HomeMy WebLinkAboutGrand Investments, LLC-11/23/2015"Preparer (1j e) (&)O X, /G't
Information: hri5topher S. Wendland, PO Box 596. Waterloo, Iowa 50704
1131111IIIMINNIE11111i1iiiiiiiiiiiiii
Doc ID: 006907620017 Type GEN
RecFeeoAmt: $87.00/2015 Page 1tof2173:55 PM
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2016-00009114
(319) 234-5701
Name Address City
Phone
MASTER DEVELOPMENT AGREEMENT
Apt-;! i, This Master Development Agreement (the "Agreement") is entered into as of
rebrualy 27, 2014, 2014 by and between Grand Investments, LLC (the "Company")
and the City of Waterloo, Iowa (the "City"). Brent Dahlstrom is a principal of Company
and executes the personal guaranty at the end of this Agreement for the purposes
stated therein.
RECITALS
A. City considers economic development within the City a benefit to the
community and is willing for the overall good and welfare of the
community to provide financial incentives so as to encourage that goal.
B. Company is willing and able to finance and construct buildings and related
improvements on property located in the Downtown Urban Renewal and
Redevelopment Plan area, generally located on the southwesterly side of
Jefferson Street, bounded by W. Mullan Avenue and Westfield Avenue,
and legally described on Exhibit "A" attached hereto (the "Property").
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Phased Development. The parties contemplate that Company will
develop the Property in phases corresponding to the specific lots as generally depicted
on Exhibit "B" attached hereto. Each phase is generally described as follows, although
more detailed plans for each phase will be developed at one or more future dates:
A. Phase 1. An apartment building consisting of'f above -ground
floors and not less than Cz b units comprising 66,o'A total square feet, and related
parking, landscaping, and other improvements. Phase 1 improvements will be located
upon the area shown as "Lot 1" on Exhibit "B."
8,CDX
DEVELOPMENT AGREEMENT
Page 2
11
Phase 2. A mixed-use commercial building consisting of not less
than square feet, and related parking, landscaping and other improvements.
Phase 2 improvements will be located upon the area shown as "Lot 2" on Exhibit "B."
C. Phase 3. Plans have yet to be developed for the area shown as
"Lot 3" on Exhibit "B."
In connection with each separate phase, Company and City agree to enter a
development agreement supplemental to this Agreement and to enter into a minimum
assessment agreement as described in Section 13 below. City may require that
Company submit specific building designs and site plans for City review and approval
as a condition to approval of a supplemental development agreement applicable to a
given phase. Improvements to the Property completed within the schedule established
by Section 4 below will be eligible for the benefits provided for in this Agreement, and
any part of the Improvements not completed within the prescribed period will not be
eligible for said benefits.
2. Sale of Property; Title. Subject to the terms hereof, City shall convey the
Property, or cause it to be conveyed, to Company in separate transactions on a phase -
by -phase basis as set forth herein, for the sum of $1.00 (the "Purchase Price") for that
part of the Property subject to each phase (each a "Phase Area"). Conveyance shall be
by quit claim deed, free and clear of all encumbrances arising by or through City except:
(a) easements, conditions and restrictions of record which do not, in Company's
opinion, interfere with Company's proposed use; (b) current and future real estate real
property taxes and assessments subject to the agreements made herein; (c) general
utility and right-of-way easements serving the Property; and (d) restrictions imposed by
City zoning ordinances and other applicable law. City shall have no duty to convey title
to Company until Company delivers to City reasonable and satisfactory proof of
financial ability to undertake and carry on the next phase of the Project (defined below),
which may take the form of a lending commitment letter. Company shall, at its own
expense, prepare an updated abstract of title, or in lieu thereof Company may, at its
own expense, obtain whatever form of title evidence it desires. If title is unmarketable
or subject to matters not acceptable to Company, and if City does not remedy or
remove such objectionable matters in timely fashion following written notice of such
objections from Company, Company may terminate this Agreement. City shall provide
any title documents it currently has in its possession, including any abstracts, to assist
in title preparation. Company shall, at its sole expense, undertake all work of surveying
necessary to subdivide the Property into distinct Phase Areas, and all other survey or
platting work necessary or desirable for Company's Project purposes.
