HomeMy WebLinkAboutKWWL - Amdmnt to Dev Agmnt and Min Assment - 5/21/2018 Prepared 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 Amendment to Minimum
Assessment Agreement (the "Amendment") is entered into as of , 2018
by and between KWWL Television, Inc. (the "Company") and the City of Waterloo, Iowa
(the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated June 24, 2013 (the "DA"), as amended thereafter, concerning the
development of property as described in the Agreement. Company and
City are also parties to that certain Minimum Assessment Agreement (the
"MAA") pertaining to said property, dated as of the same date. The DA
and MAA have been filed in the land records of Black Hawk County as
Doc. No. 2015-5218.
B. The parties desire to amend the DA and the MAA to modify the terms as
set forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Section 4 of the DA and Section 1 of the MAA are each amended to strike
"$1,800,000" therefrom and to substitute $1,768,800" in its place.
2. Section 1 of the MAA is further amended to strike "$1,671,000" therefrom
and to substitute 11,639,800" in lieu thereof.
3. 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.
Page 2
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.
CITY OF WATERLOO, IOWA KWWL TELEVISION, INC.
By: f By: (2zz:�:a?' zf
Quentin Hart, Mayor
Title: P/Q,CTS �lu�iEUe SS a�,
Attest:
Kelley Fe le, City Clerk
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 One Million Seven Hundred Sixty-Eight Thousand Eight Hundred Dollars
($1,768,800.00) in the aggregate, until termination of this Minimum Assessment
Agreement pursuant to the terms hereof.
As r for Black Hawk County, Iowa
12- c
Date
STATE OF IOWA )
) SS.
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me on n c�,x�Vvb( �`���� by T.J.
Koenigsfeld, Assessor for Black.Hawk County, Iowa.
A,*
"'"` FADRIENNE MILLERCOMMISSION NO.809109 otary Public
MY COMMISSION EXPIRES
a w" FEBRUARY 23,2021