HomeMy WebLinkAboutHartel Properties, LLC - Amendment to Dev Agmnt - 10/7/2019 (RECORDED) •
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Doc ID: 009697250003 Type: GEN
Recorded: 11/06/2019 at 03:43:39 PM
Fee Amt: $17.00 Page 1 of 3
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
F11e2020-00008447
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Preparbr
Information: Christopher S.Wendland, PO Box 596,Waterloo, Iowa 50704 (319)234-5701
Name Address City Phone
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into
as of C , 2019, by and between Hartel Properties, LLC (the
"Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated August 5, 2019 and filed August 26, 2019 as Doc. No. 2020-3553
(the "DA"), concerning the development of land (the "Property") described
therein.
B. The parties desire to amend the DA to modify the terms thereof as set
forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. The following new Section 8.1 shall be added to the Agreement
immediately following Section 8, as follows:
8.1. Tax Rebates. Provided that Company has completed the
Improvements as set forth in this Agreement before the Project Completion Date
and has executed the Minimum Assessment Agreement as set forth in Section 8
above, City agrees to rebate property tax (with the exceptions noted below) as
follows:
Year One 90%
Year Two 75%
Year Three 60%
for any taxable value over the starting Minimum Actual Value of $480,000.00.
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
(LA) 3
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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 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.
2. The following new Section 8.2 shall be added to the Agreement
immediately following new Section 8.1, as follows:
8.2. Additional Covenants of Company. In addition to the other
promises, covenants and agreements of Company as provided elsewhere in this
Agreement, Company agrees as follows:
A. Company will maintain, preserve and keep the Property,
including but not limited to the Improvements, in good repair and working
order, ordinary wear and tear excepted, and from time to time will make all
necessary repairs, replacements, renewals and additions.
B. During the period that any rebate is payable to Company
under this Agreement, Company agrees that (1) it will not undertake, in
any other municipality in Black Hawk County, the construction or
rehabilitation of any commercial property as a primary location for
Company's business operations of the type to be conducted on the
Property, and (2) it will make no conveyance, lease or other transfer of the
Property or any interest therein that would cause the Property or any part
thereof to be classified as exempt from taxation or subject to centralized
assessment or taxation by the State of Iowa.
C. Company shall pay, or cause to be paid, when due, all real
property taxes and assessments payable with respect to any and all parts
of the Property. Company agrees that (1) it will not seek administrative
review or judicial review of the applicability or constitutionality of any Iowa
tax statute or regulation relating to the taxation of real property included
within the Property that is determined by any tax official to be applicable to
the Property or to Company, or raise the inapplicability or constitutionality
of any such tax statute or regulation as a defense in any proceedings of
any type or nature, including but not limited to delinquent tax proceedings,
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and (2) it will not seek any tax deferral, credit or abatement, either
presently or prospectively authorized under Iowa Code Chapter 403 or
404, or any other state law, of the taxation of real property included within
the Property.
3. Except as modified herein, the DA 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 them in the DA. The DA 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 by their duly authorized representatives as of the date first set
forth above.
[signatures on next page]
CITY OF WATERLOO, IOWA HA-T 1 PY OPERTIE'., LLC
BY1)-Lairt7V147/0"---- tBY: VLA
Quentin Hart, Mayor `-f.:n artel
nagi ; Member
Attest: /L �'A i, A, A
Kelley Fj li e, City Clerk