HomeMy WebLinkAboutArts Mall Properties, LLC - Amendment to Dev Agmnt - 1.3.2023Prepares. Information: Christopher 1. Rauseh, 372 SE Meadowlark Ct., Waukee, Iowa 50263 (314) 397-1751)
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' January 3, 2023 2f3Y4 by and among Arts
Mali Properties, LLC (the "Sub -Assignee" or "Arts Mall Properties" or the "Company"), and the
City of Waterloo, Iowa (the "City").
RECITALS
A. Grand Investments, LLC ("Grand") and City were original parties to that certain
Development Agreement dated December 19, 2016 (the "DA") and filed January 24,
2017 as Doc. No. 2017-13397, concerning the development of the land (the
"Property") described therein. The DA was later amended (the "First Amendment")
to provide for a total assignment of Grand's interest and obligations under the DA to
QOZ Arts Mall, LLC (the "Sub -Assignor"). The First Amendment was dated July
16, 2018 and filed August 6, 2018 as Doc. No. 2019-02035. Sub -Assignor and City
were also parties to that certain Minimum Assessment Agreement (the "MAA")
pertaining to the Property dated as of the same date as the DA and amended as of the
same date as the First Amendment. The DA was later amended (the "Second
Amendment") to provide for a total assignment of the Sub -Assignor's interest and
obligations under the DA and the MAA to Arts Mall Properties, LLC (the "Sub -
Assignee or the "Company"). The Second Amendment was dated January 17, 2019
and filed February 22, 2019 as Doc. No. 2019-00012766.
B. The parties desire to further amend the DA by adding a Section 7 (D) ("Access
Easement") as below -mentioned.
NOW, THEREFORE, in consideration of the mutual covenants contained herein, the
parties agree as follows:
I. The DA is amended to add a Section 7(D) as follows:
"Access Easement. City hereby grants to Company, its employees, agents, future tenants
at the Property, and patrons and guests of said tenants, an easement for limited purposes of
vehicular access over and upon the City owned Lot (Tax Lot 8913-26-229-008 and Tax Lot
8913-26-229-010) that abuts the Property on the southeasterly and northwesterly side. Said
easement is non-exclusive and shall be in common with members of the general public".
2. 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
By: Quentin lino
Print Name: Quentin Hart
Title: Mayor
Attest: Kerrey Tefcrr
Kelley Felchle, City Clerk
ARTS MALL PROPERTIES, LLC
By:
Print Name: Brent Dahlstrom
Title: Manager
Arts Mall Properties, LLC
By: Brent Dahlstrom
Its: Manager
STATE OF IOWA,
COUNTY OF BLACK HAWK, ss.
This record was acknowledged before me on this 15th day of December, 2022, by Brent
Dahlstrom, as Manager of Arts Mall Properties, LLC.
Notary Public
�Q�� I 1ILL L KRAAYENBRINK
o Commission Number 797477
My Commission Expires
'c,,' July 29, 2025
City of Waterloo, Iowa
i�
By: Quentin Hart
Its: Mayor
STATE OF IOWA,
COUNTY OF BLACK HAWK, ss.
This record was acknowledged before me on this /mz day of mJ3€U4I2J , 2023 by
Quentin Hart, as Mayorjo,he City of Waterloo, Iowa.
Notary Public
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TIM ANDERA
COMMISSIO
N NO. 772518
MY COMMISSION EXPIRES
APRIL 11, 2024
EXHIBIT A
Parcel Identification
cot pi: 5913.26-2/9.008
ce1 n2: 59f3.2b-229.010