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HomeMy WebLinkAboutGrant Park LLC - Amendment to DA_MAA(RECORDED) - 9.3.2024 z 2024-21692 RECORDED: 10/11/2024 11:07:21 AM RECORDING FEE:$17.00 REVENUE TAX:$ COMBINED FEE:$17.00 SANDIE L.SMITH,RECORDER BLACK HAWK COUNTY,IOWA Prepared by Christopher S. Wendland, P.O. 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 tc Minimum Assessment Agreement (the "Amendment") is entered into as of ea , 2024 by and between Grant Park, L.L.C. (the "Company") and the City of Waterloo, Iowa (the "City"). RECITALS A. Company and City are parties to that certain Development Agreement dated October 16, 2023 (the "DA") concerning the development of property as described in the Agreement. Company and City are also parties to that certain Minimum Assessment Agreement (the "MAA") pertaining to said property, dated as of the same date as the DA. B. The parties desire to amend the DA and the MAA 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 6.B of the DA is amended to add a new unnumbered paragraph to the end thereof, as follows: "Company agrees that the City Property may not he cnn"aved to ?ny third party separately from the Property. Any such conveyance without the prior written consent of City shall be void." 2. Exhibit "A-1" to the DA and the MAA is hereby stricken and replaced with a new Exhibit "A-1" attached hereto. 3. Except as modified herein, the DA and MAA 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 or MAA, as applicable. The DA, MAA, 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 and Amendment to Minimum Assessment Agreement by their duly authorized representatives as of the date first set forth above. Page 2 CITY OF WATERLOO, IOWA GRANT PARK, L.L.C. By: ,JS 1\- By CL-ee L c J a7AA___J Quentin M. Hart, Mayor Howard L. Allen Managing Member Attest: Kelley Ichle, City Clerk STATE OF IOWA ) ) ss. COUNTY OF CLACK HAWK On this 9 day of5 pteo Je.K , 2024, before me, a Notary Public in and for the State of Iowa, personally appeared Quentin M. Hart and Kelley Felchle, 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. �PPiac S , E3 C R COMMISSRITN1ION N0PE .84552KlNS9 No v Pu is er **, MY COMMISSION EXPIRES towA JANUARY 27,2©26 ST Ati I L Oi= IOWA ) ) ss. COUNTY OF BLACK HAWK ) Subscribed and sworn to before me on e o , 2024, by Howard L. Allen as Managing Member of Grant Park, L.L.C. 0 ,olAL s LETITIA S PINES Not ry Public 2 A y COMMISSION NO.805211 * * MY COMMISSION EXPIRES IOWA JULY 13,2026 EXHIBIT "A-1" Legal Description of City Property Parcel "F" according to Plat of Survey recorded July 24, 2023 as Doc. No. 2024-1045, being a part of the Southeast Quarter (SE 1/4), Section 2, Township 88 North (T88N), Range 13 West (R13W) of the 5th Principal Meridian (5th PM), City of Waterloo, Black Hawk County, State of Iowa. AND Parcel "G" according to Plat of Survey recorded February 9, 2024 as Doc. No. 2024-9902, being a part of the Southeast Quarter (SE 1/4), Section 2, Township 88 North (T88N), Range 13 West (R13W) of the 5th Principal Meridian (5th PM), City of Waterloo, Black Hawk County, State of Iowa, and being more particularly described as follows: Commencing at the northwesterly corner of Lot A-2, Crossroads Plat No. 4, being a found 1/2" rebar with plastic cap and license number 7811; thence North 47°56'51" East 52.19 feet along the northwesterly line of said lot to the point of beginning of this description; thence continuing North 47°56'51" East 174.13 feet along the northwesterly line of said lot to the northeasterly corner of said Lot A-2; thence North 41°55'56" West 50.00 feet along the northwesterly extension of the northeasterly line of said Lot A-2; thence South 47°56'51" West 174.19 feet along a line parallel with and 50.00 feet distant from the said northwesterly line of Lot A-2 to the northwesterly extension of the northeasterly line of that part of Lot A-2 as last described in a Warranty Deed filed as Document Number 2015-8506 in the Office of the Black Hawk County Recorder; thence South 41°59'43" East 50.00 feet along said northwesterly extension to the point of beginning containing 8,708 square feet (0.1999 acres), subject to the retention of a public utility easement over the northwesterly 10 feet of said parcel. Prepared by Christopher S.Wendland, P.O. 