HomeMy WebLinkAboutProsper Farm Network, LLC - Dev, Min Assess Agmnt, - liii ll iii i X11 ii 1H l III liv IlIll 11E11
Doc ID: 009586910018 Type: GEN
Recorded: 07/03/2019 at 01:52:28 PM
Fee Amt: $92.00 Page 1 of 18
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
F11e2020-00000278
C,r+y t 1 gait600
Prepared by Christopher S.Wendland, P.O. Box 596,Waterloo, IA 50704 Phone(319)234-5701
DEVELOPMENT AGREEMENT — Phased Development
This Development Agreement (the "Agreement") is entered into as of
K-11-AA , 2019, by and between Prosper Farm Network LLC (the "Company")
and the, ity 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, and the City
further believes that the project is in the vital and best interests of the City
and that the project and such incentives are in accordance with the public
purposes and provisions of applicable State and local laws and
requirements under which the project has been undertaken and is being
assisted.
B. Company is willing and able to finance and construct buildings and related
improvements on property located in the East Waterloo Unified Urban
Renewal and Redevelopment Plan Area, formerly known as the Airport
Area Development Plan area, and legally described on Exhibit "A"
attached hereto (the "Property").
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Sale of Property; Title. Subject to the terms hereof, City shall convey the
Property to Company for the sum of$1.00 (the "Purchase Price"). Conveyance of the
Property shall be by quit claim deed, free and clear of all encumbrances arising by or
through City except: (a) easements, servitudes, conditions and restrictions of record; (b)
general utility and right-of-way easements serving the Property; and (c) restrictions
imposed by the City zoning ordinances and other applicable law. City shall have no
duty to convey title to Company until Company delivers to City reasonable and
R2-) IS
satisfactory proof of financial ability to undertake and carry on the Project (defined
below), which may take the form of a lending commitment letter. Company shall, at its
own expense, prepare an updated abstract of title, or in lieu thereof Company may, at
its own expense, obtain whatever form of title evidence it desires. City shall provide any
title documents it has in its possession, including any abstracts, to assist in title review.
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
without further obligation and return the abstract of title to City.
2. Phased Development. The parties contemplate that Company will
develop the Property in phases, each of which is generally described as follows,
although more detailed plans for each phase will be developed at one or more future
dates:
A. Phase 1 . A commercial truck-washing building and office space,
comprising approximately 11,000 square feet.
B. Phase 2. An addition of 5,000 square feet.
For each phase, City may require that Company submit specific building designs and
site plans for City review and approval. Improvements to the Property completed within
the schedule established by Section 4 below will be eligible for the benefits provided for
in this Agreement, and any Phase of the Improvements not completed within the
prescribed period will not be eligible for said benefits.
3. Improvements by Company. Company shall construct on the Property
the improvements described in Section 2 above and also related parking, landscaping,
storm water detention, and other improvements to the buildings and grounds
(collectively, the "Improvements"). Parking shall meet City's minimum requirements
based on building use, occupancy, and future intended development 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. 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".
4. Timeliness of Conveyance and Construction; Possibility of Reverter.
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 do so.
A. Deadlines to commence and complete. Company must obtain a
building permit and begin construction on Phase 1 Improvements within six (6)
months after the date of this Agreement (the "Phase 1 Start Date") and must
complete construction within twelve (12) months thereafter (the "Phase 1
2
Completion Deadline"). If Company desires to undertake the Phase 2
Improvements, it must complete construction of same within three (3) years of
the date of this Agreement (the "Phase 2 Completion Deadline") in order to
qualify for the tax rebates set forth in Section 9. For any phase, completion of
construction shall be evidenced by issuance of an occupancy permit.
B. Events triggering reverter of title. If, by the Project Start Date,
Company has not in good faith begun construction of the Improvements upon the
Property, then the City may terminate this Agreement following Company's
failure to begin construction within thirty (30) days following written notice of
default from City. If development has commenced by the Phase 1 Start Date or
within any agreed period of extension 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 the Phase 1 Completion Deadline 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 City may terminate this Agreement following Company's failure to diligently
undertake construction within thirty (30) days following written notice of default
from City. If at any time Company fails to diligently undertake construction and
other activities necessary for completion of the Phase 1 Project, then City may
terminate this Agreement following Company's failure to resume and diligently
carry on construction within thirty (30) days following written notice of default
from City.
