HomeMy WebLinkAboutQOZ Arts Mall LLC - Amnd Dev Agmnt - 1/7/19(RECORDED)Preparer
information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704 (319) 234.5701
C -t of Oakaioo.
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Doc ID 009492310003 Type GEN
Recorded: 02/22/2019 at 03:56:58 PM
Fee Amt: $17,00 Page 1 of 3
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
F11e2019-00012766
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 \) ' -' ' -1
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.
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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: ,L �c Yt �� ;� /— By:
Quentin M. Hart, Mayor Bren Dahlstrom, Manager
Attest:
Kelley Felchloi City Clerk
ARTS MALL PROPERTIES, LLC
Assignee
By:
Brent Dahlstrom, Manager
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2019-17
RESOLUTION APPROVING AN AMENDMENT TO THE
DEVELOPMENT AGREEMENT & MINIMUM ASSESSMENT
AGREEMENT WITH QOZ ARTS MALL, LLC, CHANGING
THE DEVELOPER FROM QOZ ARTS MALL, LLC TO ARTS
MALL PROPERTIES, 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 the Development Agreement dated January 7, 2019, between QOZ Arts
Mall, LLC and the City of Waterloo, Iowa, in conjunction with changing the developer
from QOZ Arts Mall, LLC to Arts Mall Properties, 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 7th day of January.
AT'IST.
Kelley Fele ;f e
City Clerk
Quentin Hart, Mayor
CERTIFICATE
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 2019-17, as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 7th day of January 2019.
Witness my hand and seal of office this 7th day of January 2019.
itt-
Kelley Felchle
City Clerk