HomeMy WebLinkAboutBaltimore_Fields,_LLC_-_Amendment_to_DA_-_5.5.2025 Docusign Envelope ID:3E84BC51-BEA3-42BA-8558-A06176CDA2B9
Preparer: Eric W. Johnson, P.O. Box 178, Waterloo, IA 50704-0178 (319-234-1766)
After recording return to: Eric W. Johnson, P.O. Box 178, Waterloo, IA 50704-0178
AMENDMENT
TO
DEVELOPMENT AGREEMENT
(BALTIMORE FIELDS)
This Amendment to Development Agreement ("Amendment") is entered into as
of May 5 , 2025, by and between Baltimore Fields, LLC ("Company"), and
the City of Waterloo, Iowa ("City").
RECITALS
WHEREAS, the parties entered into a Development Agreement dated April 17,
2023, which was filed June 29, 2023, as Document No. 2023-17592 in the office of the
Black Hawk County Recorder ("Agreement")(Amendment and Agreement are
collectively "Development Agreement").
WHEREAS, the parties would like to amend certain terms and conditions of
Agreement as follows:
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Project Start Date. Project Start Date shall be June 1, 2025.
2. Section 6 shall be replaced to read as follows:
6. Utilities. Company will be responsible for extending water, sewer,
telephone, telecommunications, electricity, gas and other utility services to any
location on the Property and for payment of any associated connection fees,
which shall be considered as part of the Infrastructure Improvements
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3. Section 7A shall be replaced to read as follows:
A. Infill Grant. As provided in the City's infill housing policy, City will
pay a grant of $5,000.00 to the new homeowners. Each such grant will be
payable after City has verified that a given unit has issued a Certificate of
Occupancy and upon sale to the new homeowner.
4. Section 7(C) shall be added:
C. Tax Rebates. Provided that Company has completed the
Improvements as set forth herein, City agrees to rebate property tax (with
the exceptions noted below) as follows:
Year One through Year Ten 50% rebate each year
For any taxable value over the base assessed value that will be identified in the
SDA applicable to the Project Area. Rebates are payable in respect of a given
year only to the extent that Company, or its successors, has actually paid general
property taxes due and owing for such year. To receive rebates for a given year,
Company must, within twelve (12) months after the tax payment due date, submit
a completed rebate request to City on the form provided by or otherwise
satisfactory to City.
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 $500.00. 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; rebates will be paid
only on funds identified as tax increment funds. If Company obtains tax
exemptions for a Project Area under the Consolidated Urban Renewal Area
(CURA) program, then rebates will be forfeited for any fiscal year in which an
exemption applies. Lots in the subdivision are not eligible for the CLURA or
CURA tax abatement program.
The total amount of rebate paid shall not exceed the amount paid by Company
for Infrastructure Improvements, plus any accrued interest on the same.
Company shall provide City with an itemized accounting, along with bills and
other reasonable documentation, to support the amount paid by Company for
Infrastructure Improvements.
The first year of 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
Improvements, and in any event not based on a prior year for which the
assessment is based solely upon (x) the value of the Property or upon (y) the
value of the Property and a partial value of the Improvements due to partial
completion of the Improvements or a partial tax year.
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Docusign Envelope ID:3E84BC51-BEA3-42BA-8558-A06176CDA2B9
5. Continuing Effect. Except as specifically provided in this Amendment, the
provisions of the Agreement shall remain unchanged and in full force and effect.
In the event of a conflict between the Agreement and this Amendment, this
Amendment shall control. Capitalized terms used but not defined herein shall
have the meanings attributed to them in the Agreement.
SIGNATURES ON THE FOLLOWING PAGE
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IN WITNESS WHEREOF, the parties have executed this Amendment by their
duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA BALTIMORE FIELDS, LLC
DocuSigned by:
By: V, A of By:
Quentin M. Hart, Mayor Kevin Fittro, Manager
DocuSigned by:
Attest: € F
Kelley Felchle, City Clerk
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