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HomeMy WebLinkAbout3FI Amendment to Development agreement (RECORDED)- 2.20.2023 III I I IIII�� II II II 1 I II Doc ID: 012042930002 Type: GEN Recorded: 12/01/2023 at 03:19:00 PM Fee Amt: $12.00 Page 1 of 2 Black Hawk County Iowa SANDIE L. SMITH RECORDER File2024-00007199 CA14.1 t� (A)a .rPrepared byhrlst4DLQL S.Wendland,P,0. 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 February 20 , 2023, by and between the City of Waterloo,.lowa ("City"), 3FI Waterloo, LLC("Developer")and Material Control Systems, Inc.,d/b/a Con-Trol Container Systems("Company"). RECITALS A. Developer; Company-and City are parties to that certain DevelopmentAgreement dated April 6, 2020 and recorded May 18, 2020 as Doc. No. 2020-20010(the "DA") concernIng_the-development of land (the"Property")described in the DA. Said parties are also to that certain Minimum Assessment Agreement(the"MAX) pertaining to the Property. B. The parties desire to amend the DA and MAA on the terms set forth herein.- 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. Pursuant to Section 5 of the DA, the period of property tax rebates is extended for an additional two years, to provide for a total of ten(10)years of rebates. With respect to each of said years, the rebate shall be 35%. 2. Section 2 of the MAA is amended to strike"December 31, 2031"therefrom and to substitute"December 31, 2032" in its place. 3. Except as amended herein, the DA and the MAA shall continue unmodified in full force and effect. Terms capitalized in this Amendment but not defined herein shall have the meaning ascribed to them In the Agreement. 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, including signatures transmitted by facsimile or other electronic means, shall be deemed an original and all of which 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 DEVELOPER—3FI Waterloo, LLC Octenita 1-Ur( By: Quentin M. Hart, Mayor Kevin oellner Managing Meinber By: xer(ey Fe[c1i1e Kelley Felchle, City Clerk COMPANY—Material Control Systems, Inc., d/ Con-Trot Container Systems By: 64:2 onn Larson, Pres ent/CEO 2 Prepared by ChrlstoLher S. Wendland. P,O. Sox 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 February 20 , 2023, by and between the City of Waterloo, _Iowa ("City"), 3FI Waterloo, LLC ("Developer") and Material Control Systems, Inc., d/b/a Con-Trol Container Systems ("Company"). RECITALS A. Developer, Company -and City are parties to that certain DevelopmentAgreement dated April 6, 2020 and recorded May 18, 2020 as Doc. No. 2020-20010 (the "DA") concerning_the_development of land (the "Property") described in the DA. Said parties are also to that certain Minimum Assessment Agreement (the "MAA") pertaining to the Property. B. The parties desire to amend the DA and MAA on the terms set forth herein. 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. Pursuant to Section 5 of the DA, the period of property tax rebates is extended for an additional two years, to provide for a total of ten (10) years of rebates. With respect to each of said years, the rebate shall be 35%. 2. Section 2 of the MAA is amended to strike "December 31, 2031" therefrom and to substitute "December 31, 2032" in its place. 3. Except as amended herein, the DA and the MAA shall continue unmodified in full force and effect. Terms capitalized in this Amendment but not defined herein shall have the meaning ascribed to them In the Agreement. 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, including signatures transmitted by facsimile or other electronic means, shall be deemed an original and all of which 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 By: Quertan Jr Quentin M. Hart, Mayor DEVELOPER — 3FI Waterloo, LLC By Kevin Koellner Managing Member By: R1e[fey �Fefcf[e Kelley Felchle, City Clerk COMPANY — Material Control Systems, Inc., d/•... Con-Trol Container Systems onn Larson, Pres : ent/CEO 2