HomeMy WebLinkAbout5 Bees, LLC - Amendment to DA (RECORDED)-7.3.2023 II 111111111111111111111111111111
Doc ID: 012042970002 Type: GEN
Recorded: 12/01/2023 at 03:21:03 PM
Fee Amt: $12.00 Page 1 of 2
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2024-00007203
Pr,a. et-1/4i-ti D-r (,)(2,kY )lio)e." information: Christpher S.Wendland,PO Box 596,Waterloo, Iowa 50704 (319)234.5701
Name Address City Phone
SPACE ABOVE THIS LINE
FOR RECORDER
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into
as of Ji 3 , 2023 by and between 5 Bees, LLC (the "Company") and the
City of Wateroo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated July 13, 2020 (the "DA") concerning the development of land (the
"Property") described on Exhibit "A" to the DA. The DA has been filed in
the land records of Black Hawk County, Iowa, as Doc. No. 2021-11025.
B. The parties desire to further amend the DA 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. Paragraphs A through D of Section 2 are stricken in their entirety and are
hereby replaced with the following new paragraphs A through D:
A. Phase 1. Demolition of existing structure on the Property and
construction of a new commercial building of no less than 2,500 square feet. The
Property has an address of 1809 Black Hawk Street, Waterloo.
B. Phase 2. Exterior improvements to an existing building on property
at 1813 Black Hawk Street, Waterloo.
C. Phase 3. Demolition of existing structure at 175 W. 16th Street,
Waterloo (the "Phase 3 Lot") and construction of a new commercial building of no
less than 5,400 square feet.
a .y.,
D. Phase 4. Construction of a commercial building of no less than
5,000 square feet on parcel no. 8913-25-453-005 at the corner of Black Hawk
Street and W. 18'° Street (the "Phase 4 Lot").
2. Section 3, paragraph A, of the DA is hereby amended to strike "April 30,
2022" therefrom and to substitute "December 31, 2023" in its place as the Phase 1
Completion Deadline.
3. Section 8 is hereby amended to strike the final unnumbered paragraph
thereof and to substitute in its place the following new paragraph:
Company agrees to execute and deliver the MAA concurrently with execution
and delivery of this Agreement. In connection with Phase 2 Improvements,
Phase 3 Improvements, and Phase 4 Improvements, the parties will execute and
record for each such phase a separate MAA to establish the Minimum Actual
Value ("MAV") for such phase. The parties anticipate that the MAV for Phase 2
will be $46,000.00, the MAV for Phase 3 will be $230,000.00, and the MAV for
Phase 4 will be $375,000.00. The total MAV will be not less than $801,000.00
for all combined phases of Improvements.
4. The parties acknowledge that Phase 2 improvements have been
completed, and City consents to Company's sale of the Phase 2 property (1813 Black
Hawk Street) to Cedar Valley 4 Rent, L.L.C., subject to the MAA. The parties
acknowledge that City has expended $18,200.00 for demolition of structures on one or
more Project properties. In connection with Company's sale of the Phase 1 property at
1809 Black Hawk Street, as a condition to City's consent to said sale to Cedar Valley 4
Rent, L.L.C., Company agrees to reimburse City in full for the demolition expense from
proceeds of the property sale.
5. Except as modified herein, the DA 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. The DA 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 by their duly authorized representatives as of the date first set
forth above.
CITY OF WATERLOO, IOWA 5 BEES, LLC
QUetii,z l c-m Approved 7/3/2023
Quentin Hart, Mayor J' athan Brundrett, V- a •
Sp-cial Projects Director
Attest: I(c[Cey Telch[e
City Clerk/ Deputy Clerk
Preparer
information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704 (319) 234.5701
Name Address City Phone
SPACE ABOVE THIS LINE
FOR RECORDER
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into
as of (0 - 2-S - 2-S , 2023 by and between 5 Bees, LLC (the "Company") and the
City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated July 13, 2020 (the "DA") concerning the development of land (the
"Property") described on Exhibit "A" to the DA. The DA has been filed in
the land records of Black Hawk County, Iowa, as Doc. No. 2021-11025.
B. The parties desire to further amend the DA 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. Paragraphs A through D of Section 2 are stricken in their entirety and are
hereby replaced with the following new paragraphs A through D:
A. Phase 1. Demolition of existing structure on the Property and
construction of a new commercial building of no less than 2,500 square feet. The
Property has an address of 1809 Black Hawk Street, Waterloo.
B. Phase 2. Exterior improvements to an existing building on property
at 1813 Black Hawk Street, Waterloo.
C. Phase 3. Demolition of existing structure at 175 W. 16'h Street,
Waterloo (the "Phase 3 Lot") and construction of a new commercial building of no
less than 5,400 square feet.
D. Phase 4. Construction of a commercial building of no Tess than
5,000 square feet on parcel no. 8913-25-453-005 at the corner of Black Hawk
Street and W. 18t" Street (the "Phase 4 Lot").
2. Section 3, paragraph A, of the DA is hereby amended to strike "April 30,
2022" therefrom and to substitute "December 31, 2023" in its place as the Phase 1
Completion Deadline.
3. Section 8 is hereby amended to strike the final unnumbered paragraph
thereof and to substitute in its place the following new paragraph:
Company agrees to execute and deliver the MAA concurrently with execution
and delivery of this Agreement. In connection with Phase 2 Improvements,
Phase 3 Improvements, and Phase 4 Improvements, the parties will execute and
record for each such phase a separate MAA to establish the Minimum Actual
Value ("MAV") for such phase. The parties anticipate that the MAV for Phase 2
will be $46,000.00, the MAV for Phase 3 will be $230,000.00, and the MAV for
Phase 4 will be $375,000.00. The total MAV will be not Tess than $801,000.00
for all combined phases of Improvements.
4. The parties acknowledge that Phase 2 improvements have been
completed, and City consents to Company's sale of the Phase 2 property (1813 Black
Hawk Street) to Cedar Valley 4 Rent, L.L.C., subject to the MAA. The parties
acknowledge that City has expended $18,200.00 for demolition of structures on one or
more Project properties. In connection with Company's sale of the Phase 1 property at
1809 Black Hawk Street, as a condition to City's consent to said sale to Cedar Valley 4
Rent, L.L.C., Company agrees to reimburse City in full for the demolition expense from
proceeds of the property sale.
5. Except as modified herein, the DA 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. The DA 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 by their duly authorized representatives as of the date first set
forth above.
CITY OF WATERLOO, IOWA 5 BEES, LLC
By:
Ottertail 9--»atE Approved 7/3/2023
Quentin Hart, Mayor
Attest: KeICey Feich[e
City Clerk / Deputy Clerk
Jathan Brundrett, VP an
Sp-cial Projects Director