HomeMy WebLinkAboutDahlstrom Real Estate, LLC-Dev Agmnt-10/8/19(RECORDED)Preparer
information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704
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Doc ID 009502010004 Type GEN
Recorded: 03/12/2019 at 09:17:49 AM
Fee Amt: $22.00 Page 1 of 4
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
Fi1e2019-.00013539
(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 OGS -obi - 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 "MAA")
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
(aa)
Page 2
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: �-, ,11 '14 By:
Quentin Hart, Mayor
Attest:
Kelley Felc
, City Clerk
rent Dahlstrom, Manager
EXHIBIT "A"
Legal Description of Property
MIDPORT AMERICA PARK PLAT NO. 3 LOT 20
and
UNPLATTED WATERLOO EAST PART SEC 4 T 89 R 13 BEG AT INTERS NLY ROW LINE W AIRLINE
HWY & WLY ROW LINE WAGNER RD TH N 600 FT TH W 3300 FT TH S TO NLY ROW LINE ICG RR
TH SELY ALONG NLY LINE RR ROW TO NLY ROW LINE W AIRLINE HWY TH ELY ALONG SAID
ROW LINE TO PT OF BEG & THAT PART SE SW SEC 4 T 89 R 13 LYING S OF IC RR EXC WLY 875
FT & EXC STREET AND EXC THAT PART PLATTED TO MIDPORT AMERICA PARK PLAT NO. 1 AND
NO. 2 AND NO. 3
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2018-753
RESOLUTION APPROVING AN AMENDMENT TO
DEVELOPMENT AGREEMENT WITH DAHLSTROM
DEVELOPMENT, LLC FOR A NEW 200,000 SQUARE FOOT
WAREHOUSING BUILDING IN THE MIDPORT AREA BY
CHANGING THE TAX REBATE SCHEDULE FROM 10
YEARS AT 50% TO 10 YEARS AT 70%, AND AUTHORIZE
THE MAYOR AND CITY CLERK TO EXECUTE ALL
NECESSARY PAPERWORK.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
that an Amendment to the Development Agreement dated October 8, 2018, between Dahlstrom
Development, LLC and the City of Waterloo, Iowa, in conjunction with the construction of a new
200,000 square foot warehousing building in the MidPort area, by changing the tax rebate
schedule from 10 years at 50% to 10 years at 70%, 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 8th day of October 2018.
elley Fe
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 2018-753, as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 8th day of October 2018.
Witness my hand and seal of office this 8th day of October 2018.
r� l �►/ W
Kelley Fel e
City Clerk
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