HomeMy WebLinkAboutNCN, Limited Co.-Master Development Agreement-05.05.2008 5-- 5 - dFs
AMENDMENT TO MASTER DEVELOPMENT AGREEMENT
This Amendment to Master Development Agreement (the "Amendment") is
entered into as of , 2008, by and between the City of Waterloo,
Iowa ("City") and NCN, L mited Company ("Company").
RECITALS
A. Company and City are parties to a certain Master Development Agreement
entered into as of December 5, 2005 (the "Agreement"). In connection with
the Agreement, Company has completed extensive improvements at
property known as 25 Westfield Avenue, also known by assessor parcel
nos. 8913-23-452-001 and 8913-23-452-006 (the "Property").
B. The Agreement required that the total minimum actual value for the Property
after completion of improvements be no less than $2,000,000, and that a
corresponding minimum actual value would be allocated to each
condominium unit by supplemental agreement. Pursuant to the Agreement,
all total minimum actual values (for the Property as a whole and for
individual units) must be satisfied before any unit is eligible for tax rebates.
C. The improvements completed to date indicate that the total actual value of
the Property will reach $2,000,000 when all improvements are completed;
however, the parties desire to amend the Agreement to permit tax rebates
based on the partial value of improvements due to partial completion.
NOW, THEREFORE, in consideration of the mutual promises set forth herein,
the parties hereby agree as follows:
1. Section 1, the second unnumbered paragraph, of the Agreement is
amended to strike the last sentence therefrom.
2. Section 3, the final unnumbered paragraph, of the Agreement is amended
to strike the paragraph in its enturety and to substitute therefor the following paragraph:
The first year in which a rebate may be given ("Year One") shall be
the first full year for which the assessment with respect to a Phase Area is
based upon the completed value of the Improvements, whether completed
in part or in total, and not a partial tax year or a prior year for which the
assessment is based solely upon the value of the unimproved Phase
Area. Each Developer may elect whether to accept a rebate for a year in
which the value is based on partially completed Improvements or to wait to
being accepting rebates until the value is based on totally completed
Improvements. Regardless of whether the first rebate year is based on
the partial or the completed value of Improvements, or whether the
Developer of a Phase Area is the Company or any successor in interest,
rebates will not be paid for more than seven years with respect to any
Phase Area.
3. Except as modified herein, the Agreement shall continue in full force and
effect. The Agreement and this Amendment shall inure to the benefit of and be binding
NCN, Limited Company CITY OF WATERLOO, IOWA
By: _ , ,AA-A) By:
Donna L. Wlgo n, Manager Timothy J. H r, Mayo
Nan y Ec ert, City Clerk