3. Improvements by Company. Company shall construct on each Phase
Area the improvements described in Section 1 above, including related parking,
landscape, and other improvement to the buildings and grounds (collectively, the
"Improvements"). Parking for each phase of Improvements shall meet City's minimum
requirements based on building use, occupancy, and future intended development on
the Property. The Improvements shall be constructed in accordance with all applicable
DEVELOPMENT AGREEMENT
Page 3
City, state, and federal building codes and shall comply with all applicable City
ordinances and other applicable law. It is contemplated that the Improvements for a
given phase will have a cost as set forth in the supplemental development agreement
applicable to that phase. The Property, the Improvements, and all site preparation and
development -related work to make the Property usable for Company's purposes as
contemplated by this Agreement are collectively referred to as the "Project".
4. Timeliness of Conveyance and Construction; Possibility of Reverter.
The parties agree that Company's commitment to undertake the Project and to
construct the Improvements in a timely manner constitutes a material inducement for
the City to convey the Property, or to cause the Property to be conveyed, to Company
and that without said commitment City would not do so.
A. Deadlines to commence and complete. Subject to the terms of this
Agreement, Company may request conveyance of a Phase Area at any time
before the following deadlines:
Phase 1 conveyance deadline:
Phase 2 conveyance deadline:
Phase 3 conveyance deadline:
November 30, 2014
November 30, 2017
November 30, 2020
Construction of Improvements for each phase must begin within the time set
forth in this paragraph, or Company's right to acquire any Phase Area not yet
conveyed to Company will expire. Measured from the date that any Phase Area
is deeded to Company, Company must obtain a building permit and begin
construction on the corresponding phase within nine (9) months. Construction of
each phase shall be completed within twelve (12) months of its commencement.
B. Events triggering reverter of title.
(i) If Company has not, in good faith, begun the construction of any
phase of the Improvements on said schedule, then title to the applicable
Phase Area shall revert to the City, except as provided in this Agreement;
provided, however, that if construction has not begun at the end of any
phase commencement period but the development of the Project is still
imminent, the City Council may, but shall not be required to, consent to an
extension of time for the construction of the Improvements, and if an
extension is granted but construction of the Improvements has not begun
within such extended period, then the title to the applicable Phase Area
shall revert to the City after the end of said extended period.
(ii) If Company determines at any time that the Project is not
economically feasible, then after giving thirty (30) days' advance written
notice to City, Company may convey the applicable Phase Area(s) to City
by special warranty deed, free and clear of any lien, claim, or
encumbrance arising by or through Company, and thereupon neither party
shall have any further obligation under this Agreement except as
DEVELOPMENT AGREEMENT
Page 4
expressly provided. In connection with any conveyance to City, Company
shall pay in full, so as to discharge or satisfy, all liens, claims, charges,
and encumbrances on or against the Property or any Phase Area.
(iii) If development has commenced within the required period or
any extended period and is stopped and/or delayed as a result of an act
of God, war, civil disturbance, court order, labor dispute, fire, or other
cause beyond the reasonable control of Company, the requirement that
construction of any phase or of the entire Project shall be tolled for a
period of time equal to the period of such stoppage or delay, and
thereafter if construction is not completed within the allowed period of
extension then title to the Phase Area(s) shall revert to the City.
C. Extension of time. The parties acknowledge that Company may
apply to the Iowa Economic Development Authority ("IEDA") to obtain for
Enterprise Zone credits for one or more phases of the Project. As to any Project
phase for which such an application is timely filed and diligently pursued to
completion by Company, the deadline for completion of construction of such
phase will be extended to account for any delays in IDEA's processing of
Company's credit application.
5. Regulatory Approvals. Company acknowledges and agrees that the
Project will require Company to obtain various approvals from the City of Waterloo
and/or other applicable governmental authorities, including but not limited to zoning, site
plan, subdivision, building permit and other approvals required or necessary for
Company's proposed Improvements to the Property. To optimize coordination of
Project plans and development with such approvals, Company agrees to participate
regularly and in good faith in the project management/design-build management
(PMT/DBMT) process applicable to the Property for design issues, landscape design,
parking, construction documents, and other matters.
6. Platting and Release. Company may, in consultation with City, plat the
Property or Phase Areas if reasonably necessary for purposes of the Project, at
Company's sole expense. In connection with any sale by Company of that part of the
Property corresponding with a completed phase of Improvements, City agrees to
release such part of the Property from the conditions and restrictions set forth in this
Agreement. A release of any such part of the Property shall not affect the continued
effectiveness and enforceability of this Agreement as to any part of the Property that is
not specifically released.
