HomeMy WebLinkAbout1999-244-04.19.1999 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 1999-244
RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A DEVELOPMENT AGREEMENT BETWEEN
MARSH-PLACE L. P. AND THE CITY OF WATERLOO,
IOWA.
WHEREAS, Marsh-Place L. P. proposes to develop property in the
Downtown Waterloo Urban Renewal and Redevelopment Area, and
WHEREAS, Marsh-Place L. P. and the City of Waterloo, Iowa,
feel it is in the best interest of both parties to execute a
Development Agreement between the parties regarding the
development and use of said real estate as well as other matters,
and
WHEREAS, the City of Waterloo declares that this project
qualifies for incentives as authorized under Chapter 15A and
Chapter 403 of the Code of Iowa and the Downtown Waterloo Urban
Renewal and Redevelopment Plan, and
WHEREAS, the City Council of the City of Waterloo, Iowa, has
considered the Development Agreement, a copy of which is hereto
attached, and deems it in the best interest of the City of
Waterloo, Iowa, to enter into said Agreement .
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA, that the Development Agreement between Marsh-Place
L.P. and the City of Waterloo, Iowa, a copy of which is hereto
attached, is hereby approved and the Mayor and City Clerk are
hereby authorized to execute said Agreement on behalf of the City
of Waterloo, Iowa.
PASSED AND ADOPTED this 19th day of April, 1999 .
John R. Roo f, Mayor
ATTEST:
(_-/i/Leti„
Nancy Ecke , City Clerk
BLACK HAWK COUNTY IOWA:SS
27536
6
.4 • MiSC Filed for record May 25 , 1999 at
INDEX r 4:00 P. M. and recorded in Book 334
MARGIN \ of MiSC Page 584 .
PROOF C.: -. 1"41)114jo.00/"." '4
_u
COMPARERecorder
Fee
Waterloo Planning and Zoning
This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 1999-244
RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A DEVELOPMENT AGREEMENT BETWEEN
MARSH-PLACE L. P. AND THE CITY OF WATERLOO,
IOWA.
WHEREAS, Marsh-Place L. P. proposes to develop property in the
Downtown Waterloo Urban Renewal and Redevelopment Area, and
WHEREAS, Marsh-Place L. P. and the City of Waterloo, Iowa,
feel it is in the best interest of both parties to execute a
Development Agreement between the parties regarding the
development and use of said real estate as well as other matters,
and
WHEREAS, the City of Waterloo declares that this project
qualifies for incentives as authorized under Chapter 15A and
Chapter 403 of the Code of Iowa and the Downtown Waterloo Urban
Renewal and Redevelopment Plan, and
WHEREAS, the City Council of the City of Waterloo, Iowa, has
considered the Development Agreement, a copy of which is hereto
attached, and deems it in the best interest of the City of
Waterloo, Iowa, to enter into said Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA, that the Development Agreement between Marsh-Place
L. P. and the City of Waterloo, Iowa, a copy of which is hereto
attached, is hereby approved and the Mayor and City Clerk are
hereby authorized to execute said Agreement on behalf of the City
of Waterloo, Iowa.
PASSED AND ADOPTED this 19th day of April, 1999 .
John R. Ro ff, Mayor
ATTEST:
Nancy Ec t , City Clerk
EOCK 334 Pir.E 584.
y(t99
DEVELOPMENTAL AGREEMENT
Page 2
DEVELOPMENTAL AGREEMENT
This Agreement is made and entered into this lq+trl day of tir,,r, f ,
19 �61, by and between Marsh-Place L. P., hereafter called MPLP, and the City of
Waterloo, Iowa, hereinafter called City.
WHEREAS, City considers economic development within the City a benefit to the
community and is willing for the total good and welfare of the community to provide
financial incentives so as to encourage that goal, and
WHEREAS, MPLP is willing and able to purchase and develop an office and/or
retail building on property located in the Downtown Waterloo Urban Renewal and
Redevelopment Plan, described as Parcel 8913-25-103-006 and legally described on
attached Exhibit "B", and
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS
HEREINAFTER CONTAINED, MPLP and City agree as follows:
1. The City agrees to property tax rebates as follows:
a. Year One - 85% Rebatement
b. Year Two - 85% Rebatement
c. Year Three - 85% Rebatement
d. Year Four - 85% Rebatement
e. Year Five - 85% Rebatement
f. Year Six - 85% Rebatement
g. Year Seven - 85% Rebatement
h. Year Eight - 75% Rebatement
i. Year Nine - 60% Rebatement
j. Year Ten - 45% Rebatement
for any value over the January 1, 1999, value of$86,173.