5. Reverter of Title; Indemnity. In the event of any reverter 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 reverter and to deliver to City title to the
Property that is free and clear of any lien, claim, charge, security interest, mortgage or
encumbrance (collectively, "Liens") arising by or through Company. Concurrently with
delivery of the deed, Company shall also deliver to City the abstract of title. Company
shall pay in full, so as to discharge or satisfy, all Liens on or against the Property.
Appointment of Attorney in Fact: If Company fails to deliver such documents,
including but not limited to a special warranty deed, to City within thirty (30) days of
written demand by City, then City shall be authorized to execute, on Company's behalf
and as its attorney-in-fact, the special warranty deed required by this Section, and for
such limited purpose Company does hereby constitute and appoint City as its attorney-
in-fact.
Company further 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 or Liens on or against the Property of any type or nature
whatsoever that attaches to the Property by virtue of Company's ownership of same. If
City files suit to enforce the terms of this Agreement and prevails in such suit, then
Company shall be liable for all legal expenses, including but not limited to reasonable
3
attorneys' fees, incurred by City. Company's duties of indemnity pursuant to this
Section shall survive the expiration, termination or cancellation of this Agreement for
any reason.
6. No Encumbrances; Limited Exception. Until completion of the
Improvements, Company agrees that it shall not create, incur, or suffer to exist any
Liens on the Property, other than such mortgage or mortgages as may be reasonably
necessary to finance Company's completion of the Improvements and of which
Company notifies City before Company executes any such mortgage. Company may
not mortgage the Property or any part thereof for any purpose except in connection with
financing of the Improvements.
7. Utilities. Company will be responsible for extending water, sewer,
telephone, telecommunications, electricity, gas and other utility services to any location
on the Property. City will pay the cost of connection for water, sewer, electricity and gas
services. Company will be solely responsible for payment of connection fees for all
other utility services.
8. Minimum Assessment Agreement. Company acknowledges and
agrees that it will pay when due all taxes and assessments, general or special, and all
other 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 amount of$750,000.00 (the "Phase I
Minimum Actual Value"), through:
(i) willful destruction of the Property, the 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 said attached Exhibit "B" at the closing. In connection with
construction of Phase 2 Improvements, the parties will execute and record a separate
amendment to the minimum assessment agreement for the purpose of increasing the
Minimum Actual Value to an amount that reflects the value added by Phase 2
Improvements, which shall yield a total value of not less than $1,000,000.00 for Phase 1
and Phase 2 Improvements combined.
9. Tax Rebates. Provided that Company has completed the Phase 1
Improvements and the Phase 2 Improvements as set forth in this Agreement before the
respective Completion Deadlines and has executed, as appropriate, the Minimum
Assessment Agreement or an amendment to the Minimum Assessment Agreement as
4
set forth in Section 8 above, City agrees to rebate property tax (with the exceptions
noted below) as follows:
Year One through Year Five 50% rebate each year
for any taxable value with respect to the Minimum Actual Value of Phase 1 and Phase 2
Improvements. 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
or otherwise satisfactory to City, or the rebate shall be forfeited.
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.
The first year of in which a rebate may be given ("Year One") shall be the
first full year for which the assessment is based upon the completed value of the Phase
1 and Phase 2 Improvements and not based on a prior year for which the assessment is
based solely upon (x) the value of the Property, or upon (y) the value of the Property
and a partial value of the applicable phase Improvements due to partial completion of
such Improvements or a partial tax year.
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.
5
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. 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 5% per annum commencing with
the date of demand for payment, if said payment is not remitted to City within 30 days.
13. 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. 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 the financial ability to observe all of the terms to be
performed by Company under this Agreement.
14. 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 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. Upon breach of any promise or covenant,
or in the event of the incorrectness or falsity of any representation or warranty, 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.
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.