7. Easements. Company agrees, at its sole expense, to prepare and record
one or more documents to create easements for the benefit of the Phase 2 and Phase
3 areas, allowing pedestrian and vehicular ingress and egress upon and across the
Phase 1 area, and to designate a portion of the Phase 1 area as joint -use parking with
the occupants and patrons of the Phase 2 and Phase 3 areas, generally as shown on
Exhibit "B" attached hereto with the specific location and dimensions to be determined
DEVELOPMENT AGREEMENT
Page 5
by later instrument. Each such document shall be submitted to City for review and
approval before recording.
8. Reverter of Title; Indemnity. Title shall not revert to City as to any phase
of Improvements that has been substantially completed. In the event of any reverter of
title, Company agrees that it shall, at its own expense, promptly execute all documents,
including but not limited to a special warranty deed, or take such other actions as the
City may reasonably request to effectuate said reverter and to deliver to City title to the
Property that is free and clear of any lien, claim, or encumbrance arising by or through
Company. Company shall pay in full, so as to discharge or satisfy, all liens, claims,
charges, and encumbrances on or against the Property or any portion thereof. If
Company fails to deliver such documents, including but not limited to a special warranty
deed, to City within thirty (30) days of written demand by City, then City shall be
authorized to execute, on Company's behalf and as its attorney-in-fact, the special
warranty deed required by this Section, and for such limited purpose Company does
hereby constitute and appoint City as its attorney-in-fact.
Company further agrees that it shall indemnify City and hold it harmless
with respect to any demand, claim, cause of action, damage, or injury made, suffered,
or incurred as a result of or in connection with the Project, Company's failure to carry on
or complete same, or any lien, claim, charge, or encumbrance on or against the
Property or any Phase Area of any type or nature whatsoever that attaches to the
Property or a Phase Area by virtue of Company's ownership of same. If City files suit to
enforce the terms of this Agreement and prevails in such suit, then Company shall be
liable for all legal expenses, including but not limited to reasonable attorneys' fees.
Company's duties of indemnity pursuant to this Section shall survive the expiration,
termination or cancellation of this Agreement for any reason.
9. No Encumbrances; Limited Exception. Until completion of the
Improvements, Company agrees that it shall not create, incur, or suffer to exist any lien,
encumbrance, mortgage, security interest, or charge on the Property or any Phase
Area, other than such mortgage or mortgages as may be reasonably necessary to
finance Company's completion of the Improvements and of which Company notifies
City in advance of Company's execution of any such mortgage. Company may not
mortgage the Property or any Phase Area for any purpose except in connection with
financing of the Improvements.
10. Bonds. Reserved.
11. Utilities. Company will be responsible for extending water, sewer,
telephone, telecommunications, electric, gas and other utility services to any location on
the Property and for payment of any associated connection fees.
DEVELOPMENT AGREEMENT
Page 6
12. City Activities in Aid of Project.
A. Rebates. City shall provide property tax rebates as further set forth
in Section 14 below.
B. Acquisition of Property. The parties acknowledge that the Phase
Area identified as Lot 3 on Exhibit "B" is currently owned by the State of Iowa or another
state agency. City agrees to make reasonable efforts to acquire said property from the
current owner(s) thereof within 24 months of City's conveyance of the Phase 2 area to
Company.
C. Tax credit assistance. City agrees to support Company's
applications for enterprise zone credits and brownfield/grayfield tax credits and to assist
Company in making application for such credits.
13. Minimum Assessment Agreement. Company acknowledges and
agrees that it will pay when due all taxes and assessments, general or special, and all
other charges whatsoever levied upon or assessed or placed against any portion of the
Property conveyed to Company hereunder. In connection with each phase of
Improvements, and as a condition to receiving the benefits provided for in this
Agreement, Company agrees to execute a minimum assessment agreement
substantially in the form attached hereto as Exhibit "C." Company further agrees that
prior to the date set forth in Section 2 of such minimum assessment agreement it will
not seek or cause a reduction in the taxable valuation for the Property, which shall be
fixed for assessment purposes, below the amount stated in the minimum assessment
agreement applicable to a given phase (the "Minimum Actual Value"), through:
(i) willful destruction of the Property, the Improvements, or any part of
either;
(ii) a request to the assessor of Black Hawk County; or
(iii) any proceedings, whether administrative, legal, or equitable, with
any administrative body or court within the City, Black Hawk County, the State of
Iowa, or the federal government.
