HomeMy WebLinkAboutVeteran Enterprises, Ltd.-Development Agreement-07.06.2009 -� -- o�
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DEVELOPMENT AGREEMENT
This Development Agreement (the "Agreement") is entered into as of
sty , 2009, by and between Veteran Enterprises, Ltd. ("Company"), and
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 (the "Improvements") on property located in the
Northeast Industrial Park.
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"), consisting of approximately
11.83 acres. The purchase price for the Property is $207,000.00 (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 promptly as possible.
1.1 Grant for Land Acquisition. The City shall make an economic
development grant (the "Grant") to the Company in the amount of $207,000.00 for the
purchase of the Property, to be paid on Company's behalf to the seller at the time of
closing on the transaction.
2. Phased Improvements by Company. Company intends to construct
improvements on distinct portions of the Property in phases (each a "Phase") as further
described in this Agreement. Each Phase is further described on the site plan attached
hereto as Exhibit "A-1" and by this reference incorporated herein.
(a) Phase I. No later than December 31, 2010, Company shall construct
on a portion of the Property comprising approximately 5 or more acres (the "Phase I
Property") a building consisting of approximately 14,800 square feet, and related
landscaping and parking (the "Phase I Improvements"). The Phase I Improvements will
consist primarily of a truck wash facility. The Phase I 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 no less than $1,500,000.
(b) Phase II. No later than December 31, 2015, Company anticipates
constructing on the portion of the Property that is designated as Phase II on Exhibit "A-
1" attached hereto (the "Phase II Property") a building, or make an addition to the then-
existing building, consisting of approximately 3,700 square feet, and related
landscaping and parking (the "Phase II Improvements"). The Phase II Improvements
will consist primarily of a food-grade quality shed. The Phase II Improvements shall be
constructed in accordance with all applicable City, state, and federal building codes and
shall comply with all applicable City ordinances. The estimated taxable value of the
land and building upon completion will be determined by the parties by addendum to
this Agreement, but is currently anticipated to be no less than $250,000.
(c) Phase III. No later than December 31, 2015, Company anticipates
constructing on the portion of the Property that is designated as Phase III on Exhibit "A-
1" attached hereto (the "Phase III Property") a building, or make an addition to the then-
existing building, consisting of approximately 3,000 square feet, and related
landscaping and parking (the "Phase III Improvements"). The Phase III Improvements
will consist primarily of a vehicle fueling station. The Phase III Improvements shall be
constructed in accordance with all applicable City, state, and federal building codes and
shall comply with all applicable City ordinances. The estimated taxable value of the
land and building upon completion will be determined by the parties by addendum to
this Agreement, but is currently anticipated to be no less than $600,000.
3. Timeliness of Construction. The parties agree that Company's
commitment to construct the Improvements in timely fashion constitutes a material
inducement for the City to make the Grant for Company to purchase the Property and
that without said commitment City would not have made the Grant. Company must
substantially complete construction of the Improvements by the Completion Date for
each Phase as set forth below. If Company has not obtained a building permit and
begun in good faith the construction of the Improvements upon the Property by the
applicable Commencement Date set forth below, then this Agreement, as it applies to
that Phase of the Improvements not timely begun, may be cancelled at the sole option
of City. If this Agreement is cancelled with respect to Improvements for Phase I, then
this Agreement shall be deemed cancelled in whole and title to all of the Property will be
conveyed to the City, subject to Company's option to reimburse City for the Grant as set
forth in Section 4 below. If this Agreement is cancelled with respect to Improvements
for Phase II or Phase III only, then only title to the Phase II Property or Phase III
Property, as applicable, will be conveyed to the City, subject to Company's
reimbursement option as set forth in Section 4 below. If construction of a given Phase
has not begun by the applicable Commencement Date, but the development of the
project in such Phase is still imminent, the City Council may, but shall not be required
to, grant an extension of time for the construction of the Improvements. If construction
has commenced by the applicable Commencement Date and is stopped and/or delayed
as a result of an act of God, war, civil disturbance, court order, labor dispute, fire, or
other cause beyond the reasonable control of Company (an "Unavoidable Delay"), the
requirement that construction is to be substantially completed by the applicable
Completion Date shall be tolled for a period of time (the "Tolled Period") equal to the
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period of the Unavoidable Delay, and thereafter if construction is not completed within
the Tolled Period as it applies to that Phase of the Improvement not timely begun, this
Agreement shall be cancelled at the sole option of City, subject to Company's
reimbursement option as set forth in Section 4 below. An extension of time for
completion granted by agreement or resulting from an Unavoidable Delay is referred to
as an "Allowed Extension." If construction of such Phase is not substantially completed
by the applicable Completion Date, then the parties agree to execute an amendment to
this Agreement and to the Minimum Assessment Agreement to extend the date
specified in Section 6 below, the dates specified in corresponding provisions of the
Minimum Assessment Agreement:, and other applicable dates to accurately reflect the
Allowed Extension.
