The URL can be used to link to this page

Home My WebLink About2014-923-10/20/2014 (RECORDED) IIIIII11E11M INIIIIIIII1ll Doc ID: 006858610001 Type: GEN Recorded: 09/10/2015 at 04:15:19 PM Fee Amt: $7.00 Page 1 of 1 Black Hawk County Iowa SANDIE L. SMITH RECORDER File2016-00004862 *Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 . 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 90%, 80%, 70%, 60%, 40%, 30%, 20%, 20%, 20%, 10%, 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. PASSED AND ADOPTED this 20th day of October, 2014 . efolej--le - 44!;1 Ernest G. Clark, Mayor ATTEST s5 y Suzy Sc res, CMC City Cle k ( 7) ►►II►II►►►IIII►►IlI►►II►►II►►II Iil►1►►IIII►II►►I►II►II►►Il►illl►►►IIII►II► Doc ID: 006858620004 Type: GEN Recorded: 09/10/2015 at 04:16:17 PM Fee Amt: $22.00 Pape 1 of 4 Black Hawk County Iowa SANDIE L. SMITH RECORDER /� Q�+/� Fi1e2016-00004863 • d caq 1Aa Prepared by Noel And rson..,,. 71_5 Mulberry Street,Waterloo, IA 50703. Phone 3.1.9_.291.4366 FIRST AMENDMENT TO DEVELOPMENT AGREEMENT • This First Amendment to Development Agreement (the "Amendment") is entered into as of QC_ {ob e - t'; , 2014 by and between the City of Waterloo, Iowa ("City") and Hotel President Partners, LP ("Company"). RECITALS A. Company and City are parties to that certain Development Agreement dated • 2 Z, , 2014 (the "DA"), concerning the development of land (the "Property") described on Exhibit "A" to the DA. Company and City are also parties to that certain Minimum Assessment Agreement (the "MAA") pertaining to the Property. B. The parties desire to amend the 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 Agreement as follows: 1. Section 4 of the DA is hereby stricken in its entirety, and a new Section 4 is substituted therefor, as follows: • 4. Property Tax Rebates. Provided that Company has executed the Minimum Assessment Agreement as set forth in paragraph 2, City agrees to rebate property taxes (with the exceptions noted below) as follows: 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 Year Nine - 20% Rebate j. Year Ten - 10% Rebate ��,� (a- a> 1-1 • for any taxable value over the January 1, 2011 value 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 as a result of the improvements must be increased by a minimum of 10% and must increase the annual tax by a minimum of $500.00. This rebate program is not applicable to any special assessment levy, debt service levy, or any other levy (such as the Self-Supported Municipal Improvement District) that is exempted from treatment as tax increment financing under the provisions of applicable law. The first year in which a rebate may be given ("Year One") shall be the first full year for which the assessment is based upon the completed value of the improvements and not a prior year for which the assessment is based solely upon the value of the land or upon the value of the land and a partial value of the improvements, due to partial completion of the improvements or a partial tax year. 2. Except as amended herein, the DA shall continue unmodified in full force and effect. This Amendment is binding on the parties and the respective successors, assigns, transferees and legal representatives of each. This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute a single instrument. IN WITNESS WHEREOF, the parties have executed this First Amendment to Development Agreement by their duly authorized representatives as of the date first set forth above. HOTEL PRESIDENT PARTNERS, LP CITY OF ATERLOO, IOWA By: r� BY rnest G. Clark, Mayor Title: CDC' `tth$.— 14c=-9 e,E By: Suzy Sc ares, City.Clerk STATE OF ) ss. COUNTY ) This record was acknowledged before me on , 2014 by as of Hotel President Partners, LP. 2 Notary Public STATE OF IOWA ) ) ss. BLACK HAWK COUNTY ) This record was acknowledged before me on &fHGU c9O,c2T4 , by Ernest G. Clark and Suzy Schares, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa. r . ° SHELUIE L CRISMAN Na ry Public tPAL.6,1 *IMNIISSION N • SEE ATTACHED DATE'-' /( NOTARIZED CERTIFICATE INITIA� // f 3 I Certificate of Acknowledgment A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of Los Angeles On e,b('(j ` before me, June G. Moscov, Notary Public, personally ppear d �Sh U,f / 4 Jr e,, who proved to me on the basis o satisfactory evidence to be the person() whose name is/ere-subscribed to the within instrument and acknowledged to me that hf/she/t ey executed the same in his their-author'Ized capacity , and that by his/herftheir-signatur s) on the}'nstrument the person , or the entity upon behalf of which e persona') acted, executed the instrument. I certify under 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. .a"`.o JUNE G. MOSCOV U Commission #2059811 i '�"J Notary Public •California f. z i' Los Angeles County S— - 3_ --___ MZ Comm. Expires Mar 2,2018 4 Si ature of Notary Publi (Notary Seal) ADDITIONAL INFORMATION J-4Description of the Attached Document AIT Te DevtaePP( e/1/( 4 vBi c (Title r Description of Attached Document) Number of Pages Document Date ,,r • / 9 . JS (Additional Information)