14. Tax Rebates. For each Phase Area, provided that Company has
completed the Improvements as set forth herein and has executed a minimum
assessment agreement as set forth in Section 14, City agrees to rebate property tax
(with the exceptions noted below) as follows:
Year One through Year Twenty 42% rebate each year
for any taxable value over the January 1, 2013 value. The taxable value of the Property
as of January 1, 2013 is $201,140.00, which will be allocated proportionately to each
Phase Area, based on square footage of the Phase Area, in the applicable
supplemental development agreement as the Phase Areas become more clearly
DEVELOPMENT AGREEMENT
Page 7
identified. Rebates are payable in respect of a given year only to the extent that
Company 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.
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
in the Phase Area, 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 a Phase Area or upon (y) the value
of the Property or a Phase Area and a partial value of the Improvements due to partial
completion of the Improvements or a partial tax year.
15. Representations and Warranties of City. City hereby represents and
warrants as follows:
A. City is not prohibited from consummating the transaction
contemplated in this Agreement by any law, regulation, agreement, instrument,
restriction, order or judgment.
B. Each person who executes and delivers this Agreement and all
documents to be delivered hereunder is and shall be authorized to do so on
behalf of City.
16. Representations and Warranties of Company. Company hereby
represents and warrants as follows:
A. Company is not prohibited from consummating the transaction
contemplated in this Agreement by any law, regulation, agreement, instrument,
restriction, order or judgment.
B. Company is duly organized, validly existing, and in good standing
under the laws of the state of its organization and is duly qualified and in good
standing under the laws of the State of Iowa.
C. Company has full right, title, and authority to execute and perform
this Agreement and to consummate all of the transactions contemplated herein,
and each person who executes and delivers this Agreement and all documents
to be delivered to City hereunder is and shall be authorized to do so on behalf of
Company.
DEVELOPMENT AGREEMENT
Page 8
17. Restriction on Assignment or Conveyance; Sharing of Proceeds.
Company agrees that it will not sell, convey, assign or otherwise transfer, in whole or in
part, to any other person or entity, its interest in any Phase Area before completion of
all Improvements to be made upon such Phase Area without the prior written consent of
City. Reasonable grounds for the City to withhold its consent shall include but are not
limited to the inability of the proposed transferee to demonstrate to the City's
satisfaction that it has the financial ability to observe all of the terms to be performed by
Company under this Agreement. As a further condition to the granting of such consent,
the parties agree to negotiate in good faith for Company's sharing of sale proceeds with
City as partial reimbursement to City for its expenses relating to its activities in support
of the Project and in assembling the Property.
18. Materiality of Company's Promises, Covenants, Representations,
and Warranties. Each and every promise, covenant, representation, and warranty set
forth in this Agreement on the part of Company to be performed is a material term of
this Agreement, and each and every such promise, covenant, representation, and
warranty constitutes a material inducement for City to enter this Agreement. Company
acknowledges that without such promises, covenants, representations, and warranties,
City would not have entered this Agreement. Upon breach of any promise or covenant,
or in the event of the incorrectness or falsity of any representation or warranty, City
may, at its sole option and in addition to any other right or remedy available to it,
terminate this Agreement and declare it null and void.
19. Notices. Any notice under this Agreement shall be in writing and shall be
delivered in person, by overnight air courier service, by United States registered or
certified mail, postage prepaid, or by facsimile (with an additional copy delivered by one
of the foregoing means), and addressed:
(a) if to City, at 715 Mulberry Street, Waterloo, Iowa 50703, facsimile
number 319-291-4571, Attention: Mayor, with copies to the City Attorney and the
Community Planning and Development Director.
(b) if to Company, to Grand Investments, LLC, 2202 College Street,
Cedar Falls, IA 50613, Attention: Brent Dahlstrom, with a copy to Eric Johnson,
Esq., Beecher Law Firm, 620 Lafayette Street, Waterloo, IA 50703.
