HomeMy WebLinkAboutQOZ Arts Mall LLC - Amnd Dev Agmnt - 1/7/19 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 Amendment to Minimum
Assessment Agreement (the "Amendment") is entered into as of w�-), z�,i`\
by and among QOZ Arts Mall, LLC (the "Sub-Assignor"), Arts Mall Properties, LLC (the
"Sub-Assignee"), and the City of Waterloo, Iowa (the "City").
RECITALS
A. Grand Investments, LLC ("Grand") and City were original parties to that
certain Development Agreement dated December 19, 2016 (the "DA") and
filed January 24, 2017 as Doc. No. 2017-13397, concerning the
development of land (the "Property") described therein. The DA was later
amended (the "First Amendment") to provide for a total assignment of
Grand's interest and obligations under the DA to Sub-Assignor. The First
Amendment was dated July 16, 2018 and filed August 6, 2018 as Doc.
No. 2019-02035. Sub-Assignor and City are also parties to that certain
Minimum Assessment Agreement (the "MAA") pertaining to the Property,
dated as of the same date as the DA and amended as of the same date
as the First Amendment.
B. The parties desire to remove Sub-Assignor as the developer under the DA
and the MAA and to substitute Sub-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 Sub-Assignor as
the "Company" under each agreement and to substitute Sub-Assignee as the
"Company" throughout both agreements. Said amendment shall be effective
retroactively to the original date of each agreement.
Page 2
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 or the First Amendment, as applicable. The DA and
MAA, as previously amended, and this Amendment 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 QOZ ARTS MALL, LLC
Assignor
By: � By: ' ' -
Quentin M. Hart, Mayor rent Dahlstrom, Manager
Attest: ARTS MALL PROPERTIES, LLC
Kelley Felchl , City Clerk Assignee
By:
Br nt-Dahlstrom, �