HomeMy WebLinkAboutGrand Investments Dev Agmnt w/ Min Asmnt Agmnt - 7/16/2018 Preparer
Information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704 (319)234.5701
Name Address City Phone
SPACE ABOVE THIS LINE
FOR RECORDER
AMENDMENT TO DEVELOPMENT AGREEMENT
AND AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Amendment to Development Agreement and Amendme t to Minimum
Assessment Agreement (the "Amendment") is entered into as of— I�, ,
2018 by and among Grand Investments, LLC (the "Assignor"), QOZ Arts M611, LLC (the
"Assignee"), and the City of Waterloo, Iowa (the "City").
RECITALS
A. Assignor and City are parties to that certain Development Agreement
dated December 19, 2016 (the "DA"), concerning the development of land
(the "Property") described therein. Assignor and City are also parties to
that certain Minimum Assessment Agreement (the "MAX) pertaining to
the Property, dated as of the same date. The DA and MAA have been
filed in the land records of Black Hawk County, Iowa, as Doc. No. 2017-
13397.
B. The parties desire to remove Assignor as the developer under the DA and
the MAA and to substitute Assignee in place thereof.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. The DA and the MAA are hereby amended to remove Assignor as the
"Company" under each agreement and to substitute Assignee as the "Company"
throughout both agreements. Said amendment shall be effective retroactively to the
original date of each agreement.
2. Except as modified herein, the DA and MAA shall continue unmodified in
full force and effect, including personal guaranties, if any. 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
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shall inure to the benefit of and be binding upon the parties and their respective
successors and assigns.
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 GRAND INVESTMENTS, LLC
Assignor
Quentin M. Hart, Mayor Brent Dahlstrom, Manager
Attest: QOZ ARTS MALL, LLC
Kelley Fel t
le, City Clerk Assignee
By: —�
rent Dahlstrom, Manager