HomeMy WebLinkAboutAdvanced Heat Treat Corp-Amndmnt to Dev Agmnt-1/7/19(RECORDED)11
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Doc ID: 009502020004 Type GEN
Recorded: 03/12/2019 at 09:18:48 AM
Fee Aint: $22.00 Page 1 of 4
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
Fue2019-00013540
4 CAy k wcAtt lvo
Prepared by Christopher S. Wendlancl. P.O. Box 596 Waterloo, IA 50703. 319-234-5701
AMIEENDMEN I,= TO u'EvELoPIAEllkl't AGREEMENT
AND AMEND tfrlEN t TO MINIMUM ASSESSttIlErka A.GREEettlllEN1
This Amendment to Development Agreement and Amendmi .mt to Minimum
Assessment Agreement (the "Amendment") is entered into as of (16,, 9, 2-69 by
and between Advanced Heat Treat Corp. (the "Company") and the City of Waterloo,
lowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated ,lune 18, 2018 (the "DA"), as amended thereafter, concerning the
development of property as described in the Agreement. Company and
City are also parties to that certain Minimum Assessment Agreement (the
"MAA") pertaining to said property, dated as of the same date. The DA
and MAA have been filed in the and records of (lack Hawk County as
Doc. No. 2019-06671.
B. The parties desire to amend the DA and the MAA to modify the terns as
set forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
'I. The last unnumbered paragraph of Section 9 of the DA is hereby stricken
iri its entirety, and the following new unnumbered paragraph is substituted in place
there=of:
"The first year of in which a rebate may be given ("Year One") shall
be the year that is five (5) years after the first full year for which the
assessment is based upon the completed value of the improvements, and
not based on a prior year for which the assessment is based solely upon
(x) the value of the Property and the Company Property or upon (y) the
value of the Property, the Company Property, and as partial value of the
Improvements due to partial completion of the Improvements or a partial
tax year. The intention of the parties is to delay the payment of rebates
Page 2
until after completion of the 5 -year period during which taxes Will be
abated clue to applicaticrri of the industrial tax credit."
2. Section 2 of the MAA is amended to strike "December 31, 2026"
therefrom and to substitute "December 31, 2031" in place thereof.
3. Except as modified herein, the DA arid MAA. shall continue unmodified in
full force and effect. Terms in this Amendment that are capitalized but not defined will
have the same meanings herein that are ascribed to therm in the DA or MAA, as
applicable. The DA, MAA, and this Amendment shall inure to the benefit of and be
binding upon the parties and their respective successors and assigns.
IN WITNESS WHEREOF, the parties have executed this Amendment: to
Development Agreement and Amendment to Minimum Assessment Agreement by their
duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA
By: _QA....31-tain-----16\--CtAd—
Quentin Hart, Mayor
Attest:
Kelley Fel ij" e:, : ity Clerk
ADVANCED HEAT TREAT CORP.
By:
Title: Q!s� psigi
STATE OF IOWA
r,s.
COUNTY OF BLACK I`IAVVIK )
`fit
On this day of 11ag4 26 { , before me, a Notary Public in
and for the State of Ic'wa, personally appear Quentin M. Hart and Kelley Fek hle, 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 i:lae laws cif the State of Iowa, and that the seal affixed to the foregoing
instrument is the seal of said municipal corporation, arid that said instrument vuas
signed and sealed on behalf of said municipal corporation by authority and resolution of
Page 3
its City Council, and said Mayor and City Clerk acknowledged sad instrument :to be the
free act ariicl Deed of said municipal corporation by it and by them voluntarily executed.
STATE OF IOWA
COUNTY OF B=LACK HAWK
HIGBY
CO Mr: a} » 1%40.788229
MY CO MI Sagprr _
Subscribed and sworn to before me on Decor ba 17 A1E, by
VV /V as Ns 51 tk ` / -
Advanced Heat Treat Corp.
ADRIENNE MILLER
CMYAMISSION NO. COMMISSSION 809109
EXPIRE
FEBRUARY 23, 2021
141,1
o:ary Public
of
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-16
RESOLUTION APPROVING AN AMENDMENT TO
DEVELOPMENT AGREEMENT WITH ADVANCED HEAT
TREAT CORP. FOR THEIR EXPANSION IN THE MIDPORT
AREA BY CHANGING THE TAX REBATE SCHEDULE TO
BEGIN AFTER THE INDUSTRIAL TAX CREDIT IS
COMPLETE, AND AUTHORIZE THE MAYOR AND CITY
CLERK TO EXECUTE SAID DOCUMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
that an Amendment to the Development Agreement dated January 7, 2019, between Heat Treat
Corporation and the City of Waterloo, Iowa, in conjunction with the expansion in the MidPort
_,-area by changing the tax rebate schedule to begin after the Industrial Tax Credit is complete, is
hereby approved, and the Mayor and City Clerk are authorized and directed to execute said
document on behalf of the City of Waterloo, Iowa.
'_ASSED AND ADOPTED this 7th day of January.
elley Felchl
City Clerk
L__ Ls (vt
Quentin Hart, Mayor
CERTIFICATE
I, Kelley Felchle, City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution 2019-16, as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 7th day of January 2019.
Witness my hand and seal of office this 7th day of January 2019.
elley Felchle
City Clerk