HomeMy WebLinkAboutBread to Beer - 3rd Amendment to DA (RECORDED)_MAA - 10.6.2025 2-
2025-18420
RECORDED: 12/15/2025 02:27:59 PM
RECORDING FEE:$42.00
REVENUE TAX:$
COMBINED FEE:$42.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
(1-1 d tA41-t Y be)
Prepare By:Austin J.McMahon.222 1st St.E..Independence.Iowa 506-14 (3191 3 34-448K
THIRD AMENDMENT TO DEVELOPMENT AGREEMENT
AND MINIMUM ASSESSMENT AGREEMENT
This Third Amendment to Development Agreement and Amendment to Minimum
Assessment Agreement (the "Amendment") is entered into as of
Q����✓ , 2025, by and between Bread to Beer, LLC (the
"Company")and the City of Waterloo, Iowa(the"City").
RECITALS
A. • Company and City and City are parties to a certain Development Agreement and
Minimum Assessment dated September 8, 2015 and filed September 30. 2015 as Doc.
No. 2016-6142, as amended by an amendment dated January 11, 2016, and an
amendment dated October 9,2017(collectively,the "Agreement").
B. The parties desire to further amend the Agreement 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. A new Section 27 is hereby added to the Agreement as follows:
27. Additional Improvements. The Company shall do the following:
(a) Upgrade barrel production levels from 5,500 barrels to 14,000 barrels; and
(b) Work to create 15 new jobs by adding up to 15 additional employees with an
estimated payroll of$800,000.00 and benefits.
2. A new Section 28 is hereby added to the Agreement as follows:
28. City Incentives for Additional Improvements. In consideration of the
Additional Improvements and employment goals. the City shall provide a grant in the
amount of $750.000.00 to Company. The grant shall be paid to Company as a
reimbursement for Improvements made to facilities for machinery, equipment. and
facility upgrades.
3. As part of this Amendment,the Company agrees to enter into a new Minimum
Assessment Agreement which is attached hereto as Exhibit AA.All terms and conditions
relating to the Minimum Assessment Agreement contained in the original Company
acknowledges and agrees that it will pay when due all taxes and assessments,general or
special.and all other lawful charges whatsoever levied upon or assessed or placed against
the Property. Company further agrees that, prior to the date set forth in Section 2 of
Exhibit "AA". it will not seek or cause a reduction in the taxable valuation for the
Property.which shall be fixed for assessment purposes,below the aggregate amount of
$4,000,000.00("Minimum Actual Value").through
(a)willful destruction of the Property.Improvements,or any part of either;
(b)a request to the assessor of Black Hawk County;or
(c) any proceedings,whether administrative,legal,or equitable.with any administrative
body or court within the City,Black Hawk County,the State of Iowa.or the federal
government.
4. Section 8 of the Agreement(Tax Rebates)is hereby amended to extend the period
or duration of tax rebates from fifteen(15)years to twenty(20)years.
5. City's sole remedies for Company's non-compliance with the terms of this
Amendment shall be the cancellation or termination of this Amendment and/or the
Company's forfeiture of its entitlement to the tax rebates in years 16 through 20.Tax
Rebates for the first 15 years have been earned by Company based on Company fully
satisfying its obligations in the Agreement through the date of this Amendment. City
shall not have any right to seek reverter of title as originally provided for in paragraphs 4
and 5 of the Agreement.
6. Except as amended herein,the original Development Agreement and Minimum
Assessment Agreement and its Amendments shall continue unmodified in full force and
effect. Terms capitalized in this Amendment but not defined herein shall have the
meaning ascribed to them in the Agreement.This Amendment is binding on the parties
and the respective successors,assigns.transferees,and legal representatives of each.This
Amendment may be executed in counterparts,each of which shall be deemed an original
and all of which,when taken together,shall constitute a single instrument.
IN WITNESS WHEREOF. the parties have executed this Third Amendment to
Development Agreement and Minimum Assessment Agreement as of the date first set forth
above.
CITY OF WATERLOO, IOWA BREAD TO BEER, LLC
By: _.. By:
Quentin NI. Hart, Mayor
Date: Dth r c9eJ Name: A v z _ I \ 1. G A S
Attest: Title: 01-1- E E"= '
'elley Fele . Cite Clerk
EXHIBIT AA
AMENDED MINIMUM ASSESSMENT AGREEMENT
/I This Minimum Assessment Agreement (the '-Agreement") is entered into as of this
o " day of OC.4-010e:( .2025,and among the CITY OF WATERLOO.IOWA
('`City")and BREAD TO BEER.LLC("Company"),and the COUNTY ASSESSOR of the BLACK
HAWK COUNTY.IOWA('Assessor").
