HomeMy WebLinkAboutA and K Ventures, LLC - Amendment to Dev Agmnt 226 W. 13th St 11.07.2020Preparer
Information- Christopher S. Wendiand, PO Box 596, Waterloo, Iowa 50704
Name Address City
(319) 234.5701
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 12/7/2020
by and between A and K Ventures LLC (the "Company") and the City of Waterloo, Iowa
(the "City").
RECITALS
A. Through assignment instrument recorded November 24, 2014 as Doc. No.
2015-8837, Company and City are parties to that certain Development
Agreement dated October 22, 2012 and recorded November 24, 2014 as
Doc. No. 2015-8838 (collectively, 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
"MAX) pertaining to the Property, dated as of the same date as the
original DA.
B. The parties desire to further 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 3 of the DA and Section 1 of the MAA are hereby amended to
strike "December 31, 2016" therefrom and to substitute "December 31, 2018" in its
place as the Project completion date.
2. Section 2 of the MAA is hereby stricken in its entirety, and the following
new Section 2 is substituted in its place:
2. The Minimum Actual Value herein established shall be of no further
force and effect, and this Minimum Assessment Agreement shall terminate, on
December 31, 2037. Nothing herein shall be deemed to waive the Company's
rights under Iowa Code § 403.6, as amended, to contest that portion of any actual
value assignment made by the Assessor in excess of the Minimum Actual Value
established herein. In no event, however, shall the Company seek or cause the
reduction of the actual value assigned below the Minimum Actual Value
established herein during the term of this Agreement. Nothing herein shall limit the
discretion of the Assessor to assign at any time an actual value to the land and
Improvements in excess of the Minimum Actual Value.
Company agrees that it will not seek administrative review or judicial review of the
applicability or constitutionality of any Iowa tax statute or regulation relating to the
taxation of real property included within the Property that is determined by any tax
official to be applicable to the Property or to Company, or raise the inapplicability or
constitutionality of any such tax statute or regulation as a defense in any
proceedings. Company further agrees that, during the term hereof, it will make no
conveyance, lease or other transfer of the Property or any interest therein that
would cause the Property or any part thereof to be classified as exempt from
taxation or subject to centralized assessment or taxation by the State of Iowa.
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 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.
CITY OF WATERLOO, IOWA A AN P K-VENTURES LLC
By:
Quentin Hart, Mayor
Attest: Kelley �elchle
Kelly Felchle, City Clerk
Kent Orc ard, -sident