HomeMy WebLinkAboutHuff, Robert F. and Kaye M.-Development Agreement-02.25.2008 IAN. 11, 2008 10: 36AM WATERLOO BLD INSP 319-291-4262 NO, 8092 P. 2
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DEVELOPMENT AGREEMENT
This Development Agreement (the "Agreement") is entered into as of
, 2008, by and between Robert F. and Kaye M. Huff ("Company"),
ana the City of Waterloo, Iowa ("City")
RECITALS
A City considers economic development within the City a benefit to the
community and is willing for the overall good and welfare of the
community to provide financial incentives so as to encourage that goal.
B. Company is willing and able to finance and construct a building and
related improvements on property located in the Airport Urban Renewal
Area.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows!
1. Purchase of Property. Company is purchasing the real property
described on Exhibit "A" attached hereto (the "Property"). The purchase price for the
Property is $42,000.00 (the "Purchase Price"). Company shall take all steps necessary
or advisable to complete the purchase of the Property and to obtain marketable title
thereto as prornptly as possible,
2. Improvements by Company. Company shall construct on the Property a
building consisting of approximately 13,200 square feet, and related landscape and
parking (the "Improvements"). The Improvements shall be constructed in accordance
with all applicable City, state, and federal building codes and shall comply with all
applicable City ordinances. It is contemplated that the taxable value of the land and
building upon completion will be approximately $183,200.
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for any taxable value over the January 1, 2008 value. 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 annuai 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 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 wh:ch 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.
6. Representations and Warranties of City. City hereby represents and
warrants as follows:
A. City is not prohibited from consummating the transaction
contemplated in this Agreement by any law, regulation, agreement, instrument;
restriction, order or judgment.
B. Each person who executes and delivers this.Agreement and all
documents to be delivered hereunder is and shall be authorized to do so on
behalf of City.
7. Representations and Warranties of Company. Company hereby
represents and warrants as follows:
A. Company is not prohibited from consummating the transaction
contemplated in this Agreement by any law, regulation, agreement, instrument,
restriction, order or judgment.
B. Company is duly organized, validly existing, and in good standing
under the laws of the state of its organization and is duly qualified and in good
standing under the laws of the State of Iowa.
C. Company has full right, title, and authority to execute; and perform
this Agreement and to consummate all of the transactions contemplated herein,
and each person who executes and delivers this Agreement and all documents
to be delivered to City hereunder is and shall be authorized to do so on behalf of
Company.
8, Notices, Any notice under this Agreement shall be in writing and shall be
delivered in person, by overnight air courier service, by United States registered or
certified mail, postage prepaid, or by facsimile (with an additional copy delivered by one
ot the foregoing means), and addressed:
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14. Entire Agreement. This Agreement, together with the Minimum
Assessment Agreement attached hereto as Exhibit "Be, constitutes the entire
agreement of the parties and supersedes all prior or contemporaneous negotiations,
discussions, understandings, or agreements, whether oral or written, with respect to the
subiect matter hereof.
15, Time of Essence. Time is of the essence of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Development
Agreement as of the date first set forth above.
CITY OF WATERLOO, IOWA
By: n'►ar r rh
Timothy J. Hurley, Mayor b
Ro ert F. Huff
.L/ 1146
Kaye Miuff
Att
Nan y Eck ity Clerk
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Na 8092 P. B
) HI IT "B"
MINIMUM ASSESSMENT AGREEMENT
This Minimum Assessment Agreement (the "Agreement") is entered
this dayof into as of
WATERLOO, IOWA ("City"), Robe F. , 2008, by and among the CITY OF
COUNTY ASSESSOR of the City of Waterloo,Kaye
a ("Assessor").
' Loper )� and the
WITNESSE i H:
WHEREAS, on or before the date hereof the City and Developer have entered
into a development agreement (the Development Agreement") regardin certain property, described in Exhibit "A" thereto, located in the City and 9 m real
WHEREAS, it is contemplated that pursuant to the Development Agreement,
the
Developer will undertake the development of an area ("Project") within the Cityand
within the Airport Urban Renewal Area; and
WHEREAS, pursuant to Iowa Code § 403.6, as amended. the City and the
Developer desire to establish a minimum actual value for the land and the building(s)
)
pursuant to this Agreement and applicable only to the Project, which shall be effective
upon substantial completion of the Project and from then until this Agreement is
terminated pursuant to the terms herein and which is intended to reflect the mini
actual value of the land and buildings as to the Project only; and mum
WHEREAS, the City and the Assessor have reviewed the preliminary plans and
specifications for the improvements (the "Improvements") which the parties contemplate
will be erected as a part of the Project.
NOW, THEREFORE, the parties hereto, in consideration of the promises,
covenants, and agreements made by each other, do Hereby agree as toliows:
1 • Upon substantial completion of construction of the Imorovements by the
Developer, 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 Project shall not be less than $183,200.00 ("Minimum Actual Value") until
termination of this Agreement. The parties hereto agree that construction of the
improvements will be substantially completed on or before January 1, 2009,
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,
2013. Nothing herein shall be deemed to waive the Developer's rights under Iowa
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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
me 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 Eighty Three Thousand Two Hundred Dollars ($$183,200,00) 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 , 2008 by
, Assessor for Black Hawk County, Iowa.
Notary Public