HomeMy WebLinkAboutS4W, LLC-4/18/2016MEMORANDUM OF AGREEMENT
REGARDING PAYMENT OF REAL ESTATE TAXES
This Agreement is entered into as of April 10 , 2016, by and between S4W, LLC ("S4W") and
the City of Waterloo, Iowa ("City").
RECITALS
A. S4W and City are parties to a certain Acquisition Contract by which S4W will convey to
City certain real property described as set forth on Exhibit "A" attached hereto (the "Real
Estate"). The Real Estate is part of a larger property that is the subject of a condominium regime
that has been assessed for property tax purposes as approximately 60 different parcels.
B. By this Agreement, the parties desire to set forth their arrangements with respect to
payment of property taxes for the Real Estate.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises exchanged herein, and for other
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree that S4W
will pay the full tax bills for the Real Estate that are due on or before September 30, 2016 and March 31,
2017. The parties acknowledge that, when tax bills are issued in August 2016, the Real Estate will not be
taxed as a separate parcel from the larger parcels of which it is a portion, but that the county auditor's
office has represented to counsel for City that taxes otherwise attributable to the Real Estate will not be
included in said tax bills for the larger parcels. The county auditor has indicated that the March 2017
installment will be reduced proportionately to reflect the period between January 1, 2016 and the transfer
of title in April 2016. Therefore, the tax bills issued in respect of the Real Estate for fiscal year 2016-
2017 will be the full and sole responsibility of S4W.
The parties agree to cooperate reasonably and in good faith, and to take such further steps as may
be reasonably necessary or advisable, to carry out the purpose and intent of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Memorandum of Agreement by their
duly authorized representatives as of the date first set forth above.
S4W, LLC
By:
CITY OF WATERLOO, IOWA
By:
Kei : chmi . t, Manager Quentin Hart, Mayor
Attest:
Suzy Sc res, City Clerk