Delivery of notice shall be deemed to occur (i) on the date of delivery when delivered in
person, (ii) one (1) business day following deposit for overnight delivery to an overnight
air courier service which guarantees next day delivery, (iii) three (3) business days
following the date of deposit if mailed by United States registered or certified mail,
postage prepaid, or (iv) when transmitted by facsimile so long as the sender obtains
written electronic confirmation from the sending facsimile machine that such
transmission was successful. A party may change the address for giving notice by any
method set forth in this section.
20. No Joint Venture. Nothing in this Agreement shall, or shall be deemed
or construed to, create or constitute any joint venture, partnership, agency,
DEVELOPMENT AGREEMENT
Page 9
employment, or any other relationship between the City and Company nor to create any
liability for one party with respect to the liabilities or obligations of the other party or any
other person.
21. Amendment, Modification, and Waiver. No amendment, modification,
or waiver of any condition, provision, or term of this Agreement shall be valid or of any
effect unless made in writing, signed by the party or parties to be bound or by the duly
authorized representative of same, and specifying with particularity the extent and
nature of the amendment, modification, or waiver. Any waiver by any party of any
default by another party shall not affect or impair any rights arising from any subsequent
default.
22. Severability. Each provision, section, sentence, clause, phrase, and
word of this Agreement is intended to be severable. If any portion of this Agreement
shall be deemed invalid or unenforceable, whether in whole or in part, the offending
provision or part thereof shall be deemed severed from this Agreement and the
remaining provisions of this Agreement shall not be affected thereby and shall continue
in full force and effect. If, for any reason, a court finds that any portion of this
Agreement is invalid or unenforceable as written, but that by limiting such provision or
portion thereof it would become valid and enforceable, then such provision or portion
thereof shall be deemed to be written, and shall be construed and enforced, as so
limited.
23. Captions. All captions, headings, or titles in the paragraphs or sections
of this Agreement are inserted only as a matter of convenience and/or reference, and
they shall in no way be construed as limiting, extending, or describing either the scope
or intent of this Agreement or of any provisions hereof.
24. Binding Effect. This Agreement shall be binding and shall inure to the
benefit of the parties and their respective successors, assigns, and legal
representatives.
25. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which, taken
together, shall constitute one and the same instrument.
26. Entire Agreement. This Agreement, together with the exhibits attached
hereto, constitutes the entire agreement of the parties and supersedes all prior or
contemporaneous negotiations, discussions, understandings, or agreements, whether
oral or written, with respect to the subject matter hereof.
27. Time of Essence. Time is of the essence of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Master Development
Agreement by their duly authorized representatives as of the date first set forth above.
[signatures on next page]
DEVELOPMENT AGREEMENT
Page 10
CITY OF W ERLOO, IOWA GRAND INVESTMENTS, LLC
By:
Ernest G. Clark, Mayor
Attest:
Suzy Sch.lres, City Clerk
Brent Dahlstrom, Manager
PERSONAL GUARANTY. The undersigned, being either an officer, shareholder,
manager, or member of Company, hereby agree for themselves and their heirs,
personal representatives, and assigns, to unconditionally guarantee to City, its
successors and assigns, the full and prompt performance by Company, its successors
and assigns, of all promises and covenants on the part of Company to be performed
pursuant to the foregoing Agreement, including but not limited to the duties of indemnity
set forth therein. Liability of multiple guarantors hereunder is joint and several.
Brent Dahlstrom
EXHIBIT "A"
Legal Description of Property
Parcels "A" and "B" in part of Lot 30 in "Auditor's Falls Avenue and Mullen Avenue Plat" in the City of
Waterloo, Black Hawk County, Iowa, as appears in plat of survey recorded in Book 327, Page 412 in the
Office of the Recorder, Black Hawk County, Iowa.
EXHIBIT "B"
Aerial Depiction
See attached.
1
c-)
Ci
0
0
EXHIBIT "C"
MINIMUM ASSESSMENT AGREEMENT
This Minimum ssessment Agreement (the "Agreement") is entered into as of
-�' ?p` , by and among the CITY OF WATERLOO, IOWA
(" ity"), Grand Investments, LLC ("Company"), and the COUNTY ASSESSOR of the
City of Waterloo, Iowa ("Assessor").
