COR LOT 2 TH NWLY ALONG SWLY LINE SAID LOT 2 & EXTENSION THEREOF A DIST OF
167.25' TH NELY 4.27' TO A PT 115.73' FROM SWLY LINE SYCAMORE ST TH NWLY 9.04' TO A PT
THAT IS 8.5' PERPENDICULARLY DIST NELY FROM CENTER LINE ILLINOIS CENTRAL RR TH
NWLY ALONG A LINE THAT IS PAR & 8.5' PERPENDICULARLY DIST NELY FROM CENTER LINE OF
SAID TRACK A DIST OF 166.76' TH NELY ALONG A LINE THAT IS PAR WITH NWLY LINE OF LOT 1
&2 A DIST OF 14.7' TH NWLY IN A STRAIGHT LINE A DIST OF 63.8' TO A PT THAT IS 38.5' SWLY OF
THE SWLY LINE OF SYCAMORE ST TH NELY ALONG A LINE THAT IS PERPENDICULAR TO SWLY
LINE SYCAMORE ST A DIST OF 38.5' TH SELY ALONG SWLY LINE OF SYCAMORE ST TO THE PT
OF BEG.
and
VIRDENS ADD WLOO SELY 126 FT LOTS 1 & 2 BLK 1.
EXHIBIT "C"
MINIMUM ASSESSMENT AGREEMENT
This Minimum Assessment Agreement (the "Agreement") is entered into as of
\`( , 2017, by and among the CITY OF WATERLOO, IOWA ("City"),
CrystI Distribution Services, Inc. ("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" thereto, located in the City; and
WHEREAS, it is contemplated that pursuant to the Development Agreement, the
Company will undertake the development of an area ("Project") within the City and
within the Rath Urban Renewal Plan 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 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
Company, the minimum actual taxable value which shall be fixed for assessment
purposes for the land and Improvements to be constructed thereon by the Company as
a part of the Project shall not be less than $9,040,170.00 (the "Minimum Actual Value")
until termination of this Agreement. The parties hereto agree that construction of the
Improvements will be substantially completed on or before December 31, 2018.
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,
2040. 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.
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, including but not limited to future owners of the
Project property.
CITY OF WATERLOO, IOWA
By:
By:
Quentin Hart, Mayor
Kelley F
i
hle, City Clerk
STATE OF IOWA
) ss.
COUNTY OF BLACK HAWK )
On this ISS day of us -1 , 2017, before me, a Notary Public
in and for the State of Iowa, personally apeared Quentin Hart and Kelley Felchle, 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 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.
CRYSTAL DISTRIBUTION SERVICES,
INC.
NANCY HIGBY
COMMISSION NO.788229
MY COIQIMISSI9N F3 PIRES
2
Not y Pu
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
loaf
and sworn to before me on
/f oaf /vim as e', f,L !✓1'
Distribution Services, Inc.
TIM ANDERA
COMMISSION NO.772518
MY COMMISSION EXPIRES
APRIL 11.2018
3
Notary Public
, 2017, by
of Crystal
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 Nine Million Forty Thousand One Hundred Seventy Dollars ($9,040,170) in the
aggregate, until termination of this Minimum Assessment Agreement pursuant to the
terms hereof.
STATE OF IOWA
) ss.
COUNTY OF BLACK HAWK
A %ssor for Black Hawk County, Iowa
(2--(Y-(
Date
Subscribed and sworn to before me on 13- ISI- in
Koenigsfeld, Assessor for Black Hawk County, Iowa.
, by T.J.
TARA JOHNSON
COmmisslon Number 767467
My Commission Expires
Arii 5 2020
4