CITY AGREEMENT WITH NEW HOMEOWNER
This
agreement is made and entered into on this ____ day of _____________ by and
between the City of Parkersburg, Iowa, hereinafter referred to as City and
________________________________________________ of
WHEREAS, the City has agreed to provide a rebate on property taxes to the Homeowner for the establishment of a new single family dwelling in the designated TIF district to provide an incentive for the said Homeowner to construct a new home or spec building located at _____________________________, Parkersburg, Iowa, this being provided by the City to encourage the creation and construction of new homes within the established TIF district and to be in the long range best interest of the City and its citizens.
The Homeowner does hereby agree to the terms of the rebate program established by the City and that they do agree to construct a new home in the TIF district with the understanding that they can receive the benefits of the rebate program if the following conditions are met.
NOW THEREFORE, in consideration of the covenants contained herein, for good and valuable consideration it is agreed by and between the parties as follows:
1.
That the City upon the execution of this
agreement, will provide a rebate on city property taxes IF the Homeowner
establishes a new home in the City TIF district that will be an owner occupied,
single-family dwelling.
2.
That the City will provide a:
a. 25%
rebate on City property taxes in year 2 of occupancy
b.
50% rebate on City property taxes in year
3 of occupancy
c.
75% rebate on City property taxes in year
4 of occupancy
d.
100% rebate on City property taxes in
year 5 of occupancy
3.
That the City agrees to issue the rebates
agreed upon on October 15th and May 15th of each year
ONLY after the Homeowner has paid their property taxes on time and in full to
the City.
4.
That the Homeowner understands and agrees
that the rebate will only be given to the construction of new single family
dwellings and that rental properties or multi-family dwellings are not eligible
for the rebate program.
5.
That the Homeowner understands and agrees
that penalties will be incurred in the event that rebates are received and
kept, while recognizing and understanding that the new home shall not be used
for rental purposes. The penalties will
be calculated as rebate received times current prime rate and will be assessed
to the current years property tax.
6.
That the Homeowner understands and agrees
that the rebates are non-transferable if the new home is sold within the first
five years of its creation.
7.
That the Homeowner understands and agrees
that the rebates provided will only apply to taxes paid on the homes structure
and does not apply to the land values of the property in which it is built.
8.
That this agreement shall bind you, the
Homeowner, to all the before mentioned covenants in which you have read and
understand, ALL OF WHICH SO AGREED this _____ day of _________________, 2002.
City
of
SEAL: BY: ________________________
Robert
Haylock, Mayor
ATTEST:
__________________________________
______________________________
BY: ______________________________
BY: ______________________________
STATE OF
(SS:
On this ____day of
________________, 2002 before me, the undersigned, a Notary Public in and for
the State of Iowa, personally appeared Robert Haylock and Gary Hinders, 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 Parkersburg, 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, and that Robert Haylock and Gary
Hinders 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.
_______________________________________
Notary
Public in and for the State of
STATE OF
(SS:
On this ____day of
_______________, 2002 before me, the undersigned, a Notary Public in and for
the State of Iowa, personally appeared _____________________, to me personally
known, and, who, being by me duly sworn did say that they are the Homeowners of
the said property at _______, that they are the said homeowners executing the
within and foregoing instrument, that said instrument was signed on behalf of
the said Homeowners who acknowledged the execution of said instrument to be the
voluntary act and deed of said homeowner, by it and by them voluntarily
executed.
_______________________________________
Notary
Public in and for the State of