HomeMy WebLinkAboutGrand Investments Dev Agmnt w/ Min Asmnt Agmnt (RECORDED)- 7/16/2018 i 1111111 111111 iii 11111 11111 11111 11111 11111 11111 11111 11111 11111 11111 11111 ilii ilii
Doc ID: 009351030003 Type: GEN
Recorded: 08/06/2018 at 02:18:36 PM
Fee Amt: $17.00 Pape 1 of 3
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2019-00002035
Preparer C v i, L)� uj 0o
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 Amendment o Minimum
Assessment Agreement (the "Amendment") is entered into as of "- 1b ,
2018 by and among Grand Investments, LLC (the "Assignor"), QOZ Arts II, 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
Page 2
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
By: By:
Quentin M. Hart, Mayor nt ahlstrom, Manager
Attest: QOZ ARTS MALL, LLC
Kelley F 1,4676`, City Clerk Assignee
By:, � �--�..
Br6nt Dahlstrom, Manager
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-532
RESOLUTION APPROVING AN AMENDMENT TO
DEVELOPMENT AGREEMENT & MINIMUM ASSESSMENT
AGREEMENT WITH GRAND INVESTMENTS, LLC,
CHANGING THE DEVELOPER FROM GRAND
INVESTMENTS, LLC TO QOZ ARTS MALL, LLC, AND
AUTHORIZE THE MAYOR AND CITY CLERK TO EXECUTE
SAID DOCUMENTS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
that an Amendment to Development Agreement dated July 16, 2018, between Grand
Investments, LLC and the City of Waterloo, Iowa, changing the developer from Grand
Investments, LLC to QOZ Arts Mall, LLC, is hereby approved, and the Mayor and City Clerk are
authorized and directed to execute said document on behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 16th day of July 2018.
Quentin Hart Mayor
y a t
a r x4¢
elley F lchle
City Cle
t
CERTIFICATE
1, Kelley Felchle, City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution 2018-532, as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 16th day of July 2018.
Witness my hand and seal of office this 16th day of July 2018.
A
M t
eft ey Felch
City Clerk
51 AL