Commencement Date Completion Date
Phase I: April 1, 2010 December 31, 2010
Phase II: April 1, 2015 December 31, 2015
Phase III: April 1, 2015 December 15, 2015
4. Conveyance of Title; Payment in Lieu of Conveyance. (a) In any event
that City shall be entitled to receive title to the Property pursuant to Section 3 above,
Company agrees that it shall, at its own expense and in good faith, promptly execute all
documents or take such other actions as City may reasonably request to effectuate said
conveyance. At City's request, Company shall provide cross-easements that allow
access to approved curb-cuts from land that is conveyed to City. In connection with any
conveyance of title, Company further agrees that it shall indemnify City and hold City
harmless with respect to any demand, claim, cause of action, damage, or injury made,
suffered, or incurred prior to said conveyance as a result of or in connection with the
Improvements or Company's failure to carry on or complete same. If City files suit to
enforce the terms of this Section 4 and prevails in such suit, then Company shall be
liable for all of City's legal expenses, including but not limited to reasonable attorneys'
fees.
(b) In lieu of conveyance of any part of the Property as provided in
Section 3 and Section 4(a) above, Company shall have the option to maintain
ownership of the Property, provided that Company pays to City, in reimbursement of the
Grant, a price (the "Buyout Price') equal to the product of (x) the number of acres in
that part of the Property that corresponds with a Phase as depicted on Exhibit "A-1"
attached hereto, and (y) $17,497.89 per acre or partial acre, plus (z) interest on the
product of (x) and (y) at the rate of five percent (5%) per annum, compounded annually,
accruing from the date that City disbursed the Grant. The Buyout Price as so
determined shall be due and payable in full no later than thirty (30) days following (1)
lapse of the Commencement Date for any Phase, (2) lapse of the Completion Date for
any Phase, or (3) lapse of the Allowed Extension for any Phase, whichever is
applicable. The election to reimburse shall be exercised by written notice delivered to
City no later than thirty (30) days prior to the end of each respective period, as
applicable. After receipt of the Buyout Price, City shall execute and deliver to Company
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a written instrument evidencing satisfaction of the reimbursement obligation with
respect to a given Phase.
5. Minimum Assessment Agreement. Company acknowledges and
agrees that it will pay when due all taxes and assessments, general or special, and all
other lawful charges whatsoever levied upon or assessed or placed against the
Property. Company further agrees that, prior to expiration of the Minimum Assessment
Period defined below, it will not seek or cause a reduction in the taxable valuation for
the Property with respect to each Phase of Improvements, which shall be fixed for
assessment purposes in the Minimum Actual Values defined below, through:
(i) willful destruction of the Property, Improvements, or any part of
either;
(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.
As used in this Agreement, the terms Minimum Assessment Period and Minimum
Actual Value shall have the following meanings:
Minimum Assessment Period for Phase I: 1/01/2010 to 12/31/2019
Minimum Assessment Period for Phase II: January 1 of Year One (defined
in Section 6 below), to December
31 of the ninth (9th) year
thereafter (i.e., a 10-year period)
Minimum Assessment Period for Phase III: January 1 of Year One (defined
in Section 6 below), to December
31 of the ninth (9th) year
thereafter (i.e., a 10-year period)
Minimum Actual Value for Phase I: $1,500,000
Minimum Actual Value for Phase II: TBD by addendum
Minimum Actual Value for Phase III: TBD by addendum
Company agrees to sign the agreement attached as Exhibit "B" at closing with respect
to Phase I Improvements, and to sign an agreement in substantially similar form with
respect to Phase II Improvements and Phase III Improvements before commencing
construction of such Improvements.