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 \-e, V, '2 , 2024 by and between Grant Park, L.L.C. (the "Company") and the City of Waterloo, Iowa (the "City"). RECITALS A. Company and City are parties to that certain Development Agreement dated October 16, 2023 (the "DA") concerning the development of property as described in the Agreement. Company and City are also parties to that certain Minimum Assessment Agreement (the "MAA") pertaining to said property, dated as of the same date as the DA. B. The parties desire to amend the DA and the MAA 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 6.B of the DA is amended to add a new unnumbered paragraph to the end thereof, as follows: "Company agrees that the City Property me" not he cnnveyed to a.,ny third party separately from the Property. Any such conveyance without the prior written consent of City shall be void." 2. Exhibit "A-1" to the DA and the MAA is hereby stricken and replaced with a new Exhibit "A-1" attached hereto. 3. Except as modified herein, the DA and MAA 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 or MAA, as applicable. The DA, MAA, 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 and Amendment to Minimum Assessment Agreement by their duly authorized representatives as of the date first set forth above. Page 2 CITY OF WATERLOO, IOWA GRANT PARK, L.L.C. By: Quentin M. Hart, Mayor Howard L. Allen Managing Member Attest: Kelley Ichle, City Clerk STATE OF IOWA ss. COUNTY OF BLACK HAWK ) On this ct day ofSrp/ tljeY , 2024, before me, a Notary Public in and for the State of Iowa, personally appeared Quentin M. Hart and Kelley Felchle, 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. jsQ „„, * MY OWA JApjA COMMISSION 2�PSRES STATE OF IOWA ) SS. COUNTY OF BLACK HAWK ) Subscribed and sworn to before me on 6//mil , 2024, by Howard L. Allen as Managing Member of Grant Park, L.L.C. �, ,—) S LETITIA S PINES Not 1y Public iA COMMISSION NO.805211 * - * MY COMMISSION EXPIRES IOWA JULY 13,2026 EXHIBIT "A-1" Legal Description of City Property Parcel "F" according to Plat of Survey recorded July 24, 2023 as Doc. No. 2024-1045, being a part of the Southeast Quarter (SE 1/4), Section 2, Township 88 North (T88N), Range 13 West (R13W) of the 5th Principal Meridian (5th PM), City of Waterloo, Black Hawk County, State of Iowa. AND Parcel "G" according to Plat of Survey recorded as Doc. No. 2025- being a part of the Southeast Quarter (SE 1/4), Section 2, Township 88 North (T88N), Range 13 West (R13W) of the 5th Principal Meridian (5th PM), City of Waterloo, Black Hawk County, State of Iowa, and being more particularly described as follows: Commencing at the northwesterly corner of Lot A-2, Crossroads Plat No. 4, being a found 1/2" rebar with plastic cap and license number 7811; thence North 47°56'51" East 52.19 feet along the northwesterly line of said lot to the point of beginning of this description; thence continuing North 47°56'51" East 174.13 feet along the northwesterly line of said lot to the northeasterly corner of said Lot A-2; thence North 41°55'56"West 50.00 feet along the northwesterly extension of the northeasterly line of said Lot A-2; thence South 47°56'51" West 174.19 feet along a line parallel with and 50.00 feet distant from the said northwesterly line of Lot A-2 to the northwesterly extension of the northeasterly line of that part of Lot A-2 as last described in a Warranty Deed filed as Document Number 2015-8506 in the Office of the Black Hawk County Recorder; thence South 41°59'43" East 50.00 feet along said northwesterly extension to the point of beginning containing 8,708 square feet (0.1999 acres), subject to the retention of a public utility easement over the northwesterly 10 feet of said parcel.