HomeMy WebLinkAboutBCS Amendmnet to Dev Agmnt and Minimum Assessment Agmnt - 11/13/2017Prepared by Christopher S. Wendland P.O. Box 596, Waterloo IA 50703. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT and
AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Amendment to Development Agreement and Aendment to Minimum Assessment
Agreement (the "Amendment') is entered into as of I 2017, by and between
the City of Waterloo, Iowa ("City") and BCS Properties, L.L.C. ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated
February 20, 2017, (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 dated February 20, 2017 (the "MAX)
pertaining to the Property.
B. The parties desire to amend the DA and MAA on the terms set forth herein.
NOW, THEREFORE, in consideration of the premises and of other consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree to amend the
Agreement as follows:
1. Exhibit "A" of the DA and the MAA is stricken therefrom and a new Exhibit "A" as
attached to this Amendment is substituted in place thereof.
2. Section 1 of the DA is stricken therefrom in its entirety and a new Section 1 is
substituted in its place, as follows:
1. Assembly of Property. Company is purchasing the real property described
on Exhibit "A" attached hereto that consists of assessor parcel no. 8913-33-376-012.
Company currently owned the real property described on Exhibit "A" that consists of
assessor parcel no. 8913-22-351-007. Both of such parcels are collectively referred to
herein as the "Property." Company shall take all steps necessary or advisable to
complete the purchase of the Property and to obtain marketable title thereto as promptly
as possible.
3. Section 6 of the DA is amended to strike "$157,410" therefrom and to substitute
"$334,910" in its place as the taxable Property value as of January 1, 2016.
4. Except as amended herein, the DA and the MAA shall continue unmodified in full
force and effect. Terms capitalized in this Amendment but not defined herein shall have the
meaning ascribed to them in the Agreement. This Amendment is binding on the parties and the
respective successors, assigns, transferees and legal representatives of each. This
Amendment may be executed in counterparts, each of which shall be deemed an original and
all of which, when taken together, shall constitute a single instrument.
IN WITNESS WHEREOF, the parties have executed this Amendment to Development
Agreement and Amendment to Minimum Assessment Agreement as of the date first set forth
above.
BSC PROPERTIES, L.L.C.
By:
Brent Dahlstrom, Manager
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
CITY OF WATERLOO, IOWA
By:
Quentin M. Hart, Mayor
By:
elley Felc It,
City Clerk
Acknowledged before me on 2018 by Brent Dahlstrom as Manager of
BSC Properties, L.L.C.
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STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on 2018 by Quentin M. Hart and Kelley
Felchle, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
M
HIGBY Notary Public
N NO.788229
ION EXPIRES
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2
EXHIBIT A
Legal Description of Property
Parcel 8913-33-376-012: A PARCEL OF LAND IN THE SE QTR OF THE SW QTR OF SEC 33 T 89 R
13 DESC AS FOL: BEG AT THE INTERSECTION OF THE W LINE OF SAID SE SW WITH THE SELY
RIGHT OF WAY LINE OF US HWY 63 TH S 89 DEG 50 MIN 15 SEC E 432.65 FT TH S 1 DEG 40 MIN
30 SEC E 986.4 FT TO A PT ON THE N LINE OF RIDGEWAY AVE TH S 90 DEG 00 MIN W ALONG
THE N LINE OF RIDGEWAY AV TO THE W LINE OF SAID SE SW TH N 0 DEG 43 MIN 15 SEC W
985.97 FT TO PT OF BEG.
AND
Parcel 8913-33-351-007: UNPLATTED WATERLOO WEST THAT PART OF SW 1/4 SW 1/4 SEC 33 T
89 R 13 LYING SELY AND ELY OF US HWY 63 EXC S 50 FT CONVEYED TO CITY OF WATERLOO
FOR STREETS & EXC THAT PART DEEDED TO CITY OF WATERLOO B 557 P 80.