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Home My WebLink AboutSpeller, Delbert-Development Agreement-05.21.2007 vb7_ 39 DEVELOPMENT AGREEMENT This Agreement is made and entered into this a) day of May , 2007, by and between Delbert Speller. and Rebecca Joe Cain 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 move a residential home, valued at a minimum of$58,160, on property, legally described on attached Exhibit "A", and WHEREAS, said moving of residential home shall be completed within a 1-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 $1,600.00 plus costs. The City shall convey, or cause to be conveyed, the property by Quit Claim Deed. 2. Developer agrees to move a residential home currently addressed as 1709 Heath Street, on the property 1:o be conveyed, at an estimated value of approximately $58,160.00, and take out necessary permits within a six-month period, from the date of this agreement. Said building shall be constructed in accordance with all applicable City, State, and Federal building codes and be in compliance with all applicable city ordinances. 8. 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 residential building within a one-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 residential home, 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 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: Delbert Speller and Rebecca Jo Cain 404 Dawson 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 year written above. By: Rebecca Joe Cain Date By: Delbert Speller Date CITY OF WATERLOO, IOWA By: 't Yhu.y a OO 1 Tim Hurley, Mayor Date ATTEST: Nancy Eckert, y Clerk Date April 30, 2007 City of Waterloo Attn: Chris Western Subject: Vacant lot at 738 Mobile Proposal: Purchase vacant lot, planning to move property 1709 Heath Street Rebecca Jo Cain 404 Dawson Street Waterloo, Iowa 50703 Phone: 319-235-2982 Becky's Cell: 319-504-1448 Delbert's Cell: 319-504-1955 Black Hawk County Property Photos Page 1 of 1 There is 1 photo of parcel 891314226012. 14 ' T�'f . " R: £4 a 4 « i. # 6 :$c � ',,' 'fY .s ty'' /-- f q `x '.. %'°' ! * 1 ," .,� t A,k k I - `.1 , ' �' of oef I} r r C`r ',a , k P `-', :F ' 'F +,' # �:d'- c^ �. , x i_ t, s� } , r a p f . .., _ # ' "°€k' ,fin ,, ai ti ' ; ? "'#s .� , , ,5 i 7; l+ ..a tic a., 3z..a..$A " i *w sFs3':.. ..a' .7 + „..: �. ,'"�"'. ? ."-- '' ,� http://www2.co.black-hawk.is.us/website/bhmap/bhParImages.asp?apn=8 91314226012&... 05/02/2007 Black Hawk County Detailed Parcel Report Page 1 of 2 BLACK HAWK COUNTY REAL ESTATE ASSESSMENT AND TAX INFORMATION Parcel ID Deed Holder Tax Mail to Address 8913-14-226-012 ALLEN MEMORIAL HOSPITAL CORP ALLEN MEMORIAL HOSPITAL CORP 1825 LOGAN AV PDF No. Map Area Contract Buyer WATERLOO, IA 50703-0000 6 NWTLO-07 Property Address Current Recorded Transfer _ 1709 HEATH ST Date Drawn Date Filed Recorded Document Type WATERLOO, IA 50703-0000 3/16/93 3/31/93 CLD 633818 D SALES BUILDING PERMIT Date AmountNUTC/Type None 3/16/93 36,000 NORMAL ARMS-LENGTH TRANSACTION / Deed 12/3/8240,000 FULLFILLMENT OF PRIOR YEAR CONTRACT/ Deed ASSESSED VALUES/CREDITS Year (Class 2007 Proposed Values Subject to Board of Review Action R 100% Land Dwelling Building M/E Total Acres Value 9,360 58,160 0 0 67,520 0 Taxable Land Dwelling Building M/E Total Value 9,360 58,160 0 0 67,520 Year (Class 2006 R 100% Land Dwelling Building M/E Total Acres Value 9,360 58,160 0 0 67,520 0 Taxable Land Dwelling Building M/E Total Value 4,264 26,497 0 0 30,761 Year 'Class 2005 IR — 100% Land Dwelling Building M/E Total Acres Value 9,360 58,160 0 0 67,520 0 Taxable Land Dwelling Building .M/E Total Value 4,305 26,751 0 0 31,056 Year Class 2004 �R 100% Land Dwelling Building M/E Total Acres Value 6,360 51,230 0 0 57,590 0 Taxable (Land Dwelling Building ,M/E Total slue ,3,051 24,572 0 0 27,623 TAX INFORMATION ASSESSMENT YEAR 2005 PAYABLE 2006/2007 Tax 1940001 -WATERLOO District (Gross Value [Taxable Value Military Exemption Levy Rate Gross Tax Net Tax http://www2.co.black-hawk.ia.us/website/bhmap/bhRepDet.asp?apn=891314226012 05/02/2007 Black Hawk County Detailed Parcel Report Page 2 of 2 Corp 67,520 I31,056 1°0 1403.91333 I$1,363.77 I$1,364.00 Nocorp 0 0 0 $0.00 Homestead Disabled Veteran Property Tax Relief Ag Family Farm Credit Credit Credit Credit Credit Corp $0.00 $0.00 $0.00 $0.00 $0.00 Nocorp $0.00 LEGAL 'ALLEN HEIGHTS ADDITION N 37.6 FT LOT 2 S 16.7 FT LOT 3 LAND Basis Front Rear Side 1 Side 2 Lot Area Acres Front 54 54 134 134 0 7236 0.166 Foot Totals: 7236 0.166 DWELLING CHARACTERISTICS Type St le Single-Family/Owner Occupied 1 Story Frame Year Built Area Heat AC Attic 1978 896 Yes No None Total Rooms Above Total Rooms Below Bedrooms Above Bedrooms Below 4 0 2 0 Basement Basement Finished Area No Basement Floor Full 300 0 Foundation Flooring C Blk Carp/Vinyl Exterior Walls Interior Finish Vert Wd Drwl Roof Asph /Gable Non-Base Floor/Wall Pipeless Handfired Space Heaters Heating 0 Plumbing11 Full Bath Deck Style Area Wood Deck-Med 168 GARAGES CAR PORTS IYear Built Style !Width Length Area Basement Qtrs Over Area AC Basement Stalls None 1981 Det Frame 0 0 576 3 None 0 0 http://www2.co.black-hawk.ia.us/website/bhmap/bhRepDet.asp?apn=891314226012 05/02/2007