HomeMy WebLinkAboutSpaethe, Carl M.-Development Agreement-12.04.2006 ��- y- lJ �
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DEVELOPMENT AGREEMENT
This Agreement is made and entered into this -/ day of IJpce►- -ey, 2006, by
and between Carl M. Spaethe and Susan A. Spaethe hereafter called Developer, and the City of
Waterloo, Iowa, hereinafter called City.
WHEREAS, City considers development within the City a benefit to the community and is
willing for the total good and welfare of the community to sell city-owned property not needed for
current or future public purposes so as to encourage that goal, and
WHEREAS, Developer is willing and able to construct a commercial building, valued at a
minimum of$45,000, on property, legally described on attached Exhibit "A", and
WHEREAS, said construction of commercial building shall be completed within a 2-year
period by Developer, and
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS
HEREINAFTER CONTAINED, Developer and City agree as follows:
1. The City agrees to transfer property, as legally described, for $100.00 plus costs.
The City shall convey, or cause to be conveyed, the property by Quit Claim Deed.
2. Developer agrees to construct a commercial building on the property to be conveyed,
at an estimated value of approximately $45,000.00, and take out necessary permits
within a six-month period, from the date of this agreement. This construction would
repay the difference in the conveyance price and the estimated value per the
assessed values of the area, within an eight (8) year period. Said buildings shall be
constructed in accordance with all applicable City, State, and Federal building codes
and be in compliance with all applicable city ordinances.
3. Developer must obtain a building permit and begin construction within six (6) months
of the date of transfer and be completed within twenty-four (24) months to meet
requirements to repay difference as stated herein between estimated value and
conveyance price through taxes within eight (8) years. If, after transfer of the
property by the City to developer, construction is not commencing in accordance with
the attached schedule as described, the title to the real estate will revert to City of
Waterloo, free of any liens, encumbrances, etc. against said property. Developer
agrees to sign all necessary documents for said reversion. If construction is not
begun, at the end of six (6) months, but the development of the project is still
imminent, the City Council may but shall not be required to grant an extension of time
for the construction of the building. Partial start of development, not in accordance
with the requirement to build a commercial building within a two-year period will also
initiate the above requirement for reversion of land or full payment, as previously
described.
4. After Developer's completion of construction of commercial building, as previously
described, any and all reversion rights granted to City, relating to any or all of the
property described in Exhibit "A" shall terminate.
5. NOTICE: All notices, request, and other communication permitted or required herein
shall be in writing and hall be effective when delivered to the addressee in person or
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when sent to such address by United States registered or certified mail, return receipt
requited, postage prepaid, or by hand delivery, or fax, addressed as follows:
For the City:
Mayor Tim Hurley
City Hall
715 Mulberry Street
Waterloo, Iowa 50703
With copy to City Planner
For Developer:
Carl M. Spaethe
1324 Vine Street
Waterloo, Iowa 50703
6. SUCCESSORS AND ASSIGNS: This Agreement shall be binding upon the
successors and assigns of Developer.
7. IN WITNESS WHEREOF, the parties have executed this Agreement the date and
r written abov .
By: /A 7o (
Carl M. Spaet Date
By: K' > �� "' ,67 OCO
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Susan A. Spaethe Date
CITY OF WATERLOO, IOWA
By: /P
Tim Hurley, Mayor Date
ATTEST:
Nancy Ecke ity Clerk Date