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Black Hawk t wa
SANDIEEL. SMIITHRE00RDER
File2016-000 1 V% 2
Prepared by Christopher S. Wendland P.O. Box 596 Waterloo IA 50704 Phone (319)234-5701
DEVELOPMENT AGREEMENT
This Development Agreement (the "Agreement") is entered into as of
N-��G 1 'I , 2016 by and between A.S. Commercial, LLC (the "Developer")
and the City of Waterloo, Iowa (the "City").
RECITALS
A. City considers economic development within the City a benefit to the
community and is willing for the overall good and welfare of the
community to provide financial incentives so as to encourage that goal.
B. Developer is willing and able to finance and construct a building and
related improvements on property to be purchased by Developer, legally
described on Exhibits "A-1" and "A-2" (the "Property"), located in the
Martin Road Development Plan urban renewal area.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Improvements by Developer. The parties contemplate that Developer
will develop the Property in two phases, as follows:
A. Phase 1 — A commercial building of no less than 17,500 square
feet. It is contemplated that the Phase 1 Property will, upon substantial
completion of the Phase 1 Improvements, have an assessed value of no less
than $2,500,000. The Phase 1 Property is legally described on Exhibit "A-1"
attached hereto.
B. Phase 2 — An addition to the Phase 1 structure, or a separate
structure for commercial use, consisting of no less than 17,500 square feet. It is
contemplated that the Phase 2 Property will, upon substantial completion of the
Phase 2 Improvements, have an assessed value to be determined by separate
agreement between Developer and City. The Phase 2 Property is tegaily
describeci on Exhibit "A-2" attached hereto.
In addition to the buitdings described above, each phase shall include related parking,
landscape, and other improvements to the building and grounds (the "lmprovements").
The tmprovemerits shall be constructed in accordance with all appticable City, state,
and federal buliding codes and shall comply with alt applicable City ordinances and
other applicable law. The lmprovements and alt site preparation and development-
retated work for a given phase as contemplated by this Agreement are collectively
referred to as the "Project". ln connection with Phase 2, Developer and City agree to
enter into a supptemental development agreement ("SDA") hereto and to enter into a
minimum assessment agreement applicable to such phase, both agreements to be in
forrn and content acceptable to City. City may require that Company submit specific
bullding designs and site plans for City review and approval as a condition to approval
of an SDA. lmprovements to the Froperty completed within the schedule established by
Section 4 below will be eligible for the benefits provided for in this Agreement, and any
part of the lmprovements not completed within the prescribed period will not be etigible
for said benefits.
2. Property Acquisition. In addition to the tax rebates provided as set forth
elsewhere in this Agreement, City will make a grant to Developer in the amount of
$41 9,265.00 to cover the purchase price of the Phase 1 Property. City will make
payment of the grant directly to the selter at closing on Developer's behalf. Developer
will provide alt funds necessary for purchase of the Phase 2 Property.
3. Timeliness of Construction; Possibility of Title Transfer. The parties
agree that Developer's commitment to undertake the Project and to construct the
lmprovements in a timely manner constitutes a material inducement for the City to
extend the development incentives provided for in this Agreement, and that without said
commitment City would not have done so.
A. Phase 1. Developer must obtain a building permit and begin
construction no tater than the date that is eight (8) months after the date of this
Agreement (the "Project Start Date"), and construction of lmprovements on the
Froperty shall be completed within twelve (12) months thereafter (the "Project
Comptetion Date"). If development has commenced by the Project Start Date or
within any agreed period of extension and is stopped and/or delayed as a result
of an act af God, war, civil disturbance, court order, labor dispute, fire, or other
cause beyond the reasonable control of Developer, the requirement that
construction is to be completed by the Project Completion Date shall be tolled for
a period of time equal to the period of such stoppage or detay, and thereafter if
construction is not completed within the allowed period of extension the City may
terminate this Agreement fotiowing Developer's failure to ditigently undertake
construction within thirty (30) days following written notice of default from City. If
at any time Developer fails to ditigently undertake construction and other
activities necessary for completion of the Project, then City may terminate this
Agreement following Developer' failure to resume and diligently carry on
construction within thirty (30) days following written notice of default from City. ln
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the event of any termination of this Agreement provided for iri this paragraph, title
to the Property shall pass to the City in reimbursemerit to City for the
development incentives provided for in this Agreement.