The taxable value of the property as a result of development must be increased
by a minimum of 10% and increase the annual tax by a minimum of $500.00. This
program is not applicable to (i.e., rebates will not be given for) the Self-Supported
Municipal Improvement District levy or other special tax assessments and/or the debt
service levy.
The first year of rebate known as "Year One" herein, shall be the first full year for
which the assessment is based upon the completed value of the Project and not a prior
year for which the assessment is based upon a partial value of the project.
FOLK 334 PAGE 585
DEVELOPMENTAL AGREEMENT
Page 3
2. MINIMUM ASSESSMENT AGREEMENT. MPLP 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, and
further agrees that prior to the date set forth in Section 2 of Exhibit A, it will not cause a
reduction in the minimum actual taxable value which shall be fixed for assessment
purposes for the land and improvements to be constructed thereon by MPLP as a part
of the development shall not be less than Two Hundred Ninety Five Thousand and
00/100's $ 295,000.00 ("Minimum Actual Value"). MPLP agrees to sign said attached
Exhibit "A" at the closing for the project agreement.
3. SUCCESSORS AND ASSIGNS: This Agreement shall be binding upon
the successors and assigns of MPLP.
IN WITNESS WHEREOF, the parties have executed this Agreement the date
and year written above.
Marsh-Place L. P.
By 2-2(;.-9q
riau Lc, _ •,r,+ ) r Q-s . Q Date
l
CO:1 url, �1 uS n5,_ !l i l ; v0_5
CITY OF WATERLOO, IOWA
4IIPA
y-Ig_9
By: / �...�<�►.
J. n R. 'ooff, Mayor Date
ATTES .
L7t k9-i9- 9'9
Nanc7,Eck rt, City Clerk Date
BOCK 334 PAGE 586
EXHIBIT "A"
MINIMUM ASSESSMENT AGREEMENT
THIS MINIMUM ASSESSMENT AGREEMENT, dated as of this I`►+h day of_
4r� 6 , 1999, by and among the CITY OF WATERLOO, IOWA, ("City"), and
Marsh Place L.P. ("Developer"), and the COUNTY ASSESSOR of the City of Waterloo,
Iowa ("Assessor").
WITNESSETH:
WHEREAS, on or before the date hereof the City and Developer have entered
into an Agreement for development of Land for Private Development ("Agreement")
regarding certain real property located in the City; and
WHEREAS, it is contemplated that pursuant to said Agreement, the Developer
will undertake the development of an area ("Project") within the City and within the
"Downtown Waterloo Urban Renewal and Redevelopment Plan."
WHEREAS, pursuant to Iowa Code section 403.6(1997), as amended, the City
and the Developer desire to establish a minimum actual value for the land and building
thereon pursuant to the Agreement and applicable only to the development, which shall
be effective upon substantial completion of the development 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 building as to the development only; and
WHEREAS, the City and the Assessor have reviewed the preliminary plans and
specifications for the improvements which it is contemplated will be erected as a part of
the development;
NOW, THEREFORE, the parties to this Minimum Assessment Agreement, 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 above-referenced
improvements by the Developer on the property described in Exhibit "B" attached
hereto, the minimum actual taxable value which shall be fixed for assessment purposes
for the land and improvements to be constructed thereon by the Developer as a part of
the development shall not be less than Two Hundred Ninety Five Thousand and
00/100's ($ 295,000.00) ("Minimum Actual Value") until termination of this Minimum
Assessment Agreement. The parties hereto agree the construction of the improvements
will be substantially completed on or before January 1, 2001.
2. The Minimum Actual Value herein established shall be of no further force
BOOK 334 PAGE 587
and effect and this Minimum Assessment Agreement shall terminate on January 1,
2016.
Nothing herein shall be deemed to waive the Developer's rights under Iowa Code
section 403.6(19)(1997), 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 Developer seek to reduce the actual value
assigned below the Minimum Actual Value established herein during the term of this
Agreement.
The City shall not unreasonably withhold its consent to permit the Developer to
contest its taxable valuations in full, commencing with the assessment of January 1,
2016.
3. This Minimum Assessment Agreement shall be promptly recorded by the
City with the Recorder of Black Hawk County, Iowa, and the City paying all costs of
recording.
4. Neither the preambles nor provisions of this Minimum Assessment
Agreement are intended to, or shall be construed as, modifying the terms of the
Agreement between the City and the Developer.
