HomeMy WebLinkAboutOkanovic, Nermin and Manulea-Development Agreement-10.12.2009 (RECORDED) IIIIMHIU11111110 IIH III IIIMIHNIMINDI 5
Doc ID: 004629050003 Type: GEN
Kind: AGREEMENT
Recorded: 11/09/2011 at 04:15:36 PM
Fee Amt: $17.00 Page 1 of 3
Black Hawk County Iowa
JUDITH A MCCARTHY RECORDER
File2012-00008655
DEVELOPMENT AGREEMENT
This Agreement is made and entered into this /-rr day of Dcf - , 2009, by
and between Nermin and Manulea Okanovic, 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 wiling and able to construct a residential addition, valued at a
minimum of $18,000.00, on property legally described as RUSSELL HEIGHTS, LOT 2, BLOCK
6, and
WHEREAS, said construction of a residential addition shall be completed within a 1-year
period of this signed and executed Development Agreement by Developer, and
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS
HEREINAFTER CONTAINED, Developer and City agree as follows:
1. The City agrees to convey property, as legally described on attached Exhibit "A", for
$1.00 plus costs. The City shall convey, or cause to be conveyed, the property by
Quit Claim Deed. Said property has a full value of $811.20, for which the City agrees
to forego in consideration of said construction of a residential addition.
2. Developer agrees to construct a residential addition, with a minimum assessed value
of $18,000.00, 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.
3. Developer must obtain a building permit and begin construction within six (6) months
of the date of transfer and be completed within twelve (12) months to meet
requirements to repay a majority of the difference as stated herein between full value
and conveyance price through taxes within five (5) years. If, after transfer of the
property by the City to developer, construction is not commencing in accordance with
the 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
i`�.a0)
requirement to build a residential addition 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 the residential addition, 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 shall 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, addressed as follows:
For the City:
Mayor Tim Hurley
City Hall
715 Mulberry Street
Waterloo, Iowa 50703
With copy to City Planner
For Developer:
Nermin & Manulea Okanovic
1409 West 11th Street
Waterloo, Iowa 50702
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: �/��z�-- �. ,. 1t. . ` C
Nermin Okanovic Date
/ ti/i&e le- OS -� c2 'f
Manulea Okanovic Date
CITY OF WATERLOO, IOWA
By: cF` f (°I
,,,-(9,, i
Tim Hurley, Mayor Date
ATTEST:
4,, ,) it) e - t4'-'e , 1y L Dae
Exhibit "A"
Legal Description — Portion of Alley to be Conveyed — Nermin Okanovic
The North Eight (8) feet of the Sixteen (16) foot public alley as platted in Block Six (6), Russell
Heights Addition in the City of Waterloo, Iowa lying Easterly of the Northerly extension of the
West line of Lot Three (3) in said Block Six (6) and lying Westerly of the Northerly extension of
the East line of Lot Three (3) in said Block Six (6)