HomeMy WebLinkAboutPWM Warehouse - (RECORDED) Amendment to DA - 5.5.2025 2025-07480
RE .,ED:05 o2;2025 09:31:57 AM
RECORDING FEE:$12.00
REVENUE TAX:$
COMBINED FEE:$12.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
-+ i r i j U C" (A)Cd-t'rk
Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50703. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amend ent to Development Agreement (the "Amendment") is entered into
as of , 2025 by and between PWM Warehouse 1, LLC, d/b/a PWM
Companies ( "Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
recorded February 6, 2025 as Doc. No. 2025-01736 (the "DA") concerning
the development of property as described in the DA.
B. The parties desire to amend the DA to modify the schedule of property tax
rebates to account for changes in the project.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree to amend the DA to add new terms or modify existing terms as set
forth herein:
1 . Section 7 of the Agreement is hereby amended to strike the rebate
schedule therefrom and to substitute the following schedule in its place:
Year One through Year Eleven 95% rebate each year
Year Twelve through Year Seventeen 85% rebate each year
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
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.
I'
Page 2
CITY OF WATERLOO, IOWA PWM 1 WAREHOUSE, LLC,d/b/a
PWM Companies
By: a.-U,v z-c'�l By:
Quentin M. Hart,Mayor :.. Wilson, Managing Member
Attest
K II y Felch i y Clerk
Prepared by Christopher S.Wendland, P.O. Box 596, Waterloo, IA 50703. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT
This AmenVient to Development Agreement (the "Amendment") is entered into
as of , 2025 by and between PWM Warehouse 1, LLC, d/b/a PWM
Companies (t "Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
recorded February 6, 2025 as Doc. No. 2025-01736 (the "DA") concerning
the development of property as described in the DA.
B. The parties desire to amend the DA to modify the schedule of property tax
rebates to account for changes in the project.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree to amend the DA to add new terms or modify existing terms as set
forth herein:
1. Section 7 of the Agreement is hereby amended to strike the rebate
schedule therefrom and to substitute the following schedule in its place:
Year One through Year Eleven 95% rebate each year
Year Twelve through Year Seventeen 85% rebate each year
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
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.
Page 2
CITY OF WATERLOO, IOWA PWM 1 WAREHOUSE, LLC, d/b/a
OM
PWM Companies
By: By: C- 6#�l/
Quentin M. Hart, Mayor . Wilson, Managing Member
9 9
Attest:
K II y Felch i y Clerk