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HomeMy WebLinkAboutN&S Property, LLC-1/3/2017 RECORDEDDoc ID: 007554130004 Type GEN Recorded: 02/10/2017 at 03:39:55 PM Fee Amt: $22.00 Pape 1 of 4 Black Hawk County Iowa SANDIE L. SMITH RECORDER Fi1e2017-00014316 Preparer tik, 04' C "CJ' CO Information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704 (319) 234.5701 Name Address City Phone SPACE ABOVE THIS LINE FOR RECORDER AMENDMENT TO DEVELOPMENT AGREEMENT AND AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT This Amendment to Development Agreement and Amendment to Minimum Assessment Agreement (the "Amendment") is entered into as of c..n .w) 2 , 2- r—t by and between N&S Property, LLC (the "Company") and the City of Waterloo, Iowa (the "City"). RECITALS A. Company and City are parties to that certain Development Agreement dated May 20, 2013 (the "DA"), concerning the development of land (the "Property") described on Exhibit "A" to the DA. Company and City are also parties to that certain Minimum Assessment Agreement (the "MAA") pertaining to the Property, dated as of the same date. The DA and MAA have been filed in the land records of Black Hawk County, Iowa, as Doc. No. 2015-7485. B. Company will make improvements for placement of a dining establishment, in furtherance of the purposes of the DA. C. The parties desire to amend the DA and the MAA to modify the terms thereof as set forth in this Amendment. NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the parties agree as follows: 1. The DA is hereby amended to add new Sections 7.1 and 7.2, as follows: "7.1. Tax Rebates. Provided that the Improvements have been completed as set forth herein, and provided that Company has executed the Minimum Assessment Agreement as set forth in Section 7, City agrees to rebate property tax (with the exceptions noted below) for a period of three (3) years at 50% per year for any taxable Com) Page 2 value over the January 1, 2013 value of $ i3b for the Property. Rebates are payable in respect of a given year only to the extent that general property taxes due and owing for the Property for such year have actually been paid. 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, or the rebate will be forfeited at City's option. The first year in which a rebate may be given ("Year One") shall with respect to property taxes paid in the first fiscal year following the fiscal year in which exemptions under the CURA program expire, based on the full completed value of the Improvements. The assessed 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. 7.2. Obligations Contingent. Each and every obligation of City under this Agreement is expressly made subject to and contingent upon City's completion of all procedures, hearings and approvals deemed necessary by City or its legal counsel for amendment of the urban renewal plan applicable to the Property and/or project area, all of which must be completed within 180 days from the date the Amendment to this Agreement is approved by the City council. If such completion does not occur, then this Agreement shall be deemed canceled and shall be null and void." 2. Section 7 of the DA and Section 1 of the MAA are each amended to strike "$700,000.00" therefrom and to substitute "$800,000.00" in lieu thereof. 3. The MAA is hereby amended to strike Section 2 therefrom and to substitute in place thereof the following new Section 2: "2. The Minimum Actual Value herein established shall be of no further force and effect, and this Minimum Assessment Agreement shall terminate, on December 31, 2026. Nothing herein shall be deemed to waive the Company's rights under Iowa Code § 403.6, as amended, to contest that portion of any actual value assignment made by the Assessor in excess of the Minimum Actual Value established herein. In no event, however, shall the Company seek or cause the reduction of the actual value assigned below the Minimum Actual Value established herein during the term of this Agreement." 4. Except as modified herein, the DA and MAA shall continue unmodified in full force and effect. Terms in this Amendment that are capitalized but not defined will have the same meanings herein that are ascribed to them in the DA or MAA, as applicable. The DA, MAA, and this Amendment shall inure to the benefit of and be binding upon the parties and their respective successors and assigns. IN WITNESS WHEREOF, the parties have executed this Amendment to Development Agreement and Amendment to Minimum Assessment Agreement by their duly authorized representatives as of the date first set forth above. Page 3 CITY OF WATERLOO, IOWA N & S PROPERTY, LLC By: By: Quentin Hart, Mayor Attest: Kelley Felc City Clerk Rodney A. Anderson Managing Member CERTIFICATION OF ASSESSOR The undersigned, having reviewed the plans and specifications for the improvements to be constructed and the market value assigned to the land upon which the improvements are to be constructed for the development, and being of the opinion that the minimum market value contained in the foregoing Minimum Assessment Agreement appears reasonable, hereby certifies as follows: The undersigned Assessor, being legally responsible for the assessment of the property subject to the development, upon completion of improvements to be made on it and in accordance with the Minimum Assessment Agreement, certifies that the actual value assigned to such land, building and equipment upon completion of the development shall not be less than Eight Hundred Thousand Dollars ($800,000.00) in the aggregate, until termination of this Minimum Assessment Agreement pursuant to the terms hereof. STATE OF IOWA COUNTY OF BLACK HAWK ) ss. essor for Black Hawk County, Iowa 2 - / -/-q3 Date Subscribed and sworn to before me on Fc'i /0 201 7 , by T.J. Koenigsfeld, Assessor for Black Hawk County, Iowa. %g)4..e-6t04%G14- Notary Public ROSE DABILLO COMMISSION NO. 755054 MY COMMISSION EXPIRES 0otob®r01, �101j