HomeMy WebLinkAboutPrairie Rapids DA Amendment 12.4.2023 (RECORDED)I IIIIIII IIIIII III IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIIII IIII III
Doc ID: 012083660002 Type: GEN
Recorded: 03/14/2024 at 11:29:11 AM
Fee Amt: $12.00 Page 1 of 2
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
Fi1e2024-00011180
**RECORDER'S NOTE: RECORDED AS PRESENTED**
City Oc- Wakrl00
Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50703. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into
as of 12/4/2023 , by and between Prairie Rapids II, LLC (the "Company") and
the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated May 15, 2023 (the "DA") conceming the development of property as
described in the Agreement. The DA were filed in the records of the Black
Hawk County Recorder on December 1, 2023 as Doc. No. 2024 — 7201
B. The parties desire to amend the DA to modify the terms as set forth in this
Amendment.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Section 4 of the DA is amended to add a new paragraph B, as follows:
B. Partial Tax Exemption. Because the Property is located in a
designated City Limits Urban Revitalization Area (CLURA), the Property is
eligible for a 10-year tax exemption consistent with and to the extent
provided for in Iowa law and City ordinance, provided that Company
meets all requirements to qualify for such exemption, namely:
Year 1 — 80%
Year 3 — 60%
Years-40%
Year?-30%
Year9-20%
Year2-70%
Year4-50%
Year 6 — 40%
Year 8 — 30%
Year 10 — 20%
2. Except as modified herein, the DA shall continue unmodified in full force
and effect. Terms in this Amendment that are capitalized but not defined herein will
have the same meanings herein that are ascribed to them in the DA. The DA and this
8
Page 2
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
By: Qum -lilt 1-tart
Quentin Hart, Mayor
Attest: xjirey rFekih
Kelley Felchle, City Clerk
PRAIRIE RAPIDS II, LLC
By:
Darryl � j, Managing Member
Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50703. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into
as of 12/4/2023 , by and between Prairie Rapids II, LLC (the "Company") and
the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated May 15, 2023 (the "DA") concerning the development of property as
described in the Agreement. The DA has not been filed in the land
records of Black Hawk County.
B. The parties desire to amend the DA to modify the terms as set forth in this
Amendment.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Section 4 of the DA is amended to add a new paragraph B, as follows:
B. Partial Tax Exemption. Because the Property is located in a
designated City Limits Urban Revitalization Area (CLURA), the Property is
eligible for a 10-year tax exemption consistent with and to the extent
provided for in Iowa law and City ordinance, provided that Company
meets all requirements to qualify for such exemption, namely:
Year 1 — 80%
Year 3 — 60%
Year 5 — 40%
Year?-30%
Year9-20%
Year2-70%
Year4-50%
Year6-40%
Year 8 — 30%
Year 10 — 20%
2. Except as modified herein, the DA shall continue unmodified in full force
and effect. Terms in this Amendment that are capitalized but not defined herein will
have the same meanings herein that are ascribed to them in the DA. The DA and this
Page 2
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 PRAIRIE RAPIDS II, LLC
By: Quentin .11art
Quentin Hart, Mayor
Attest: Mrey T'ekcha
Kelley Felchle, City Clerk
By:
Darryl , Managing Member