HomeMy WebLinkAboutJosh Beckner and Brook Radostits - Supplemental Dev Agmnt - 4/17/2006 SUPPLEMENTAL DEVELOPMENT AGREEMENT
This Supplemental Development Agreement (the "Agreement") is made and
entered into as of by and between Josh Beckner and Brooke
Radostits (the "Developer"), and the City of Waterloo, Iowa (the "City").
WHEREAS, City and Developer, or Developer's predecessor in interest to the
real property legally described on Exhibit "A" attached hereto (the "Property"), are
parties to that certain Master Development Agreement (the "Master Agreement") dated
as of , 2005, and filed on 2005 as Doc No.
2006- in the office of the Black Hawk County Recorder; and
WHEREAS, Developer is willing and able to renovate and develop the Property.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter
contained, Developer and City agree as follows:
1. Development. The parties hereby agree that Developer's Phase Area for
purposes of this Agreement is 2,805.44 square feet and that the minimum
actual value of the Property which shall be fixed for assessment purposes, without
reduction due to application of applicable valuation rollbacks, after completion of
Improvements shall be no less than $ $133,600 ("Minimum Actual
Value").
2. Minimum Assessment Agreement. Developer acknowledges and
hereby agrees to the terms and conditions of Section 2 of the Master Agreement and
that prior to the date set forth in Section 2 of Exhibit "B" it will not seek or cause a
reduction in the actual valuation for the Property below the Minimum Actual Value,
through:
either; (i) willful destruction of the Property, the Improvements, or any part of
(ii) a request to the assessor of Black Hawk County; or
(iii) any proceedings, whether administrative, legal, or equitable, with
any administrative body or court within the City, Black Hawk County, the State of
Iowa, or the federal government.
Developer agrees to sign a minimum assessment agreement in the form attached
hereto as Exhibit "B" with respect to the Improvements.
3. Tax Rebates. Provided that Developer satisfies the conditions set forth in
Section 3 of the Master Agreement, City agrees to property tax rebates as set forth in
such Section 3 in the manner and on the terms stated therein. City shall pay rebates to
Developer at least annually pursuant to a schedule to be determined by City.
Developer's share of the January 1, 2005 taxable value ($190,830) referenced in the
Master Agreement is 6.68 %, or $ 12,747.44
4. Representations and Warranties. City hereby reaffirms and restates, as
of the date of this Agreement, the representations and warranties of City set forth in the
Master Agreement. Developer hereby affirms and states that the representations and
warranties made by Company in the Master Agreement are, with respect to Developer,
true and correct as of the date of this Agreement.
5. Incorporation by Reference. The parties hereby incorporate by
reference the provisions of Sections 6 through 14, inclusive, of the Master Agreement
as though said Sections were set forth in full in this Agreement.
6. Capitalized Terms. Each term in this Agreement that is capitalized but
not defined herein shall have the meaning assigned to it in the Master Agreement.
7. Master Agreement. Developer acknowledges having read the Master
Agreement and is familiar with the terms thereof.
8. Assignment. In the event of sale of the Property, the benefits and
obligations of Developer under this Agreement shall automatically be transferred and
conveyed to the new owner. Developer shall notify City within ten (10) days of any
such transfer or sale.
IN WITNESS WHEREOF, the parties have executed this Supplemental
Development Agreement as of the date and year written above.
Developer
Josh Beckner Date
Brooke Radostits Date
City of Wa oo, wa
By:
t�-—Or Y- 1 7-C>
Timothy J. Hurley, Mayor Date
Attest y-/?-d4
Nancy Eckert ity Clerk Date
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EXHIBIT "A"
Unit 2 and the undivided 6.25% interest in the common elements appurtenant to said unit, "Westfield Lofts
Condominium" recorded in Doc. #2006-07463 on September 16, 2005 and laid out on part of Lots 1 thru 5
and vacated Commercial Street, Block 4, James Eggers Addition to the City of Waterloo, Iowa, and part
Lot 26, "Auditor's Falls Avenue and Mullan Avenue Plat" in Waterloo, Iowa.
EXHIBIT "B"
MINIMUM ASSESSMENT AGREEMENT
THIS MINIMUM ASSESSMENT AGREEMENT, dated as of
, by and among the City of Waterloo, Iowa ("City"),
Josh Beckner and Brooke Radostits ("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 a Supplemental Development Agreement (the "Agreement') regarding certain real
property located in the City; and
WHEREAS, it is contemplated that pursuant to said Agreement, the Developer
will undertake the renovation and development of an area ("Project') within the City and
within the "Downtown Urban Renewal Area."
WHEREAS, pursuant to Iowa Code section 403.6, as amended, the City and the
Developer desire to establish a minimum actual value for the land and improvements
constructed 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 "A" attached
hereto, the minimum actual value which shall be fixed for assessment purposes, not
including any reduction due to application of applicable valuation rollbacks, for the land
and improvements to be constructed thereon by the Developer as a part of the
development shall not be less than $ $133,600 ("Minimum Actual
Value") until termination of this Minimum Assessment Agreement. The parties hereto
agree construction of the improvements will be substantially completed on or before
January 1, 2007.
2. The Minimum Actual Value herein established shall be of no further force
and effect, and this Minimum Assessment Agreement shall terminate on, December 31,
2020.
Nothing herein shall be deemed to waive the Developer's rights under
Iowa Code section 403.6, 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 valuations in full, commencing with the assessment of
January 1, 2021.
3. This Minimum Assessment Agreement shall be promptly recorded by the
City with the Recorder of Black Hawk County, Iowa. The City shall pay 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.
IN WITNESS WHEREOF, the parties have entered this Minimum Assessment
Agreement as of the date first written above.
CITY OFERL O, IOWA
B j
By: r
Attest: Timothy J. Hurley, Mayor
By:�N�ancy Ecke ity Clerk
2
DEVELOPER
Josh Beckner
Brooke Radostits
STATE OF IOWA )
COUNTY OF BLACK HAWK ) ss.
On this I I day of i � bef r pne, ,Nat ry Public
in and for the State of Iowa, personal appeared i far 0n cy Ae
to me personally known, who being duly sworn, did say that they are the Mayor
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 saidmunicipalcorporation by authority and resolution of
its City Council, and said Mayor,)N i`�ty�JClerk acknowledged said instrument to be the
free act and deed of said municipal corporation by-it't and by them v untarily a(tecuted.
ota Public
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
Acknowledged before me on by
Notary Public
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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 One Hundred Thirty Three Thousand Six Hundred Dollars ($ 133,600) in the
aggregate, until termination of this Minimum Assessment Agreement pursuant to the
terms hereof.
Assessor for Black Hawk County, Iowa
Date
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me on by
Assessor for Black Hawk County, Iowa.
Notary Public