B. Phase 2. The provisions of paragraph A of this Section 3 are
repeated ancl incorporated herein with respect to Phase 2 Improvements, except
that the Project Start Date applicable to such Improvements shall be the date that
is six (6) years after the date of this Agreement, and for purposes of this
paragraph B the possibility of title transfer shall not apply with respect to the
Phase2 Property.
4. Transfer of Title; Indemnity. In the event of any transfer of title to City
as provided in Section 3, Developer agrees that it shall, at its own expense, promptly
execute all documents, including but not Iimited to a warranty deed, or take such other
actions as the City may reasonably request to effectuate said transfer and to deliver to
City title to the Phase 1 Property that is free and clear of any lien, claim, or
encumbrance arising by or through Developer. Devetoper shall pay in full, 50 as to
discharge or satisfy, all Iiens, claims, charges, and encumbrarices on or against the
Fhase 1 Property. If Developer fails to deliver such documents, including but not Iimited
to a warranty deed, to City within thirty (30) days of written demand by City, then City
shall be authorized to execute, on Developer's behalf and as its attorney-iri-fact, the
warranty deed required by this Section, and for such Iimited purpose Developer does
hereby constitute and appoint City as its attorney-in-fact.
Devetoper further agrees that it sha)I indemnify City and hold it harmless
with respect to any demand, claim, cause of action, damage, or injury made, suffered,
or incurred as a result of or in connection with the Project, Developer's failure to carry
on or complete same, or any tien, claim, charge, or encumbrance on or against the
Phase 1 Property of any type or nature whatsoever that attaches to the such property
by virtue of Developer's ownership of same. If City files sult to enforce the terms of this
Agreement and prevaits in such suit, then Developer shall be Iiable for all tegal
expenses, including but not timited to reasonable attorneys' fees. Developer's duties of
indemnity pursuant to this Section shall survive the expiration, termination or
cancetlation of this Agreement for any reason.
5. No Encumbrances; Limited Exception. Until completion of the
lmprovements, Developer agrees that it shall not create, incur, or suffer to exist any lien,
encumbrance, mortgage, security interest, or charge on the Phase 1 Property, other
than such mortgage or mortgages as may be reasonably necessary to finance
Developer's completion of the Improvements and afwhich Developer notifies City in
advance of Developer's execution of any such mortgage. Developer may not mortgage
the Phase 1 Property for any purpose except in connection with financing of the
tmprovements.
6. Option to Purchase. Upon the occurrence of any instance where the
provisions of this Agreement would require transfer of titte with respect to the Phase 1
Property, in Iieu of transfer of titte Devetoper shall have the option to purchase the
Phase 1 Property by paymentto City ofan amount equal to $419,265.0O. Develaper
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shall exercise said option within thirty (30) days after written notice from City, and if said
option is not timely exercised then title to the Phase 1 Property shall pass to the City.
7. Water and Sewer. Developer will be responsible for extending water and
sewer service to any location on the Property and for payment of any associated
connection fees.
8. Tax Rebates.
A. Phase 1. Provided that Developer has compteted the Phase 1
lmprovements as set forth herein, and has executed the Minimum Assessment
Agreement as set forth in Section 10, City agrees to rebate property tax on the
Phase 1 Property (with the exceptions noted betow) for a period of five (5) years
at 50% per year for any taxable vatue over the January 1, 2016 value of the
Phase 1 Property. Rebates are payable in respect of a given year only to the
extent that Developer has actually paid generat property taxes due and owing for
such year. To receive rebates for a given year, Developer must, within twelve
(12) months after the tax payment due date, submit a completed rebate request
to City on the form provided by or otherwise satisfactory to City, or the rebate will
be forfeited at City's option. The first year in which a rebate may be given ("Year
One") shalt be the first full year for which the assessment is based on the
completed value of the Fhase 1 lmprovements and not a prior year for which the
assessment is based sotely on the value of the land or on the value of the land
and a partiat value of such lmprovements, due to partial completion of the
lmprovements or a partial tax year. The assessed value of the Phase 1 Property
as a result of the Improvements must be increased by a minimum of 10% and
must increase the annual tax by a minimum of $500.00. This rebate program is
not applicable to any special assessment tevy, debt service levy, or any other
levy that is exempted from treatment as tax increment financing under the
provisions of applicable taw.