6
(b) if to Company at 3003 Minnetonka Drive, Cedar Falls, Iowa 50613,
facsimile number ki(6 , Attention: Darci Lenehan.
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. 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; Reformation. 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.
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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, together with the exhibits attached
hereto, 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]
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CITY OF WATERLOO, IOWA PROSPER FARM NETWORK LLC
By: BY: I.
Quentin M. Hart, Mayor Ia'4vK. Lenehan, Manager
Attest: (ii/' ' / /
Kelley Felchlet ity Clerk
PERSONAL GUARANTY. The undersigned members and/or managers of
Company hereby agree for themselves and their heirs, personal representatives, and
assigns, to unconditionally guarantee to City, its successors and assigns, the full and
prompt performance by Company, its successors and assigns, of all promises and
covenants on the part of Company to be performed pursuant to the foregoing
Agreement, including but not limited to the duties of indemnity set forth therein, if any.
Liability of guarantors hereunder is joint and several.
,
Da . . Lenehan
9
Exhibit "A"
THE PARCEL OF LAND LOCATED IN THE NORTHWEST 1/4 OF THE SOUTHWEST 1/4 OF
SECTION 32, TOWNSHIP 90 NORTH, RANGE 13 WEST OF THE 5TH P.M., CITY OF
WATERLOO, BLACK HAWK COUNTY, IOWA.
MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST
CORNER OF SAID SECTION 32; THENCE, N1°23'06"W 1410.21' ALONG THE WEST LINE
OF THE SOUTHWEST % OF SAID SECTION 32; THENCE, N89°21'21"E 33.00' TO A POINT
ON THE EAST RIGHT OF WAY LINE OF LEVERSEE ROAD, SAID POINT BEING THE POINT
OF BEGINNING; THENCE, N1°23'06"W 500.04' ALONG SAID EAST RIGHT OF WAY LINE;
THENCE N89°21'21"E 416.26'; THENCE, S0°38'39"E 500.00' THENCE, S89°21'21"W 409.80'
TO THE POINT OF BEGINNING, CONTAINING 4.74 ACRES.
EXHIBIT "B"
MINIMUM ASSESSMENT AGREEMENT
This Minimum Assessment Agreement (the "Agreement") is entered into as of
� , 2019, by and among the CITY OF WATERLOO, IOWA ("City"),
PROSPER)FARM NETWORK LLC ("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 East Waterloo Unified Urban Renewal and Redevelopment Plan Area,
formerly known as the Airport Area Development 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 $750,000.00 (the "Minimum Actual Value")
until termination of this Agreement. The parties hereto agree that construction of the
Improvements (as defined in the Development Agreement) will be substantially
completed on or before December 31, 2020. The parties contemplate a later
amendment to this Agreement that increases the Minimum Actual Value in connection
with additional planned improvements.
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,
2031. 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.
IN WITNESS WHEREOF, the parties have executed this Minimum Assessment
Agreement by their duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA PROSPER FARM NETWORK LLC
By: } z�_ By:
Quentin M. Hart, Mayor Da - . Lenehan, Ma ger
By: ),,,,te),_
Kelley Felchlerk
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
On this L day of , 2019, before me, a Notary Public in
and for the State of Iowa, personally appeared Quentin M. 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
2
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.
Notary Pu lic
., Atw1CY fH GB
ay�nMnso.7a9
,: ,m^flCONflMISS�Sseor�%D(PlR882ES
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me on C , 2019, by Darci K.
Lenehan as Manager of Prosper Farm Network LLC.
FADRIIIEEW9I
FEBRUARY3,22S1 ( GANUtkitW qkkaN'*j
otary 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
less than Seven Hundred Fifty Thousand Dollars ($750,000.00) until termination of this
Minimum Assessment Agreement pursuant to the terms hereof.
Ass for Black Hawk County, Iowa
Date
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me on ��v\ 11,V\ , by T.J.
Koenigsfeld, Assessor for Black Hawk County, owa.