WITNESSETH:
WHEREAS, on or before the date hereof the City and Company have entered into a
development agreement (the "Development Agreement") regarding certain real property legally
described as Lots Nos.6.7.8.9 and 10 in Block No.2,Original Plat on the West Side of the Cedar
River,City of Waterloo,Iowa.,located in the City(the'Property");and
WHEREAS.it is contemplated that pursuant to the Development Agreement,the Company
will undertake the development of an area within the City and within the East Waterloo Unified
Urban Renewal and Redevelopment Plan area,including the construction of certain improvements as
described in the Development Agreement (the "Minimum Improvements") on the Property (the
"Project"):and
WHEREAS,pursuant to Iowa Code§403.6,as amended,the City and the Company desire to
establish a minimum actual value for the Property and the Improvements to be constructed thereon
by Company pursuant to the Development Agreement. which shall be effective upon substantial
completion of the Project and from then until this Agreement is terminated pursuant to the terms
herein and which is intended to reflect the minimum actual value of the land and buildings as to the
Project only;and
WHEREAS, the City and the Assessor have reviewed the preliminary plans and
specifications for the Minimum Improvements which the parties contemplate will be erected as a part
of the Project.
NOW, THEREFORE, the parties hereto, in consideration of the promises, covenants, and
agreements made by each other,do hereby agree as follows:
I. Upon completion of construction of the Minimum Improvements by Company.the
minimum actual taxable value which shall be fixed for assessment purposes for the Property
and Improvements to be constructed thereon by Company as a part of the Project shall not be
less than$4,000,000.00(the"Minimum Actual Value")until termination of this Agreement.
The parties hereto agree that construction of the Improvements will be substantially
completed by the date set forth in the Development Agreement, and in any case if the
Improvements are not substantially completed by . the parties
agree to execute an amendment to this Agreement that will extend the date specified in
Section 2 below.
2. The Minimum Actual Value herein established shall be of no further force and effect,
and this Minimum Assessment Agreement shall terminate, on December 31, 2037. The
Minimum Actual Value shall be maintained during such period regardless of:(a)any failure
to complete the Minimum Improvements: (b) destruction of all or any portion of the
Minimum Improvements; (c) diminution in value of the Property or the Minimum
Improvements;or(d)any other circumstance,whether known or unknown and whether now
existing or hereafter occurring.
3. Company shall pay. or cause to be paid. when due. all real property taxes and
assessments payable with respect to all and any parts of the Property and the Minimum
Improvements pursuant to the provisions of this Agreement and the Development Agreement.
Such tax payments shall be made without regard to any loss, complete or partial, to the
Property or the Minimum Improvements, any interruption in, or discontinuance of. the use.
occupancy. ownership or operation of the Property or the Minimum Improvements by
Company or any other matter or thing which for any reason interferes with, prevents or
renders burdensome the use or occupancy of the Property or the Minimum Improvements.
4. Company agrees that its obligation to make the tax payments required hereby, to pay
the other sums provided for herein, and to perform and observe its other agreements
contained in this Agreement shall be absolute and unconditional obligations of Company (not
limited to the statutory remedies for unpaid taxes) and that Company shall not be entitled to
any abatement or diminution thereof, or set otTtherefrom. nor to any early termination of this
Agreement for any reason whatsoever.
5. Nothing herein shall be deemed to waive the Company's rights under Iowa Code§
403.6. as amended, to contest that portion of any actual value assignment made by the
Assessor in excess of the Minimum Actual Value established herein. In no event, however,
shall the Company seek or cause the reduction of the actual value assigned below the
Minimum Actual Value established herein during the term of this Agreement. Nothing herein
shall limit the discretion of the Assessor to assign at any time an actual value to the land and
Minimum Improvements in excess of the Minimum Actual Value.
6. Company agrees that during the term of this Agreement it will not:
(a) seek administrative review or judicial review of the applicability or
constitutionality of any Iowa tax statute relating to the taxation of property contained as a
part of the Property or the Minimum Improvements determined by any tax official to be
applicable to the Property or the Minimum Improvements. or raise the inapplicability or
constitutionality of any such tax statute as a defense in any proceedings. including delinquent
tax proceedings; or
(I:4 seek any tax deferral, credit or abatement. either presently or prospectively
authorized under Iowa Code Chapter 403 or 404. or any other state law.of the taxation of real
property. including improvements and fixtures thereon, contained in the Property or the
Minimum Improvements:or
i c) request the Assessor to reduce the Minimum Actual Value; or
(d) appeal to the board review of the city, county. state or to the Director of
Revenue of the State of Iowa to reduce the Minimum Actual Value: or
(e) cause a reduction in the actual value or the Minimum Actual Value through
any other proceedings.
7. This Agreement shall be promptly recorded by the City with the Recorder of Black
Hawk County. Iowa.The City shall pay all costs of recording.
8. Neither the preambles nor provisions of this Agreement are intended to. or shall he
construed as. modifying the terms of the Development Agreement.