WITNESSETH:
WHEREAS, on or before the date hereof the City and Company have entered
into a Development Agreement (the "DA"), supplemental to a master development
agreement entered into between said parties, regarding certain real property described
therein located in the City of Waterloo; and
WHEREAS, it is contemplated that pursuant to the DA, the Company will
undertake the development of an area ("Phase Project") within the City and within the
Downtown Waterloo Urban Renewal and Redevelopment Plan Area; and
WHEREAS, pursuant to Iowa Code § 403.6, as amended, the City and the
Company desire to establish a minimum actual value for the land and the building(s)
pursuant to this Agreement and applicable only to the Phase Project, which shall be
effective upon substantial completion of the Phase Project and from then until this
Agreement is terminated pursuant to the terms herein and which is intended to reflect
the minimum actual value of the land and buildings as to the Phase Project only; and
WHEREAS, the City and the Assessor have reviewed the preliminary plans and
specifications for the improvements (the "Improvements") which the parties contemplate
will be erected as a part of the Phase Project.
NOW, THEREFORE, the parties hereto, in consideration of the promises,
covenants, and agreements made by each other, do hereby agree as follows:
1 • Upon substantial completion of construction of the Improvements by the
Company upon the real property described on Exhibit "A" attached hereto, the minimum
actual taxable value which shall be fixed for assessment purposes for the land and
Improvements to be constructed thereon by the Company as a part of the Phase
Project shall not be less than $ (� boo,av)) (the "Minimum Actual Value") until
termination of this Agreement. The parties hereto agree that construction of the
Improvements will be substantially completed on or before Wt. -`1 I S (MO .
2. The Minimum Actual Value herein established shall be of no further force
and ffect, and this Minimum Assessment Agreement shall terminate, on December 31,
2(61 . 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. The City shall not unreasonably withhold its consent to permit the
Company to con#est its taxable valuations in full, commencing with the assessment of
January 1, 9j: 5 .
3. This Agreement shall be promptly recorded by the City with the Recorder
of Black Hawk County, Iowa. The City shall pay all costs of recording.
4. Neither the preambles nor provisions of this Agreement are intended to, or
shall be construed as, modifying the terms of the Development Agreement.
5. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of the parties, including but not limited to future owners of the
Project property.
IN WITNESS WHEREOF, the parties have executed this Minimum Assessment
Agreement by their duly authorized officers as of the date first set forth above.
CITY OF WATERLOO, IOWA GRAND INVESTMENTS, LLC
tide/
rnest G. Clark, Mayor Brent Dahlstrom, Manager
Suzy Schares, City Clerk
STATE OF IOWA
) ss.
COUNTY OF BLACK HAWK
On this ( day of ., Di , before me, a Notary Public in and
for the State of Iowa, personal y =ppeared Ernest G. Clark and Suzy Schares, to me
personally known, who being duly sworn, did say that they are the Mayor and City
Clerk, respectively, of the City of Waterloo, Iowa, a municipal corporation, created and
existing under the laws of the State of Iowa, and that the seal affixed to the foregoing
instrument is the seal of said municipal corporation, and that said instrument was
signed and sealed on behalf of said municipal corporation by authority and resolution of
its City Council, and said Mayor and City Clerk acknowledged said instrument to be the
free act and deed of said municipal corporation by it and by them voluntarily executed.
Notary Public
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
e+ COMMISSION NO. 763995
rte. MY COMMISSION EXPIRES
i muw
DeAnne Kobliska
Subscribed and sworn to before me on February 27, 2014, by Brent Dahlstrom as
Manager of Grand Investments, LLC.
/ii,L44/ /10k9
Notary Public
o COPnMISS?°N NO. 720408
u •• i MY GOMMIS:;iO'1 ;:XPIREB
Inru"..h' 20u
pow* _.-.. . ...- .. .,
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 `>\)L M\\- -\ Dollars ($ 6, 600, uOu ) until termination
of this Minimum Assessment Agreement pursuant to the terms hereof.
STATE OF IOWA
) ss.
COUNTY OF BLACK HAWK
r/,(e__,- ------2
for Black Hawk County, Iowa
Date
Subscribed and sworn to before me on o2 - .S"- /5-
[7' ' '„ DEBORAH L. BOECKMANN
Ix r41^a, MY COMMISSION NO. 195766
, MY C • MVS ION EXPIRES
/26-,2/
Notary Public