0<"`sF ADRIENNE MILLER MAUR
COMMISSION NO.809109
"',`- ' MY COMMISSION EXPIRES otary Public
°W" FEBRUARY 23,2021
TATE OF IOWA,
I do solemnly swear that the annexed copy of legal
City of Waterloo
Public Hearing: Sale and Conveyance Agreement
to Prosper Farm Network
Black Hawk County, SS
Notice was published in the Waterloo-Cedar Falls
Courier, a daily newspaper printed in Waterloo, Black
Hawk County, Iowa, once commencing on the 26th
day of April, 2019 in the name of said newspaper,
NOTICE OF PUBLIC HEARING and that the annexed rate of advertised is the regular
TO WHOM IT MAY CONCERN:
Notice is hereby given that on the 6th day
legal rate of said newspaper, and that the following is
of May,2019,at 5:30 p.m.,in the Harold
E.Getty Council Chambers,in City Hall in a correct bill for publishing said notice.
the City of Waterloo, Iowa, a public
hearing will be held by the Council of the
City of Waterloo, Iowa, to authorize the
sale and conveyance of property located Printer's Bill $23.10
northeast of 2510 Leversee Road, to
Prosper Farm Network, LLC, in the
amount of $1.00, and to approve a
Development Agreement and Minimum
Assessment Agreement for the develop-
ment of a truck wash,legally described as
follows:
THE PARCEL OF LAND LOCATED IN
THE NORTHWEST 1/4 OF THE SOUTH-
WEST 1/4 OF SECTION 32,TOWNSHIP
90 NORTH, RANGE 13 WEST OF THE
5TH P.M.,CITY OF WATERLOO,BLACK
HAWK COUNTY,IOWA.
MORE PARTICULARLY DESCRIBED AS
FOLLOWS: COMMENCING AT THE
SOUTHWEST CORNER OF SAID SEC-
TION 32;THENCE,N1°23'06"W 1410.21'
ALONG THE WEST LINE OF THE •
SOUTHWEST%OF SAID SECTION 32;
THENCE, N89°21'21"E 33.00' TO A
POINT ON THE EAST RIGHT OF WAY
LINE OF LEVERSEE ROAD, SAID
POINTTN ; BEINGHTHE POINT OF BEGIN- k J��/lk,
NING; THENCE, NPOIN 6"W EGIN' iVl
ALONG SAID EAST RIGHT OF WAY
LINE; THENCE N89°21'21"E 416.26'; Signed
THENCE, S0°38'39"E 500.00' THENCE,
S89°21'21"W 409.80'TO THE POINT OF
BEGINNING,CONTAINING 4.74 ACRES.
Anyone who is interested may appear at
said time and place and be heard or may
file written objection with the City Clerk, .-7
City Hall,Waterloo,Iowa,before the date Subscribed and sworn to before me this
set for said hearing.
By order of the Council of the City of
Waterloo.this 22nd day of April,2019.
Cty lerkey chl@ Dayof
-� A.D., 20
\ / r
Notary Public
Received of
the sum of
Dollars.
In full for publication of the above notice.
Pt BRENDA L HUNTLEY
aPd
Z CQMM SION NO.841570
*,.4,4„* MY �'/ i�ij 2XPIRES
/ow l+ /
Prepared by LeAnn M. Even Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-311
RESOLUTION AUTHORIZING THE SALE AND
CONVEYANCE OF A PORTION OF CITY OWNED
PROPERTY, GENERALLY LOCATED NORTHEAST OF 2510
LEVERSEE ROAD, TO PROSPER FARMS NETWORK, LLC,
IN THE AMOUNT OF $1.00, AND AUTHORIZE THE MAYOR
AND CITY CLERK TO EXECUTE SAID DOCUMENTS.
WHEREAS, the City of Waterloo, Iowa is the owner of real property in the City of
Waterloo, Iowa, as described below, and
WHEREAS, an offer to purchase said certain parcel of real property has been made by
Prosper Farms Network, LLC in the amount of$1.00, and
WHEREAS, a public hearing was held on May 6, 2019 at 5:30 p.m. in the Harold E.