6. Property Tax Rebates. (a) Phase I Improvements. Provided that
Company has completed the Phase I Improvements as set forth in Section 1, 2 and 3
and has executed the Minimum Assessment Agreement as set forth in Section 5, the
City agrees to rebate property taxes (with the exceptions noted below) as follows:
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a. Year One - 50% rebate
b. Year Two - 50% rebate
c. Year Three - 50% rebate
d. Year Four - 50% rebate
e. Year Five - 50% rebate
for any taxable value over the January 1, 2009 value of $13,570.00. 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.
(b) Phase II and Phase III Improvements. Provided that the Company has
completed Phase II Improvements or Phase III Improvements, as applicable, as set
forth in Sections 1, 2 and 3, and has executed a Minimum Assessment Agreement as
set forth in Section 5, the City agrees to rebate property taxes (with the exceptions
noted below) as follows:
a. Year One - 50% rebate
b. Year Two - 50% rebate
c. Year Three - 50% rebate
d. Year Four - 50% rebate
e. Year Five - 50% rebate
for any taxable value over the taxable value of the Property as of January 1 of the year
in which construction of the Phase II Improvements or Phase III Improvements, as
applicable, is commenced. Said l:axable value will be determined by addendum to this
Agreement. Rebates are payable in a given year only to the extent that Company has
actually paid general property taxes due and owing for such year.
(c) General terms. 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. 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 phased Improvements and, with
respect to Phase I Improvements, 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, and
with respect to Phase II Improvements and Phase III Improvements, 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 completed Phase of improvements, or upon the value of the land and a
partial value of the Phase of improvements under construction. A separate "Year One"
shall be determined for each Phase of improvements.
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7. Survival of Indemnities. Notwithstanding anything to the contrary in this
Agreement, Company's duties of indemnity hereunder shall survive the expiration,
termination, or cancellation of this Agreement for any reason.
8. 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.
9. 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.
10. 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
of the foregoing means), and addressed:
(a) if to City, at 715 Mulberry Street, Waterloo, Iowa 50703, facsimile
number 319-291-4571, Attention: Mayor, with copies to the City Attorney and the
Community Planning and Development Director.
(b) if to Company, to Veteran Enterprises, Ltd., 44 - 1st Street NE,
Madelia, Minnesota 56062, facsimile numbers J , Attention: Garth A.
Carlson, CEO. ,j07- '1g76
Delivery of notice shall be deemed to occur (i) on the date of delivery when delivered in
person, (ii) one (1) business day following deposit for overnight delivery to an overnight
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air courier service which guarantees next day delivery, (iii) three (3) business days
following the date of deposit if mailed by United States registered or certified mail,
postage prepaid, or (iv) when transmitted by facsimile so long as the sender obtains
written electronic confirmation from the sending facsimile machine that such
transmission was successful.
11. Amendment, Modification, and Waiver. No amendment, modification,
or waiver of any condition, provision, or term of this Agreement shall be valid or of any
effect unless made in writing, signed by the party or parties to be bound or by the duly
authorized representative of same, and specifying with particularity the extent and
nature of the amendment, modification, or waiver. Any waiver by any party of any
default by another party shall not affect or impair any rights arising from any subsequent
default.
12. Severability. Each provision, section, sentence, clause, phrase, and
word of this Agreement is intended to be severable. If any portion of this Agreement
shall be deemed invalid or unenforceable, whether in whole or in part, the offending
provision or part thereof shall be deemed severed from this Agreement and the
remaining provisions of this Agreement shall not be affected thereby and shall continue
in full force and effect. If, for any reason, a court finds that any portion of this
Agreement is invalid or unenforceable as written, but that by limiting such provision or
portion thereof it would become valid and enforceable, then such provision or portion
thereof shall be deemed to be written, and shall be construed and enforced, as so
limited.
13. Captions. All captions, headings, or titles in the paragraphs or sections
of this Agreement are inserted only as a matter of convenience and/or reference, and
they shall in no way be construed as limiting, extending, or describing either the scope
or intent of this Agreement or of any provisions hereof.
14. Binding Effect. This Agreement shall be binding and shall inure to the
benefit of the parties and their respective successors, assigns, legal representatives,
and future owners of the Property.
15. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which, taken
together, shall constitute one and the same instrument.
16. Entire Agreement. This Agreement, together with the Minimum
Assessment Agreement attached hereto as Exhibit "B", 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
subject matter hereof.