B. Fhase 2. The SDA will set forth any rebates that may be payable
with respect to the Phase 2 Property and lmprovements, which the parties
contemplate being substantially on the terrns set forth in paragraph A of this
Section.
9. Obligations Contingent. Each and every obligation of City under this
Agreement is expressly made subject to and contingent upon City's comptetion of alt
procedures, hearings and approvals deemed necessary by City or its tegal counsel for
amendment of the urban renewal plan applicable to the Property and/or project area, alt
ofwhich must be completed within 180 days from the date this Agreement is approved
by the City council. If such comptetion does not occur, then this Agreement shall be
deemed canceled and any conveyance, benefit or incentive of any type provided by City
hereunder is subject to transfer of title, revocation, repayment or other appropriate
action to restore such property, benefit or incentive to City, and Developer agrees to
cooperate diligently and in good faith with any reasonabte request by City to effectuate
the restoration of same, or failing such restoration Developer agrees to be liable for
same or for the fair value thereof, plus interest on any sums owing atthe rate of 10%
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per annum eommencing with the date of demand for payment, if said payment is not
remitted to City within 30 days.
10. Minimum Assessment Agreement. Developer acknowledges and
agrees that it will pay when due all taxes and assessments, general or special, and all
other Iawful charges whatsoever Ievied upon or assessed or placed against the
Froperty. Developer further agrees that, prior to the date set forth in Section 2 of
Exhibit "B", it will not seek or cause a reduction in the taxable valuation for the Phase 1
Froperty, which shall be fixed for assessment purposes, below the amount of
$2,500,000.0O (the "Minimum Actual Value"), through:
(i) willful destruction of the Phase 1 Property, Phase 1
Improvements, or any part of either;
(U) a request to the assessor of Black Hawk County; or
(Ui) any proceedings, whether administrative, legal, or equitable, with
any administrative body or court within the City, Black Hawk County, the State of
lowa, or the federal government.
Developer agrees to sign the agreement attached as Exhibit B" at closing. In
connection with Phase 2 Improvements, Developer further agrees to sign a separate
minimum assessment agreement in form and content acceptable to City before
obtaining a building permit for such Improvements.
11. Representations and Warranties of City. City hereby represents and
warrants as foliows:
A. City is not prohibited from consummating the transaction
contemplated in this Agreement by any Iaw, regulation, agreement, instrument,
restriction, order orjudgment.
B. Each person who executes and delivers this Agreement and all
documents to be delivered hereunder is and shall be authorized to do so on
behalf of City.
12. Representations and Warranties of Developer. Developer hereby
represents and warrants as foliows:
A. Developer is not prohibited from consummating the transaction
contemplated in this Agreement by any Iaw, regulation, agreement, instrument,
restriction, order orjudgment.
B. Developer is duly organized, validly existing, and in good standing
under the laws of the state of its organization and is duly qualified and in good
standing under the laws of the State of Iowa.
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C. Developer has fuJi right, titie, and authority to execute and perform
this Agreement and to consummate ali of the transaetions contempIated herein,
and each person who executes and dehvers this Agreement and ali documents
to be delivered to City hereunder is and shafl be authorized to do so on behaif of
Developer.
13. Materiaiity of Developer's Promises, Covenants, Representations,
and Warranties. Each and every promise, covenant, representation, and warranty set
forth in this Agreement on the part of Developer to be performed is a material term of
this Agreement, and each and every such promise, covenant, representation, and
warranty constitutes a materiai inducement for City to eriter this Agreement. Developer
acknowledges that without such promises, covenants, representations, and warranties,
City would not have entered this Agreement. Upon breach of any promise or covenant,
or in the event of the incorrectness or faisity of any representation or warranty, City
may, at its soie option and in addition to any other right or remedy avaiiabie to it,
terminate this Agreement and declare it null and void.
14. Notices. Any notice under this Agreement shafl be in writing and shali be
dehvered in person, by overnight air courier service, by United States registered or
certified mali, postage prepaid, or by facsimiie (with ari additionai copy dehvered by one
of the foregoing means), and addressed:
(a) ifto City, at715 Muiberry Street, Waterloo, iowa 50703, facsimile
number 319-291-4571, Attention: Mayor, with copies to the City Attorney and the
Community Planning and Deveiopment Director.
(b) ifto Developer, at 129 Plaza Circle, Waterioo, iowa, 50701,
facsimiie number , Attention: Amy Wienands.
