HomeMy WebLinkAboutDahlstrom Real Estate LLC - Dev Agmnt - 10/8/2018 Preparer
Information: Christopher S.Wendland, PO Box 596,Waterloo, Iowa 50704 (319)234.5701
Name Address City Phone
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 C) r 8 ,
2018, by and between Dahlstrom Real Estate LLC, a/k/a Dahlstrom Development, LLC
(the "Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated August 13, 2018 (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 the MAA and to modify the terms
thereof as set forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Company was incorrectly identified in the DA and the MAA as Dahlstrom
Real Estate LLC. Said name is hereby stricken from each place that it appears in the
DA and the MAA, and "Dahlstrom Development, LLC" is substituted in its place.
2. The first paragraph of Section 9 of the DA is hereby amended to strike the
phrase "50% rebate each year" and to substitute in its place the phrase 70% rebate
each year."
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. The DA, the MAA,
and this Amendment shall inure to the benefit of and be binding upon the parties and
their respective successors, transferees and assigns. This Amendment may be
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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 by their
duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA DAHLSTROM DEVELOPMENT, LLC
By: By,4
Quentin Hart, Mayor Brent Dahlstrom, Manager
Attest: 11,
Kelley Felc I , City Clerk