17. Time of Essence. Time is of the essence of this Agreement.
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IN WITNESS WHEREOF, the parties have executed this Development
Agreement as of the date first set forth above.
CITY OF WATERLOO, IOWA VETERAN ENTERPRISES, LTD.
By: By:
Timothy J rley, Ma r Garth A. Carlson, CEO
TIM ANDERA
COMMISSION NO.757031
2 - MY COMMISSION EXPIRES
Attes �y'l
Nancy Eck City Clerk „041
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8
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PARCEL LEGAL DESCRIPTIONS:
8912-22-101-022
PART NW SEC 22 T 89 R 12 BEG AT PT ON INTERS OF SLY LINE C & NW
TRANSPORTATION CO &W LINE SAID NW TH N 70 DEG 11 MIN 41 SEC E ALONG
SLY LINE 264.54 FT TH S 86 DEG 28 MIN 27 SEC E 190.29 FT TH S 73 DEG 13 MIN
02 SEC E 119.21 FT TH S 61 DEG 04 MIN 21 SEC E 154.14 FT TH S 40 DEG 08 MIN
51 SEC E 145.09 FT TH S 24 DEG 47 MIN 31 SEC E 141.92 FT TH S 9 DEG 45 MIN
15 SEC E 287.51 FT TH W 400 FT TH S 574.52 FT TH W 489.8 FT TO PT ON W LINE
NW 1099 FT N OF SW COR NW TH N TO PT OF BEG EXC W 300 FT AND EXC THAT
PART LYING WITHIN THE FOL DESC COM AT A PT ON W LINE SAID NW WHICH IS
1673.52 FT N OF SW COR SAID NW TH E 60 FT TO E LINE OF ELK RUN RD AND PT
OF BEG TH CONT E 829.8 FT TH N 9 DEG 45 MIN 15 SEC W 287.51 FT TH N 24
DEG 47 MIN 31 SEC W 141.92 FT TH N 40 DEG 08 MIN 51 SEC W 145.09 FT TH N 61
DEG 04 MIN 21 SEC W 154.14 FT TH N 73 DEG 13 MIN 02 SEC W 119.21 FT TH N 86
DEG 28 MIN 27 SEC W 190.29 FT TO PT ON SLY ROW CNW RAILWAY ROW TH S
70 DEG 11 MIN 41 SEC W ALONG SAID ROW 200.58 FT TO E ROW ELK RUN RD TH
S 575.72 FT TO PT OF BEG
8912-22-101-023
THAT PART W 300 FT NW 1/4 SEC 22 T 89 R 12 LYING WITHIN THE FOL LEGAL
DESC: COM AT PT ON W LINE SAID NW WHICH IS 1099 FT N OF SW COR SAID
NW TH E AT RT ANG 60 FT TO E LINE ELK RUN RD AND PT OF BEG TH CONT E
429.8 FT TH N PAR WITH SAID W LINE 574.52 FT TH W AT RT ANG 429.8 FT TO
SAID E LINE ELK RUN RD TH S 574.52 FT TO PT OF BEG
8912-22-101-025
PART NW SEC 22 T 89 R 12 DESC AS FOL: COM AT PT ON W LINE SAID NW
WHICH IS 1673.52 FT N OF SW COR SAID NW TH E 60 FT TO E LINE OF ELK RUN
RD & PT OF BEG TH CONT E=829.8 FT TH N 9 DEG 45 MIN 15 SEC W 287.51 FT TH
N 24 DEG 47 MIN 31 SEC W 141.92 FT TH N 40 DEG 08 MIN 51 SEC W 145.09 FT TH
N 61 DEG 04 MIN 21 SEC W 154.14 FT TH N 73 DEG 13 MIN 02 SEC W 119.21 FT TH
N 86 DEG 28 MIN 27 SEC W 190.29 FT TO PT ON SLY ROW OF CNW RAILWAY CO
ROW TH S 70 DEG 11 MIN 41 SEC W ALONG SAID ROW 200.58 FT TO E ROW ELK
RUN RD TH S 575.72 FT TO PT OF BEG EXC PARCEL"E" DESC AS THAT PART OF
PARCEL"A" OF MISC 316 696 WHICH IS PART OF NW 1/4 OF SEC 22 T 89 R 12
DESC AS FOL BEG AT NE COR OF PARCEL "C" OF MISC 324-662 TH N 616.68 FT
ALONG NLY EXT OF E LINE OF PARCEL"C"TO A PT ON N LINE OF AFORESAID
PARCEL"A" TH S 73 DEG 15 MIN 26 SEC E 65.88 FT ALONG N LINE OF SAID
PARCEL"A" TH S 61 DEG 5 MIN 19 SEC E 154.09 FT ALONG NELY LINE OF SAID
PARCEL "A"TH S 40 DEG 7 MIN 16 SEC E 145.10 FT STILL ALONG SAID NELY LINE
TH S 24 DEG 48 MIN E 141.92 FT STILL ALONG SAID NELY LINE TH S 9 DEG 47
MIN 43 SEC E 287.68 FT ALONG E LINE OF PARCEL"A" TO MOST ELY COR OF
SAID PARCEL "A"TH N 89 DEG 59 MIN 29 SEC W 400 FT ALONG S LINE OF SAID
PARCEL"A"TO PT OF BEG
EXHIBIT "A"
Legal Description of Property to be Improved
Assessor parcel nos. 8912-22-101-022, 8912-22-101-023, and 8912-22-101-025,
legally described as:
EXHIBIT "A-1"
Site Plan — attached
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EXHIBIT "B"
MINIMUM ASSESSMENT AGREEMENT
