HomeMy WebLinkAbout2014-923-10/20/2014 Illlllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
Doc ID: 006858610001 Type: GEN
Recorded: 09/10/2015 at 04:15:-19 PM
Fee Amt: $7.00 Pape 1 of 1
Black Hawk County Iowa
SANDIE L. SMITH RECORDER ^ Q((��n
File 016-00004 8 V 2
*Prepared by Carol~ Nemmers, Deputy City Clerk, City of Waterloo,
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715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
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RESOLUTION NO. 2014-923
RESOLUTION APPROVING AMENDMENT TO DEVELOPMENT
AGREEMENT WITH HOTEL PRESIDENT PARTNERS, LP
AND DIRECTING EXECUTION OF SAID AGREEMENT BY
MAYOR.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
- that the amendment to Development Agreement dated October 20,
2014, for the redevelopment of 500 Sycamore Street, revising the
previous tax rebate schedule of 10 years to 900, 800, 700, 60%, '
400, 300, 200, 20%, 20%, 100, by and between Hotel President
Partners, LP and the City of Waterloo, Iowa, be and the same is
hereby approved, and the Mayor and City Clerk authorized 'to
{ execute the. same in behalf of the City of Waterloo, Iowa.
ASSED4ANDADOPTED this 20th day of October, 2014 .
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tier ,y2 r �• Firt � rt:
A t;jG�lr'i}ft'y I� rA r�, ?�+ t fit is\mJflk
Ernest G. Clark Mayor
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y� Sulzy` Se res, CMC
City Cle yky:
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Doc ID: 006858620004 Type: GEN
Recorded: 09/10/2015 at 04:16:17 PM
Fee Amt: $22.00 Page 1 of 4
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2016-00004863
M1.a Y
C 41�sa
t -P-re-pa-re-d- b Noel A-nd m-o-n 715 Mulberry Street Waterloo, IA 50703.$ Phone 319.291 A366......... ---
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FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This First Amendment to.Develo Development Agreement (the"Amendment") is entered into as
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of oC =o�� ?n 2014 by and between the City of Waterloo, Iowa ("City") and Hotel
President Partners, LP ("Company").
.
. a
y RECITALS
A., 'Company and City are parties to that certain Development Agreement dated
ZZ`; 2014 (the "DA"), concerning the development of land (the"
"P ") described on Exhibit "A"to the DA. Company and City are also parties
to that certain Minimuni,Assessment Agreement (the "MAA") pertaining to the
Property.
B., The parties desire to amend'tfle DA,on the terms set forth herein.
NOW, THEREFORE, in consideration of the premises and of,other consideration, the
receipt and sufficiency of which is hereby,acknowledged, the,parties hereby'agree to amend the
e Agreement as follows:
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n 1. Section 4 of the DA is hereby stricken in its entirety, and a"new.Section 4 is
substituted therefor, as follows: ,
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4. Property° Tax Rebates., Provided that Company has execuied the
Minimum Assessment Agreement as set forth in paragraph 2, City agrees to rebate
property taxes (with the exceptions noted below) as follows:
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- „ a. Year One - 90% Rebate
b. Year Two - 80% Rebate
C. Year Three - 70% Rebate
d. Year Four - 60% Rebate
'e. Year Five - 40% Rebate
f. Year Six - ,30% Rebate
g. Year Seven- 20%Rebate
h. Year Eight - 20% Rebate..
i. Year Nine -' 20% Rebate
j.. Year Ten - j 0%Rebate
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for any taxable value over the'January 1, 2011 valLib,of $239,850.00. 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.
The taxable, value of the Property`asa result of the' improvements 'must be
Ancreased-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 (such as the` Self-Supported Mun,icipal Improv6me'nt
District) that is exempted from treatment as tax increment financing under the,provisions
of applicable law. The first year in-which a rebate may be given ('.',Year,One") shall be
the,first full year for which the-assessment,is basedL ub6m the co.,mpleted, vaU6 of the
improvements and not a prior year for which the assessment is based solely uponthe.
value of the land or upon the value-of theland acid a'partial value of the improvements,
due to partial completion of the improvements or'a'partial tax year,
2. Except as amended herein, the DA,'" hall continue unmodified in fbll,force'and
effect. This Amendment is binding on the partie's and the respective successors, assigns,
transferees and legal representatives of each. This Amendment may belexecuted in
counterparts, each of which shall be deemed,an'original and all of which, when takE;n together,
shall constitute'a single instrument.
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IN WITNESS WHEREOF, the parties have executed this First Amendment to-
Pevelopment Agreement by'their duly authorized fepresentatives as of the date first set forth
above.,
HOTEL PRESIDENT PARTNERS, LP CITY OF WATERLOO, IOWA
By: By.
rnest G. Clark May6r
Title:
By:.
STATE OF
ss.
COUNTY)
This record was acknowledged before me on 2014 by
as of Hotel President Partners,
LP.
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Notary Public
STATE OF IOWA )
} Ss. fi
BLACK HAWK COUNTY } h
This record was acknowledged before me on OI 22,r770 , by Ernest G. Clark
and Suzy'Schares, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
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••" SHELLIE L CRISMAN Na ry ublic
COMMISSION NO.778M
• MY ISSM E7PF
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SEEATTACHED DATE
NOTARIZED CERTIFICATE mm �
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Certificate of knowled ment _
A notary public or other officer completing this certificate verifies only the identity of the
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individual who signed the document to which-this certificate is attached, and not the ,
truthfulness, accuracy, or validity of that document.
k,
State of California
County of Los Angeles
On r(/V Cts ✓ before me, June G. Moscov, Notary
Public, personally'(Zppear ,d-
who
whoproved to me on the basis o satisfactory evidence to be the person
whose namet is/are-subscribed to the within instrument and acknowl dged
to me.that'ZIsIm/ executed the same in his/ their authorized
capacity ' and that by his/herftheir signator s} on the 'nstrument the
person or the entity upon behalf of which- e person acted, executed' .
the instrument.
I..certify .Inder'PENALTY OF PERJURY under the laws of the State of
California,that the"foregoing paragraph is true and correct:,
WITNESS my hand and official seal.
JUNE G.,MOSCOV
Commission�2059811 z
Notary Public-California
Z , Los Angeles County
M Comm.Expires Mar 2,2018
Si nature of Notary Publi, (Notary Seal)
ADDITIONAL INFORMATION
Description of the Attached'Document
' (Title" r Description of Attached Document)
Number of Pages Document Date '?
(Additional Information)
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