HomeMy WebLinkAboutA015 - Minimum Assessment Agreement dated September 27, 2011 Y t
Instrument:2011- 00012957
M ' Date:Dec 21,2011 11:18:23A tt,iia erumen'19 201- i)�jt1i�939��
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D Rec Fee: 20.00 E-Gom Fee: 1.00 D Rec Fee: E-{:,aa Fee: 1.iJij
ti G Aud Fee: .00 Trans Tax: .00 G Aud Fee: . Trans Tax°
R Rec Management Fee: 1.00 Rec flan}� _ ens Fee; i 00
Hon-Standard Page Fee: .00 Non- r_.ndard Page Fee: i�i�
Filed for record in Story Gountyi Iona F =_d for record in Story t:ouRtjr _ wn,
c Susan L. Vande KamDt County Rprnrdar JtJSQR L. 4'ande Earear County Recorder
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a DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER
UPrepared by: Douglas R.Marek,Ames City Attorney,515 Clark Avenue,Ames,IA 50010 dmarekL4citv.ames.ia.us Ph.515-239-5146
aReturn recorded document to: Ames City Clerk,515 Clark Avenue,Ames,IA 50010-'031j
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o Re-recorded to reflect the attached "Exhibit 1"
MINIMUM ASSESSMENT AGREEMENT
This MINIMUM ASSESSMENT AGREEMENT,dated as of this ,a&day of September,
H 2O11, by and among the CITY OF AMES, IOWA (hereinafter "City"), DAYTON
PARK, L L C, an Iowa limited liability corporation (hereinafter "Developer"), and the
CITY ASSESSOR FOR CITY OF AMES, IOWA(hereinafter "Assessor").
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WITNESSETH:
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A
WHEREAS, on or about February 2009, City and Developer have entered into a
Development Agreement for Ames Community Development Park Subdivision 4th Addition (the
o "Agreement") regarding certain real property located in City; and
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a WHEREAS, it is contemplated that pursuant to said Agreement,Developer will undertake
the redevelopment of property within City and within the Ames Community Development
N Park Subdivision 4th Addition (hereinafter referred to as "Property") which is described on the
attached E hibit 1; and
H C WHEREAS, pursuant to Section 403.6 of the Code of Iowa, as amended, City and
Developer desire to establish a minimum actual value for the improvements to be constructed or
H placed upon the Property by Developer pursuant to the Agreement, which shall be effective upon
substantial completion of such improvements and from then until this Agreement is terminated
o pursuant to the terms herein and which is intended to reflect the minimum actual value of
z such improvements, exclusive of the value of the unimproved land; and
WHEREAS, City and the Assessor have reviewed the preliminary plans and
specifications including the restrictive covenants applicable to the improvements contemplated
to be erected.
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NOW, THEREFORE, the parties to this Minimum Assessment Agreement, in
W consideration of the promises, covenants and agreements made by each other, do hereby
H
z agree as follows:
n 1. For all lots greater than 1.5 acres in size, the Assessor shall establish an assessment on
w buildings that are constructed on said lots at a taxable value of at least $266,000 per acre.
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51160.doc
This minimum assessment requirement will terminate once the debt issued by the City to
pay for the Public Improvements has been paid off.
2. Nothing herein shall be deemed to waive Developer's rights under Iowa Code Section 403.6(19),
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 Developer seek to
reduce the actual value assigned below the Minimum Actual Value established herein during the
term of this Agreement.
3. In the event that any portion of the Property is taken through the exercise of the power of eminent
domain,the Minimum Actual Value shall be reduced by the same proportion as the value of the
portion of such Property so taken bears to the value of such Property in its entirety immediately prior
to such taking.
4. This Minimum Assessment Agreement shall be promptly recorded by Developer with the
Recorder of Story County,Iowa. Developer shall pay all costs ofrecording.
5. Neither the preambles nor provisions of this Minimum Assessment Agreement are intended to,
or shall be construed as,modifying the terms of the Agreement between City and Developer.
6. This Minimum Assessment Agreement shall inure to the benefit of and be binding upon the
successors and assigns of the parties.
IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed by,
their authorized representatives as of the date first above written.
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CITY OF AMES, IOWA r .
s,
By: �• � Attest
Ann H. Campbell,Mayor 4p, Diane R. Voss, City Clerk
STATE OF IOWA, STORY COUNTY ss:
On this oZ I day of C�✓�be v, 2011,before me, a Notary Public in and for the
State of Iowa, personally appeared Ann H. Campbell and Diane R. Voss, to me personally known, and,
who,being by me duly sworn, did say that they are the Mayor and City Clerk,respectively, of the City of
Ames, Iowa; that the seal affixed to the foregoing instrument is the corporate seal of the corporation, and
that the instrument was signed and sealed on behalf of the corporation,by authority of its City Council, as
contained in R olutio No. I I ` q 5—toa adopted by the City Council on the 2
day of � ��N , 2011, and that Ann H. Campbell and Diane R. Voss acknowledged
the execution of the instrument to be their voluntary act and deed and the voluntary act and deed of the
corporation,by it voluntarily executed. y
Notary Public in and for t19e State of Iowa
apO Lo JILL L.RIPPERGER
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s 116o.doe E: TO FC x Commission Number
146549
DG es
o p ^_` /O✓�I CITy ATTORNEY
P e Z °BIDED
DAYTON PARK, L.L.C.
By: :%
D n E. Hunziker, Manager
STATE OF IOWA, COUNTY OF STORY, S:
On this c day of , 2011,before me the undersigned, a Notary Public in
and for said state, personally appeared dean E. Hunziker, to me personally known, who, being by me
duly sworn, did say that he is the manager of said LIMITED LIABILITY COMPANY executing the
foregoing instrument; that NO SEAL has been procured by the said limited liability company; that said
instrument was signed on behalf of said limited liability company by authority of its managers and the
said Dean E.Hunziker acknowledged the execution of said instrument to be the voluntary act and deed of
said limited liability company by it voluntarily executed.
p1ANNE SUNTKEN Notary Public in and for the State of Iowa
commission Mir— 747650
My Co emJ
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CERTIFICATION OF ASSESSOR
The undersigned, having reviewed the plans and specifications for the improvements to be
constructed upon the land described in Exhibit 1, and the market value assigned to such improvements,
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 described in Exhibit 1 hereto,upon completion of
improvements to be made on it and in accordance with the Minimum Assessment Agreement,
certifies that the actual value assigned to building, equipment and other improvements(exclusive
of the value of the unimproved land) upon completion on lots greater than 1.5 acres in size shall not
be less than Two Hundred Sixty-six Thousand Dollars($266,000.00)per acre,until termination of
this Minimum Assess r
ent Agreement pursuant to the terms hereof.
Date: 9 '�- -5 .92011 ff'I1)
Gregory PA Lyn Ames City A sessor
STATE OF IOWA, COUNTY OF STORY, SS:
On this day of��L, 2011,before me, the undersigned, a Notary Public in and
for said State, personally appeared Gregory P. Lynch, Ames City Assessor, to me known to be the
identical person named in and who executed the foregoing instrument, and acknowledged that they
executed the same as their voluntary act and deed. y /
Notary Public in and for t1Qe State of Iowa
�e JILL L RIPPERGER
Carmr"on Number 146549
my ires
51160.doc
EXHIBIT 1 to Minimum Assessment Agreement
Lots 1, 2, 3, 4, 5, 69 7, 8, 9, 10, 11, 12, 13, and 14 of Ames Community
Development Park, Fourth Addition to the City of Ames, Iowa