HomeMy WebLinkAboutCrystal Distribution Services, Inc.-First Amendment to Development Agreement-09.14.2009 9-/L/'' d l'
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FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This First Amendment to Development Agreement (the "Amendment") is entered into as
of Se pier G-er 1' , 2009, by and between the City of Waterloo, Iowa ("City") and Crystal
Distribution Services, Inc. ("Company").
RECITALS
A. Company is a party with City to that certain Development Agreement dated
February 2006 (the "Agreement") concerning the development of land as described
in the Agreement.
B. Pursuant to the amended Agreement, Company has been granted tax rebates, Per
Section 3, for 10 years at 50%.
C. In connection with last year's flood event, Company is still working to expand
despite losing over '100,000 sq. ft. of usable warehouse space.
D. To work with Company to facilitate expansion, it is necessary for City to expand the
tax rebates from 10 years at 50%to 10 years at 70%.
NOW, THEREFORE, in consideration of the mutual promises set forth herein, the
parties hereby agree as follows:
1. The tax rebates set forth in Section 3 of the Agreement are hereby amended to
read 10 year at 70%.
IN WITNESS WHEREOF, the parties have executed this Second Amendment to
Developmental Agreement by their duly authorized representatives as of the date first set forth
above.
CRYSTAL DISTRIBUTION CITY OF WATERLOO, IOWA
SERVICES, INC.
By: By: r
ThomasJ. Poe, President Timothy J. y, Mayor
Nancy ckert, Ci Clerk
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