HomeMy WebLinkAboutGMJ2 Industries, LLC-3/21/2016Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50704 Phone (319) 234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT and
AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Amendment to Development Agreement and Amendment of Minimum Assessment
Agreement (the "Amendment") is entered into as of \-&-N_1'C_ l,-\ z 1 , 2016, by and between
the City of Waterloo, Iowa ("City") and GMJ2 Industries, LLC ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated May
26, 2015, (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 of the same date (the "MAA") pertaining
to the Property.
B. The parties desire to amend the DA and the MAA on the terms set forth herein to
reflect a change in the order of the phased development.
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 second sentence of Section 1 of the DA stricken therefrom, and the following
new second sentence is substituted in place thereof: "Each phase shall consist of two or more
mini -storage buildings of no less than 7,800 square feet and related improvements for Phase 1
and no less than 14,400 square feet and related improvements for each of Phases 2 and 3."
2. Section 8 of the DA is hereby amended to strike therefrom the statement of
Minimum Actual Values for each of the Phase Areas and to substitute therefor the following
statement of Minimum Actual Values:
Phase Area 1 $234,000
Phase Area 2 $432,000
Phase Area 3 $432,000
3. Section 9 of the DA is hereby amended to strike therefrom the statement of
January 1, 2014 taxable values for each of the Phase Areas and to substitute therefor the
following statement of January 1, 2014 taxable values:
Phase Area 1 $20,300
Phase Area 2 $21,350
Phase Area 3 $24,050
4. Section 1 of the MAA is stricken therefrom in its entirety, and the following new
Section 1 is substituted in its place:
"1. Upon substantial completion of construction of the Improvements by the
Company upon the real property described as Lot 14, Northeast Industrial Park Plat No.
3, City of Waterloo, Black Hawk County, Iowa," the minimum actual taxable value which
shall be fixed for assessment purposes for the land and Improvements to be constructed
thereon by the Company as a part of the Phase Project shall not be less than $234,000
(the "Minimum Actual Value") until termination of this Agreement. The parties hereto
agree that construction of the Improvements will be substantially completed on or before
December 31, 2016."
5. The Certification of Assessor attached to the MAA is stricken in its entirety, and
the Certification of Assessor attached hereto is substituted in place thereof.
6. Except as amended herein, the DA and the MAA shall continue unmodified in full
force and effect. Capitalized terms that are not defined in this Amendment shall have the
meanings attributed to them in the DA or the MAA, as applicable. 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.
CITY OF WATERLOO, IOWA GMJ2 INDUSTRIES, LLC
By: By:
Quentin Hart, Mayor Jim D. Ellis, Manager
1
By:
Suzy Sc ares, City Clerk
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
This record was acknowledged before me on
Manager of GMJ2 Industries, LLC.
2
, 2016 by Jim D. Ellis as
Notary Public
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
This record was acknowledged before me on �i� `�' �'� , 2016 by Quentin Hart and
Suzy Schares, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
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MY COMMISSION p(pIRES
3
CERTIFICATION OF ASSESSOR
The undersigned, having reviewed the plans and specifications for the
improvements to be constructed and the market value assigned to the land upon which
the improvements are to be constructed for the development, and being of the opinion
that the minimum market value contained in the foregoing Minimum Assessment
Agreement appears reasonable, hereby certifies as follows: The undersigned
Assessor, being legally responsible for the assessment of the property subject to the
development, upon completion of improvements to be made on it and in accordance
with the Minimum Assessment Agreement, certifies that the actual value assigned to
such land, building and equipment upon completion of the development shall not be
less than Two Hundred Thirty -Four Thousand Dollars ($234,000.00) in the aggregate,
until termination of this Minimum Assessment Agreement pursuant to the terms hereof.
STATE OF IOWA
) ss.
COUNTY OF BLACK HAWK
Asses;6r for Black Hawk County, Iowa
Date
Subscribed and sworn to before me on 3 , 2016 by T.J.
Koenigsfeld, Assessor for Black Hawk County, Iowa.
TARAJOHNSON
Commission Number 767467
My Commission Expires
April 5, 2017