HomeMy WebLinkAboutVeteran Enterprises, Ltd.(RECORDED) Amendment to Dev Agmnt1myiNuwhu11111uaNw11111nWN
Doc ID: 009412120004 Type: GEN
Recorded: 10/23/2018 at 03:56:51 PM
Fee Amt: $22.00 Page 1 of 4
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
F11e2019-00006673
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 of(AC tt f dD , 2018, by and between
the City of Waterloo, Iowa ("City") and Veteran EnterpriseS, 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 "MAA") 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 11
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.
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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
By: Z Ai, ;X'r
By: v�
Garth A. Carlson, CEO Quentin M. Hart, Mayor
By:
STATE OF OlInneosp-44;- )
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Kelley Felchl: City ler
Acknowledged before me on pLaz. , 2018 by Garth A. Carlson as CEO of
Veteran Enterprises, Ltd.
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Acknowledged before me on /, 2018 by Quentin M. Hart and Kelley
Felchle, as Mayor and City Clerk, respect' ely, of the City of Waterloo, Iowa.
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Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-619
RESOLUTION APPROVING AN AMENDMENT TO THE
DEVELOPMENT AGREEMENT WITH VETERAN
ENTERPRISES, LTD. OF WATERLOO, IOWA, APPROVED
JULY 6, 2009, FOR AN EXTENSION FOR CONSTRUCTION
ON PHASE III, 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 the Development Agreement dated July 6, 2009, between Veteran
Enterprises, Ltd. and the City of Waterloo, Iowa, for an extension for construction on Phase III, 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 20th day of August 2018.
ATTEST:
Kelley Felc
City Clerk
CERTIFICATE
Quentin Hart, Mayor
I, Kelley Felchle, City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution 2018-619, as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 20th day of August 2018.
Witness my hand and seal of office this 20th day of August 2018.
Kelley Felc
City Clerk