Getty Council Chambers, City Hall, Waterloo, Iowa, as provided by law, by the Council of the
City of Waterloo, Iowa, on the proposal to sell and convey premises owned by the City of
Waterloo, Iowa, to Prosper Farms Network, LLC, and
WHEREAS, it is the opinion of this Council that the sale and conveyance should be made
as proposed.
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE COUNCIL OF THE CITY
OF WATERLOO, IOWA, AS FOLLOWS:
1. The following described real property, as fully described in the published notice in the
Waterloo Courier on April 26, 2019, is not presently needed and will not be needed in the
foreseeable future for municipal purposes and its ownership is serving no municipal purpose, and
2. That the offer of Prosper Farms Network, LLC, to purchase real property for the sum
of$1.00, is hereby accepted for real property described as follows:
THE PARCEL OF LAND LOCATED IN THE NORTHWEST 1/4 OF THE
SOUTHWEST 1/4 OF SECTION 32, TOWNSHIP 90 NORTH, RANGE 13
WEST OF THE 5TH P.M., CITY OF WATERLOO, BLACK HAWK COUNTY,
IOWA.
MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT
THE SOUTHWEST CORNER OF SAID SECTION 32; THENCE, N1°23'06"W
1410.21' ALONG THE WEST LINE OF THE SOUTHWEST 1/4 OF SAID
SECTION 32; THENCE, N89°21'21"E 33.00' TO A POINT ON THE EAST
RIGHT OF WAY LINE OF LEVERSEE ROAD, SAID POINT BEING THE
POINT OF BEGINNING; THENCE,N1°23'06"W 500.04' ALONG SAID EAST
RIGHT OF WAY LINE; THENCE N89°21'21"E 416.26'; THENCE,
S0°38'39"E 500.00' THENCE, S89°21'21"W 409.80' TO THE POINT OF
BEGINNING, CONTAINING 4.74 ACRES
3. That the City of Waterloo, Iowa conveys said parcel of real property to Prosper Farms
Network, LLC by quit claim deed.
4. That the Mayor and City Clerk are authorized and directed to execute said deed.
•
Resolution 2019-311
Page 2
5. That the original of said quit claim deed fully executed and acknowledged is hereby
approved and confirmed by this Council.
6. That the Community Planning and Development Director is authorized and directed to
deliver said deed of conveyance to Prosper Farms Network, LLC upon receipt in the sum of
$1.00.
PASSED AND ADOPTED this 6th day of May 2019.
Quentin Hart, Mayor
ATTEST:
1 /
elley Felc '-
City
Clerk
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 No. 2019-311 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 6th day of May 2019.
Witness my hand and seal of office this 6th day of May 2019.
lr �k` rsi • / /t
r" j .dao< n .14:•-. / A L I .
• Sc � �, :; K•1 ey Felchli
4.kt4
• City Clerk
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Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-312
RESOLUTION APPROVING A DEVELOPMENT
AGREEMENT WITH PROSPER FARMS NETWORK, LLC,
FOR THE CONSTRUCTION OF A TRUCK WASH AND
EXPANSION WITHIN THREE (3) YEARS, WITH AN
ESTIMATED NEW TAXABLE VALUE OF $750,000 FOR
PHASE I, WITH FIVE (5) YEARS AT 50% TAX REBATES
FOR TAXABLE VALUE OVER $1 MILLION AFTER
COMPLETION OF PHASE I AND PHASE II,
AND AUTHORIZE THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENTS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA
that the Development Agreement dated May 6, 2019 between Prosper Farms Network, LLC, and
the City of Waterloo, Iowa, for the construction of a truck wash and expansion within three (3)
years, with an estimated new taxable value of$750,000 for Phase I, with five (5) years at 50%
tax rebates for taxable value over$1 million after completion of Phase I and Phase II, is hereby
approved and the Mayor and City Clerk are authorized and directed to execute said documents on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 6th day of May 2019.
Quentin Hart, Mayor
ATTEST:
/ / /
el ey Fe chi:
City Clerk
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 No. 2019-312 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 6th day of May 2019.
Witness my hand and seal of office this 6th day of May 2019.
k� I I '� l
"4" K:I ley Felch ,V -
City Clerk
7