5. This Minimum Assessment Agreement shall inure to the benefit of and be
binding upon the successors and assigns of the parties.
THE CITY OF WATERLOO
By: ' .
Jo,n R. Rooff, M; o
ATTEST:
By: `'' w ,'�'
Nancy-Eck , City Clerk
Mar
B . Q{�f mot/
I r
1.4
1.1
EOOi� :.34PAGE588
EXHIBIT "B"
The Southeasterly 74.5 feet of Lot 9, and the Southwesterly 20 feet of the
Southeasterly 84 feet of Lot 8, except the Northwesterly 9.5 feet of the Southeasterly 84
feet of the Southwesterly 14 feet of said Lot 8, all in Block 14, Original Plat on the East
side of the Cedar River, all in the City of Waterloo, Black Hawk County, Iowa.
BOOK 334 PAGE 5i89
STATE OF IOWA )
)
COUNTY OF BLACK HAWK )
q 9-,r.
On this / l day of , 199t, before me a Notary
Public in and for the State of Iowa, per onally appeared John Rooff and Nancy Eckert
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 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 do,t,and deed of said Municipal Corporation by it and by them voluntarily
executed '
(--7 :) ? -) CA--a-‘(---1- ---)
Notary Public in and for the State of Iowa
State of Iowa )
) ss.
County of Clay )
On this /`- day of f i,6 ua,y , 1999, before me, the undersigned, a
Notary Public in and for the State of Iowa, personally appeared Doug LaBounty, to me
personally known, who being by me duly sworn did say that the person is the President
of Community Housing Initiatives, Inc., the General Partner of Marsh Place, L.P., an
Iowa limited partnership, executing the foregoing instrument, that no seal has been
procured by the corporation; that the instrument was signed on behalf of the corporation
as General Partner of Marsh Place, L.P., an Iowa limited partnership, by authority of the
corporation's Board of Directors; and that Doug LaBounty as that officer, acknowledged
execution of the instrument to be the voluntary act and deed of the corporation and
limited partnership by it and by the officer voluntarily executed.
Le7CA.v
WL
Notary Public in the State f Iowa
li��`s: CONNIE M WHITNEY
s - MY COMMISSION EXPIRES
1owP .2/-0u440
BOOK 334P4GE590
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 Two Hundred Ninety Five Thousand and 00/100's ($ 295,000.00). until
termination of this Minimum Assessment Agreement pursuant to the terms hereof.
Lt
Assessor for Black Hawk County, Iowa
Date
STATE OF IOWA )
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me by Vie- 1 4 i— //`➢5'
Assessor for Black Hawk County, Iowa.
161 -1/1j2AL (0)1*.
Notary Public in and or the State of Iowa y
O/ y Date
BOCK 334 PAGE591
• BLACK HAWK COUNTY IOWA:SS � `)`ft)
MiSC j Filed for record May 25 , 1999 at
INDEX ' 4:00 P. M. and recorded in Book 334
MARGIN of Mi SC Page 584
PROOF
COMPARE sze, Recorder
Fe 1-40.00/
Waterloo Planning and Zoning
This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 1999-244
RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A DEVELOPMENT AGREEMENT BETWEEN
MARSH-PLACE L.P. AND THE CITY OF WATERLOO,
IOWA.
WHEREAS, Marsh-Place L.P. proposes to develop property in the
Downtown Waterloo Urban Renewal and Redevelopment Area, and
WHEREAS, Marsh-Place L.P. and the City of Waterloo, Iowa,
feel it is in the best interest of both parties to execute a
Development Agreement between the parties regarding the
development and use of said real estate as well as other matters,
and
WHEREAS, the City of Waterloo declares that this project
qualifies for incentives as authorized under Chapter 15A and
Chapter 403 of the Code of Iowa and the Downtown Waterloo Urban
Renewal and Redevelopment Plan, and
WHEREAS, the City Council of the City of Waterloo, Iowa, has
considered the Development Agreement, a copy of which is hereto
attached, and deems it in the best interest of the City of
Waterloo, Iowa, to enter into said Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA, that the Development Agreement between Marsh-Place
L.P. and the City of Waterloo, Iowa, a copy of which is hereto
attached, is hereby approved and the Mayor and City Clerk are
hereby authorized to execute said Agreement on behalf of the City
of Waterloo, Iowa.
1
PASSED AND ADOPTED this 19th day of April, 1999.
John R. Ro ff, Mayor
ATTEST:
Nancy Ecl t, City Clerk
POCK 334rv:E584