Dehvery of notice shall be deemed to occur (i) on the date of dehvery when detivered in
person, (ii) one (1) business day foliowing deposit for overnight delivery to an overnight
air courier service which guarantees next day delivery, (Ui) three (3) business days
foliowing the date af deposit if maiied by United States registered or certified maii,
postage prepaid, or (iv) when transmitted by facsimile so iong as the sender obtains
written eiectronic confirmation from the sending facsimile machine that such
transmission was successfui. A party may change the address for giving notice by any
method set forth in this section.
15. No Joint Venture. Nothing in this Agreement shaii, or shall be deemed or
construed to, create or constitute any joint venture, partnership, agency, empioyment, or
any other reiationship between the City and Developer nor to create any hability for one
party with respect to the habilities or obiigations of the other party or any other person.
16. Amendment, Modification, and Waiver. No amendment, modification,
or waiver of any condition, provision, or term of this Agreement shali be vahd or of any
effect uniess made in writing, signed by the party or parties to be bound or by the duly
authorized representative of same, and specifying with particuiarity the extent and
nature of the amendment, modification, or waiver. Any waiver by any party of any
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default by another party shall not affect or impair any rights arising from any subsequent
default.
17. Severability. Each provision, section, sentence, clause, phrase, and
word of this Agreement is intended to be severable. If any portion of this Agreement
shall be deemed invalid or unenforceable, whether in whole or in part, the offending
provision or part thereof shall be deemed severed from this Agreement and the
remaining provisions of this Agreement shall not be affected thereby and shall continue
in full force and effect. If, for any reason, a court finds that any portion of this
Agreement is invalid or unenforceable as written, but that by limiting such provision or
portion thereof it would become valid and enforceable, then such provision or portion
thereof shall be deemed to be written, and shall be construed and enforced, as so
limited.
18. Captions. All captions, headings, or titles in the paragraphs or sections of
this Agreement are inserted only as a matter of convenience and/or reference, and they
shall in no way be construed as limiting, extending, or describing either the scope or
intent of this Agreement or of any provisions hereof.
19. Binding Effect. This Agreement shall be binding and shall inure to the
benefit of the parties and their respective successors, assigns, and legal
representatives.
20. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which, taken
together, shall constitute one and the same instrument.
21. Entire Agreement. This Agreement constitutes the entire agreement of
the parties and supersedes all prior or contemporaneous negotiations, discussions,
understandings, or agreements, whether oral or written, with respect to the subject
matter hereof.
22. Time of Essence. Time is of the essence of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Development
Agreement by their duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA
Quentin Hart, Mayor
Attest:
Suzy Scha es, City Clerk
A.S. COMMERCIAL, LLC
Amy Wienands, Mana4ng Member
PERSONAL GUARANTY. The undersigned, being either an officer, shareholder,
manager, or member of Developer, hereby agree for themselves and their heirs,
personal representatives, and assigns, to unconditionally guarantee to City, its
successors and assigns, the full and prompt performance by Developer, its successors
and assigns, of all promises and covenants on the part of Developer to be performed
pursuant to the foregoing Agreement, including but not limited to the duties of indemnity
set forth therein. Liability of multiple guarantors hereunder is joint and several.
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EXHIBIT "A-1"
Legal Desaription of Phase 1 Property
That part of the foliowing described property that will be platted as Lot 6, Village West
Subclivision, City of Waterloo, Iowa:
REAL PROPERTY LOCATED IN PARCEL "1<", PARCEL "ID" AND A CERTAIN PARCEL
OF LANDAS RECORDED IN INSTRLJMENT#2014000376, ALL IN THE OFFICE OFTHE
RECORDER, BLACK I-IAWK COUNTY, IOWA, ALL BEING IN THE SOUTHEAST 1/4 OF THE
SOUTNWEST 114 AND THE SOUTKWEST 1/4 OF THE SOUTHEAST 1/4 OF SECTION 33,
TOWNSHIP 89 NORTH, RANGE 13 WEST OF THE FIFTI-I PRINCIPAL MERIDIAN, IN
WATERLOO, BLACK HAWK COUNTY, IOWA.
MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTI-I 1/4
CORNER OF SAID SECTION 33: THENCE N1°45'02"W 33.00' TO A POINT ON THE NORTH
RIGHT OF WAY LINE OF RIDGEWAY AVENUE, ALSO BEING THE POINT OF BEGINNING;
THENCE, S89°08'15"W 138.66' ALONG SAID NORTH RIGHT OF WAY LINE TO THE
SOUTI-IWEST CORNER OF A CERTAIN PARCEL OF LAND RECORDED IN INSTRUMENT
#2014-00376 IN TI -1E OFFICE OF THE RECORDER BLACK HAWK, COUNTY, IOWA, ALSO
BEING THE SO(JTHEAST CORNER OF A CERTAIN PARCEL OF LAND DESCRIBED AS PARCEL
"1<" AND RECORDED IN INSTRUMENT #2003-27008 AND RECORDED IN THE OFFICE OF THE
RECORDER BLACK HAWK, COUNTY, IOWA; THENCE, S89°03'50"W 183.40' ALONG SAID
NORTH RIGHT OF WAY LINE TO THE SOUTHWESTERLY CORNER OF SAID PARCEL "1<";
THENCEI N2°45'09"W 167 84' ALONG THE EAST LINE OF SAID PARCEL "1<"; THENCE,
N0°52'36"W 875 11'; THENCE, N89°18'03"E 607 53' TO A POINT ON THE EAST LINE OF SAID
PARCEL "D"; TI-IENCE, S1°44'40"E 1040.25' ALONG SAID EAST LINE OF SAID PARCEL "D" TO
THE NORTH RIGHT OF WAY LINE OF RIDGEWAYAVENUE; TI-IENCE, S89°09'13"W211.11'
ALONG SAID NORTR RIGHT OF WAY LINE; THENCE, 888°34'38"W 84.61', TO THE POINT OF
BEGINNING, CONTAINING 14.71 ACRES.
EXHIBIT "A-2"
Legal Desoription of Phase 2 Property
That part of the fotiowing described property that will be platted as Lot 1, Village West
Subdivision, City ofWaterloo, Iowa:
REAL PROPERTY LOCATED IN PARCEL "1<", PARCEL "D" AND A CERTAIN PARCEL
OF LAND AS RECORDED IN INSTRUMENT #2014000376, ALL IN THE OFFICE OF THE
RECORDER, BLACK HAWK COUNTY, IOWAI ALL BEING IN THE SOUTHEAST 114 OF TI -IE
SOUTHWEST 1/4 AND THE SOUTHWEST 1/4 OF THE SOUTHEAST 1/4 OF SECTION 33,
TOWNSHIP 89 NORTH, RANGE 13 WEST OF THE FIFTH PRINCIPAL MERIDIAN, IN
WATERLOO, BLACK HAWK COUNTY, IOWA.
MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTH 1/4
CORNER OF SAID SECTION 33: THENCE, N1°45'02"W 33.00' TO A POINT ON THE NORTI-1
RIGHT OF WAY LINE OF RIDGEWAY AVENUE, ALSO BEING TI -IE POINT OF BEGINNING;
TI-IENCE, S89°0&15"W 138.66'ALONG SAID NORTH RIGHTOFWAYLINETOTHE
SOUTHWEST CORNER OF A CERTAIN PARCEL OF LAND RECORDED IN INSTRUMENT
#2014-00376 IN THE OFFICE OF THE RECORDER BLACK HAWKJ COUNTY, IOWA, ALSO
BEING THE SOUTI-1EAST CORNER OF A CERTAIN PARCEL OF LAND DESCRIBED AS PARCEL
"K" AND RECORDED 114 INSTRUMENT #2003-27008 AND RECORDED IN THE OFFICE OF THE
RECORDER BLACK HAWK, COUNTY, IOWA; THENCE, S89°03'50'W 183.40' ALONG SAID
NORTH RIGHT OF WAY LINE TO TI -IE SOIJTHWESTERLY CORNER OF SAID PARCEL "K";
THENCEI N2°45'09"W 167.84' ALONG THE EAST LINE OF SAID PARCEL "K' THENCE,
N0°52'36'W 875 11'; THENCE, N89°1 8'03"E 607 53' TO A POINT ON THE EAST LINE OF SAID
PARCEL "D"; THENCE, S1°4440"E 1040.25' ALONG SAID EAST LINE OF SAtD PARCEL "D" TO
TI -1E NORTH RIGHT OF WAY LINE OF RIDGEWAY AVENUE; TI-IENCE, 589°09'13"W 211.11'
ALONG SAID NORTH RIGHT OF WAY LINE; THENCE, S88°34'38"W 84.61', TO THE POINT OF
BEGINNING, CONTAINING 14.71 ACRES.
