HomeMy WebLinkAboutVeteran Enterprises, Ltd. Amendmtn to Dev Agmnt - 8/20/2018 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 nd Amendment to Minimum Assessment
Agreement (the "Amendment") is entered into as ofeqjqjA�f 30 2018, by and between
the City of Waterloo, Iowa ("City") and Veteran Enterpri s, Ltd. ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated July
6, 2009 and filed September 10, 2009 as Doc. No. 2010-5288 (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 (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. The parties acknowledge and agree that Phase I Improvements and Phase II
Improvements have been completed and are both included within the terms of the MAA.
Accordingly, Company's obligations to construct the Phase I Improvement and Phase II
Improvements is satisfied.
2. Paragraph 2(c) of the DA is amended to strike "December 31, 2015" therefrom
and to substitute "December 31, 2025" in its place.
3. Section 3 of the DA is amended to strike "April 1, 2015" as the Commencement
Date and "December 31, 2015" as the Completion Date of Phase III and to substitute in place
thereof"April 1, 2025" and "December 31, 2025", respectively.
4. Section 5 of the DA is amended to state that the Minimum Assessment Period
for Phase II is the same as the Minimum Assessment Period for Phase I and to state that the
Minimum Actual Value for Phase II is included within the Minimum Actual Value for Phase I. No
separate minimum assessment agreement shall be entered into with respect to Phase II
Improvements.
5. The rebates for Phase II Improvements as described in paragraph 6(b) are
included within and a part of the rebates for Phase I Improvements. No separate rebates are
payable with respect to Phase II Improvements.
6. 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.
VETERAN ENTERPRISES, LTD. CITY OF WATERLOO, IOWA
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By: � By: �
Garth A. Carlson, CEO Quentin M. Hart, Mayor
By: &4AI
Kelley Felchlity Clerk
STATE OF
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COUNTY )
Acknowledged before me on I�Lc r L' , 2018 by Garth A. Carlson as CEO of
Veteran Enterprises, Ltd.
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Iary Public
✓fOfT9j'$ CYENTHIA LYNN EPPERSCHULTZ
Notary Public
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STATE OF IOWA )
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BLACK HAWK COUNTY )
Acknowledged before me on 2� 2018 by Quentin M. Hart and Kelley
Felchle, as Mayor and City Clerk, respe ively, of the City of Waterloo, Iowa.
NANCY HIGBY
Notar Pub[ c
COMMISSION NO.788229 V
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