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HomeMy WebLinkAbout3 Little Lambs - Amendment to Dev Agmnt-5/16/2016 riease return oris copy to: City Clerk&Finance Dept. 715 Mulberry St. Waterloo,IA 50703 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 ofAct-�, Ir - , 2016 by and between 3 Little Lambs, LLC (the "Company") and the City of Waterloo, Iowa (the "City"). RECITALS A. Company and City are parties to that certain Development Agreement dated April 20, 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 (the "MAA") pertaining to the Property, dated as of the same date. The DA and MAA have been filed in the land records of Black Hawk County, Iowa, as Doc. No. 2015-19741. B. The parties desire to increase the minimum assessed value for the Project, and in consideration of said increase City is willing to convey additional land to Company for further development. C. The parties desire to amend the DA and the MAA 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. Section 2 of the DA is hereby amended to strike "$100,000" therefrom and to substitute 1160,000" in its place as the new estimate of total project cost. Section 8 of the DA and Section 1 of the MAA are hereby amended to strike "$113,500" therefrom and to substitute "$163,500" as the new Minimum Assessed Value. Page 2 2. The DA is hereby amended to provide that the City shall convey Lot 3, Block 16, Hayes Addition, and abutting alley to Company for the sum of $1.00 (collectively, the "Additional Parcel") described on Exhibit A-1 attached hereto, on the terms set forth in Section 1 of the DA, except that closing shall occur within thirty (30) days after City completes proceedings to vacate that portion of the alley that abuts said Lot 3. Upon conveyance, the Additional Parcel shall be subject to the terms of the DA as if originally included in the Property, except that Company shall have no duty to undertake an additional project on the Additional Parcel. The deed shall operate as an amendment to add the Additional Parcel to Exhibit A of the DA and the MAA, without further action by the parties. 3. The Certification of Assessor attached to the DA and the MAA is hereby stricken and the attached Certification of Assessor showing an actual value of $163,500 is substituted in its place. 4. 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 or MAA, as applicable. The DA, MAA, 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. [signatures on next page] Page 3 CITY OF WATERLOO, IOWA 3 LITTLE LAMBS, LLC r �n 1 By: _� , _ By: Quentin Hart, Mayor Jo than Brundrett Man ging Member Attest: R,�p Suzy Sch res, City Clerk EXHIBIT A-1 Legal Description of Additional Property Lot 3, Block 16, Hayes Addition, Waterloo; and That part of the vacated alley in Block 16 of Hayes Addition lying Southeasterly of a line drawn between the Northerly most corner of Lot 8 of said Block 16 and the Westerly most corner of Lot 3 of said Block 16, and lying Northwesterly of a line drawn between the Southerly most corner of Lot 3 of said Block 16 and the Northerly most corner of Lot 9 of said Block 16, except the Southwesterly half of that part of the vacated alley in Block 16 of Hayes Addition lying Southeasterly of a line drawn between the Northerly most corner of Lot 8 of said Block 16 and the Westerly most corner of Lot 3 of said Block 16, and lying Northwesterly of a line drawn between a point on the Northeasterly line of said Lot 8 that is 45 feet Southeasterly of the Northerly most corner of said Lot 8 and a point on the Southwesterly line of said Lot 3 that is 45 feet Southeasterly of the Westerly most corner of said Lot 3, City of Waterloo, Black Hawk County, Iowa, subject to retention of a utility easement over, under, and upon said vacated alley.