This Minimum Assessment:Agreement (the "Agreement") is entered into as of
this day of , 2009, by and among the CITY OF
WATERLOO, IOWA ("City"), Veteran Enterprises, Ltd. ("Company"), and the COUNTY
ASSESSOR of the City of Waterloo, Iowa ("Assessor").
WITNESSETH:
WHEREAS, on or before the date hereof the City and Company have entered
into a development agreement (the "Development Agreement") regarding certain real
property, described in Exhibit "A" thereto, located in the City; and
WHEREAS, it is contemplated that pursuant to the Development Agreement, the
Company will undertake the development of an area ("Project") within the City and
within the San Marnan urban renewal area; and
WHEREAS, pursuant to Iowa Code § 403.6, as amended, the City and the
Company 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 minimum
actual value of the land and buildings as to the Project only; and
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 follows:
1. Upon substantial completion of construction of the Improvements by the
Company, the minimum actual taxable value which shall be fixed for assessment
purposes for the land and Improvements to be constructed thereon by the Company as
a part of the Project shall not be less than $1,500,000.00 ("Minimum Actual Value") until
termination of this Agreement. The parties hereto agree that construction of the
Improvements will be substantially completed on or before December 31, 2010. If it is
not, then the parties agree to execute an amendment to this Agreement that will extend
the dates specified in Section 2 below.
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,
2019. Nothing herein shall be deemed to waive the Company's rights under Iowa Code
§ 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 Company seek or cause the reduction of 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
Company to contest its taxable valuations in full, commencing with the assessment of
January 1, 2020.
3. This 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 Agreement are intended to, or
shall be construed as, modifying the terms of the Development Agreement.
5. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of the parties, including but not limited to future owners of the
Project property.
IN WITNESS WHEREOF, the parties have executed this Minimum Assessment
Agreement by their duly authorized representatives as of the date first set forth above
CITY OF WATERLOO, IOWA VETERAN ENTERPRISES, LTD.
By: By:
Timothy J. r y, May Garth A. Carlson, CEO
Attest: (c
Nancy Eck r , City Clerk
2
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
On this U2 day of t , 2009, before me, a Notary Public in
and for the State of Iowa, person Ily ap eared Timothy J. Hurley 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 Stale 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 act and deed of said municipal corporation by it and by them voluntarily executed.
Nota Public
STATE OF /vL,t;,4 )
) ss.
COUNTY OF` y,, , / )i -' )
Subscribed and sworn to before me on \Jw, ' / , 2009 by Garth
A. Carlson as CEO of Veteran Enterprises, Ltd.
TIM ANDERA Q\-/ (;,L.
COMMISSION NO.757031 NotaryPublic
• • MY COMMISSION EXPIRES
a w. FEBRUARY 16,2012
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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 Million Five Hundred Thousand Dollars ($1,500,000.00) 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 , 2009 by
, Assessor for Black Hawk County, Iowa.
Notary Public