HomeMy WebLinkAboutDeer Creek Development, LLC - (RECORDED) Amendment No 5 to Dev Agmnt - 8.7.2023 I I I I I I I I I I I I I I I I I l i l i!I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I!I I I!
Doc ID: 012009450002 Type: GEN
Recorded: 09/18/2023 at 03:35:22 PM
Fee Amt: $12.00 Page 1 of 2
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2024-00003916
C 'v) U t ccl-e✓I o O `1 t S m tAi S4- , toG,-er100, 5 o a
Prepared by Christopher S.Wendland,P.O. Box 596,Waterloo, IA 50704 Phone(319)234-5701
FIFTH AMENDMENT TO DEVELOPMENT AGREEMENT
This Fifth Amendment to Development Agreement (the "Amendment") is entered
into as of August 7 , 2023, by and between the City of Waterloo, Iowa ("City")
and Deer Creek Development, LLC ("Company").
RECITALS
A. Company and City are parties to a certain Development Agreement entered
into as of October 13, 2006 and recorded October 2, 2015 as Doc. No.
2016-6465, subsequently amended by amendments dated as of July 7,
2008, March 14, 2011, August 15, 2016 and February 12, 2018 (collectively,
the "Agreement"). The Agreement provided for certain grants to be made
by City to Company from specific tax revenues generated by the Property in
connection with specified development activities.
B. The parties desire to include among the grant payments under the
Agreement an amount to cover the purchase of an area described as Lot 1,
Greenbelt Centre Plat No. 2, City of Waterloo, Iowa, except Parcel "F"
according to Plat of Survey filed 3/28/2016 as Doc. No. 2016-16188, a
portion of which (Parcel "H" according to Plat of Survey filed 9/06/2022 as
Doc. No. 2023-3984) Company has sold to KL Properties, L.L.C. The
purchase price for said property, including the property sold to KL
Properties, L.L.C., is $270,072.00 (the "Lot 1 Purchase Price"). By this
Amendment, City is paying said sum to Company as a development
incentive for the KL Properties project and for potential future development
as to the remainder.
C. The parties desire to further amend the Agreement on the terms set forth
herein.
NOW, THEREFORE, in consideration of the mutual promises set forth herein,
the parties hereby agree to amend the Agreement as follows:
1
(`
1. Section 3 of the Agreement is hereby amended to provide that, in addition
to any other amounts that may be payable under the Agreement, City shall pay
Company the total sum of$270,072.00 (i.e., the Lot 1 Purchase Price) in semi-annual
development grant payments as set forth in Paragraph 3.A, until said sum has been
paid in full.
2. Paragraph 3.A of the Agreement is hereby stricken and a new paragraph
A added in its place, as follows: "City shall pay Company the greater of (i) the sum of
$200,000.00 or (ii) the amount due under paragraph 3.B or 3.0 below, as applicable,
beginning in the fiscal year ending in 2019 and continuing until the fiscal year ending in
2023. Beginning in the fiscal year ending in 2024, City shall pay Company the greater
of (I) the sum of$300,000,00 or (ii) the amount due under paragraph 3.B or 3.0 below,
as applicable, and continuing in each fiscal year thereafter until City has paid Company
all sums payable under this Agreement."
3. Except as modified herein, the Agreement shall continue in full force and
effect. The Agreement, as amended by all prior amendments and this Amendment,
shall inure to the benefit of and be binding upon the parties and their respective
successors and assigns. Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Agreement,
IN WITNESS WHEREOF, the parties have executed this Fifth Amendment to
Development Agreement by their duly authorized representatives as of the date first set
forth above.
Deer Creek Development, LLC City of Waterloo, Iowa
By: By: QuerrEtii 3-(irE
Harold L oungblut, Manager Quentin Hart, Mayor
By: Kerrey Teti-fife
Kelley Felchle, City Clerk
2
Prepared by Christopher S. Wendland, P.Q. Box 596, Waterloo, IA 50704 Phone (319) 234-5701
FIFTH AMENDMENT TO DEVELOPMENT AGREEMENT
This Fifth Amendment to Development Agreement (the "Amendment") is entered
into as of August 7 , 2023, by and between the City of Waterloo, Iowa ("City")
and Deer Creek Development, LLC ("Company").
RECITALS
A. Company and City are parties to a certain Development Agreement entered
into as of October 13, 2006 and recorded October 2, 2015 as Doc. No.
2016-6465, subsequently amended by amendments dated as of July 7,
2008, March 14, 2011, August 15, 2016 and February 12, 2018 (collectively,
the "Agreement"). The Agreement provided for certain grants to be made
by City to Company from specific tax revenues generated by the Property in
connection with specified development activities.
B. The parties desire to include among the grant payments under the
Agreement an amount to cover the purchase of an area described as Lot 1,
Greenbelt Centre Plat No. 2, City of Waterloo, Iowa, except Parcel "F"
according to Plat of Survey filed 3/28/2016 as Doc. No. 2016-16188, a
portion of which (Parcel "H" according to Plat of Survey filed 9/06/2022 as
Doc, No. 2023-3984) Company has sold to KL Properties, L.L,C. The
purchase price for said property, including the property sold to KL
Properties, L.L.C., is $270,072.00 (the "Lot 1 Purchase Price"). By this
Amendment, City is paying said sum to Company as a development
incentive for the KL Properties project and for potential future development
as to the remainder.
C. The parties desire to further amend the Agreement on the terms set forth
herein.
NOW, THEREFORE, in consideration of the mutual promises set forth herein,
the parties hereby agree to amend the Agreement as follows:
1
1. Section 3 of the Agreement is hereby amended to provide that, in addition
to any other amounts that may be payable under the Agreement, City shall pay
Company the total sum of $270,072.00 (i.e., the Lot 1 Purchase Price) in semi-annual
development grant payments as set forth in Paragraph 3.A, until said sum has been
paid in full.
2. Paragraph 3.A of the Agreement is hereby stricken and a new paragraph
A added in its place, as follows: "City shall pay Company the greater of (i) the sum of
$200,000.00 or (ii) the amount due under paragraph 3.B or 3.0 below, as applicable,
beginning in the fiscal year ending in 2019 and continuing until the fiscal year ending in
2023. Beginning in the fiscal year ending in 2024, City shall pay Company the greater
of (i) the sum of $300,000.00 or (ii) the amount due under paragraph 3.B or 3.0 below,
as applicable, and continuing in each fiscal year thereafter until City has paid Company
all sums payable under this Agreement."
3. Except as modified herein, the Agreement shall continue in full force and
effect. The Agreement, as amended by all prior amendments and this Amendment,
shall inure to the benefit of and be binding upon the parties and their respective
successors and assigns. Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Agreement.
IN WITNESS WHEREOF, the parties have executed this Fifth Amendment to
Development Agreement by their duly authorized representatives as of the date first set
forth above.
Deer Creek Development, LLC City of Waterloo, Iowa
By:
By: C�ue/Hin
Harold L j'oungblut, Manager Quentin Hart, Mayor
2
By: 7lerfey FetchCe
Kelley Felchle, City Clerk