EXHIBIT "B"
MINIMUM ASSESSMENT AGREEMENT
This Minimum Assessment Agreement (the "Agreement") is entered into as of
Vka-xc, ' , 2016, by and among the CITY OF WATERLOO, IOWA
("City"), A.S. Commercial, LLC ("Developer"), and the COUNTY ASSESSOR of the City
of Waterloo, Iowa ("Assessor").
WITNESSETH:
WHEREAS, on or before the date hereof the City and Developer have entered
into a development agreement (the "Development Agreement") regarding certain real
property, described in Exhibit "A-1" thereto, located in the City; and
WHEREAS, it is contemplated that pursuant to the Development Agreement, the
Developer will undertake the development of an area ("Project") within the City and
within the Martin Road Development Plan urban renewal area; and
WHEREAS, pursuant to Iowa Code § 403.6, as amended, the City and the
Developer desire to establish a minimum actual value for the land and the building(s)
pursuant to this Agreement and applicable only to the Project, which shall be effective
upon substantial completion of the Project and from then until this Agreement is
terminated pursuant to the terms herein and which is intended to reflect the minimum
actual value of the land and buildings as to the Project only; and
WHEREAS, the City and the Assessor have reviewed the preliminary plans and
specifications for the improvements (the "Improvements") which the parties contemplate
will be erected as a part of the Project.
NOW, THEREFORE, the parties hereto, in consideration of the promises,
covenants, and agreements made by each other, do hereby agree as follows:
1. Upon substantial completion of construction of the Improvements by the
Developer, the minimum actual taxable value which shall be fixed for assessment
purposes for the land and Improvements to be constructed thereon by the Developer as
a part of the Project shall not be less than $2,500,000.00 (the "Minimum Actual Value")
until termination of this Agreement. The parties hereto agree that construction of the
Improvements will be substantially completed on or before the dates set forth in the
Development Agreement.
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,
2030. Nothing herein shall be deemed to waive the Developer's rights under Iowa Code
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§ 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 Developer seek or cause the reduction of the actual value assigned
below the Minimum Actual Value established herein during the term of this Agreement.
3. This Agreement shall be promptly recorded by the City with the Recorder
of Black Hawk County, Iowa. The City shall pay all costs of recording.
4. Neither the preambles nor provisions of this Agreement are intended to,
or shall be construed as, modifying the terms of the Development Agreement.
5. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of the parties, including but not limited to future owners of the
Project property.
CITY OF WATERLOO, IOWA
By: L
Quentin Hart, Mayor
Attest:
Suzy Scha s, City Clerk
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK
On this day of t � , 2016, before me, a Notary Public in
and for the State of Iowa, personally appeared Quentin Hart and Suzy Schares, 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�
p,ni ev
Colv1N11ss1ONNO.788229 Notary Public
' My CO 71S5loN EXP1RM
w
owT
13
STATE OF IOWA )
)ss,
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me on _
Amy Wienands as Managing Member of A.S.
"` •; ANNA L CAUGHRON
COMMISSION NO) 935
MVCOMMLSSION F]�WES
APFUL 11.2016
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2016 by
CERTIFICATION OF ASSESSOR
The undersigned, havirig reviewed the ptans arid specifications for the
improvements to be constructed and the market value assigned to the land upon which
the improvements are to be constructed for the development, and being of the opinion
that the minimum market value contained in the foregoing Minimum Assessment
Agreement appears reasonable, hereby certifies as foflows: The undersigned
Assessor, being Iegafly responsible for the assessment of the property subject to the
development, upon completion of improvements to be made on it and in accordance
with the Minimum Assessment Agreement, certifies that the actual value assigned to
such land, building and equipment upon completion of the development shall not be
Iess than Two Million Five Hundred Thousand Dollars ($2,500,000) in the aggregate,
until termination of this Minimum Assessment Agreement pursuant to the terms hereof.
e
T.J. j.enigsfeld
As-,flssor for Black Hawk County, Iowa
s -
Date
STATEOFIOWA
)ss.
COUNTY OF BLACK HAWK
Subscribed and sworn to before me on 513
,2016.
TARAJOHNSON
( "t ComflhiS$lOfl Numbtr 761457
'? My commlsslon Exptro$
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