HomeMy WebLinkAboutCedar Valley Real Estate - Joint Payment of Property Tax Rebards - 11/12/2019REQUEST FOR JOINT PAYMENT OF PROPERTY TAX REBATES
The undersigned ("Company") is party to a certain Development Agreement with the City of
Waterloo, file #2019-00012764, Iowa dated January 22nd, 2019 concerning renovations made to
real property located at 300 Commercial Street, Waterloo, described on the attached exhibit
"A" hereto the ("Property") and consisting of tax parcel nos. 8913-26-208-001 and 8913-26-
208-002. In connection to improvements made as required in the attached development
agreement dated 1/22/19 and has completed the improvements as set forth herein and has
executed the Minimum Assessment Agreement as set forth in section 4 of the development
agreement, the City agrees to a TIF rebate of property taxes, bi-annually back to the Company
in the amount of 70% rebate for each of years one through fifteen, inclusive, for any taxable
value over the January 1, 2018 value of $312,540.00. 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 facilitate Company's financing of project costs, Company does hereby request that any and
all disbursements of the Payment, in whole or in part, be issued jointly to Company and Great
Western Bank, Waterloo, IA. Company waives any claims and holds the City harmless in respect
of the Payment or any part thereof.
Cedar Valley
B
Dated:
(00
The foregoing instrument was acknowledged before me on November 12, 2019 by Dan
Cooley, Managing Member of Cedar Valley Real Estate, LLC
CITY OF WATERLOO
BY: t Date:
Quentin M. Hart, Mayor
Attest:
Kelley Felchle,ity Clerk
(1-7.)-- /0)