HomeMy WebLinkAboutVI 2, LLC - Amendment to Dev Agmnt - 2.21.2022Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50703. 319-234-5701
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--b+�.a-� z-t 202&by and between VI
2, 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 5, 2019 (the "DA") concerning the development of property as described
in the Agreement. Company and City are also parties to that certain Minimum
Assessment Agreement (the "MAA") pertaining to said property, dated as of the
same date as the DA. The DA and MAA have been filed in the land records of
Black Hawk County as Doc. No. 2020-8817.
B. The parties desire to amend the DA and the MAA to modify the terms 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 amended to state that the Start Deadline shall be six (6)
months from the date of this Amendment and the Completion Deadline shall be within fourteen
(14) months from the date of this Amendment.
2. Section 1 of the MAA is amended to strike "December 31, 2020" therefrom and to
substitute "March 31, 2023" in place thereof.
3. Section 2 of the MAA is amended to strike "December 31, 2037" therefrom and to
substitute "December 31, 2040" in place thereof.
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.
Page 2
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 VI 2, LLC
By: By: . 64
Quentin M. Hart, Mayor
Attest:
Ke ey Felchle [ ity Clerk
andall D.
Managing Me
an
rsee
er
STATE OF IOWA
ss.
COUNTY OF BLACK HAWK )
On this z,)3 day of f Zc>Z Z, before me, a Notary Public in and for the
State of Iowa, personally appeared Qum_ entin 1. Hart and Kelley Felchle, to me personally
known, who being duly sworn, did say that they are the Mayor and City Clerk, respectively, of
the City of Waterloo, Iowa, a municipal corporation, created and existing under the laws of the
State of Iowa, and that the seal affixed to the foregoing instrument is the seal of said municipal
corporation, and that said instrument was signed and sealed on behalf of said municipal
corporation by authority and resolution of its City Council, and said Mayor and City Clerk
acknowledged said instrument to be the free act and deed of said municipal corporation by it
and by them voluntarily executed.
NANCY HIGBY
COMMISSION NO.788229
MY CQMMISS ON EXPIRES
STATE OF IOWA
ss.
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me on
as Managing Member of VI 2, LLC.
)3, c 12c ? Y Randall D. Vandersee
Notary Public