9. Each provision, section. sentence, clause, phrase, and word of this Agreement is
intended to be severable. If any portion of this Agreement shall be deemed invalid or
unenforceable, whether in whole or in part. the offending provision or part thereof shall be
deemed severed from this Agreement and the remaining provisions of this Agreement shall
not be affected thereby and shall continue in full force and effect. lf, for any reason, a court
finds that any portion of this Agreement is invalid or unenforceable as written, but that by
limiting such provision or portion thereof it would become valid and enforceable, then such
provision or portion thereof shall be deemed to be written, and shall be construed and
enforced.as so limited.
10. This Agreement shall inure to the benefit of and be binding upon the successors and
assigns of the parties. including but not limited to future owners of the Project property.
IN WITNESS WHEREOF,the parties have executed this Minimum Assessment Agreement by their
duly authorized representatives as of the date det forth above.
[signatures on next page]
CITY OF WATERLOO, IOWA BREAD TO BEER, LLC
Quentin NI. Hart, M . or ./' 6 4 .f/
Attest: (JoGiiy\ Title: � eL /3 E ms%
'e ev Fele e, City Clerk
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
On this I (0 day of DC+Dter' . 2025, 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 ho 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.
*�'^L � BRITNI C PERKINS •
z - r COMMISSION NO. 845529
* ' - * MY COMMISSION EXPIRES a hilt
IOWA JANUARY 27, 2026
STATE OF )
ss.
COUNTY OF 131ac!'L __ )
Subscri bed and sworn before me on ______Oe__r 15 i 2 2 . by
tiat/ Gt A IAD 1-3 0-0 as oSIdLrt of Bread to
Beer. LLC.
a' , TRACIA S ROSS
Pk T. COMMISSION NO. 811963
* * MY COMMISSION EXPIRES CL-'61//LA
/Owc► - 207: No ary Public
CERTIFICATION OF ASSESSOR
The undersigned, having reviewed the plans and specifications for the Minimum
Improvements to be constructed and the market value assigned to the land upon which the Minimum
Improvements are to be constructed for the development, and being of the opinion that the minimum
market value contained in the foregoing Minimum Assessment Agreement appears reasonable,
hereby certifies as follows: The undersigned Assessor, being legally responsible for the assessment of
the property described in the foregoing Minimum Assessment Agreement, certifies that the actual
value assigned to that land and improvements upon completion shall not be less than Four Million
and 00/ 100 Dollars (S4,000,000.00) until termination of this Minimum Assessment Agreement
pursuant to the terms hereof, subject to adjustment as provided in said agreement.
Date Ass -''r for Black Hawk County. Iowa
STATE OF IOWA )
ss.
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me on 19 - 15 - 95 by T.J.
Koenigsfeld, Assessor for Black Hawk County, Iowa.
"144 LEXI SCHNEIDER
a , ,,,,,, COMMISSION NO. 869089 1
* * MY COMMISSION EXPIRES
/ow ,, NOVEMBER 21, 2028
Notary Public
Prepared By:Austin J.McMahon.222 1st St.E..Independence.Iowa 50644 (319)334-4488
THIRD AMENDMENT TO DEVELOPMENT AGREEMENT
AND MINIMUM ASSESSMENT AGREEMENT
This Third Amendment to Development Agreement and Amendment to Minimum
Assessment Agreement (the "Amendment") is entered into as of
Q Ca\O-e- ✓ b , 2025, by and between Bread to Beer, LLC (the
"Company") and the City of Waterloo, Iowa(the "City").
RECITALS
A. Company and City and City are parties to a certain Development Agreement and
Minimum Assessment dated September 8, 2015 and filed September 30, 2015 as Doc.
No. 2016-6142, as amended by an amendment dated January 11, 2016, and an
amendment dated October 9, 2017 (collectively, the "Agreement").
B. The parties desire to further amend the Agreement 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. A new Section 27 is hereby added to the Agreement as follows:
27. Additional Improvements. The Company shall do the following:
(a) Upgrade barrel production levels from 5,500 barrels to 14,000 barrels; and
(b) Work to create 15 new jobs by adding up to 15 additional employees with an
estimated payroll of$800,000.00 and benefits.
2. A new Section 28 is hereby added to the Agreement as follows:
28. City Incentives for Additional Improvements. In consideration of the
Additional Improvements and employment goals, the City shall provide a grant in the
amount of $750,000.00 to Company. The grant shall be paid to Company as a
reimbursement for Improvements made to facilities for machinery, equipment, and
facility upgrades.
3. As part of this Amendment, the Company agrees to enter into a new Minimum
Assessment Agreement which is attached hereto as Exhibit AA. All terms and conditions
relating to the Minimum Assessment Agreement contained in the original Company
acknowledges and agrees that it will pay when due all taxes and assessments, general or
special, and all other lawful charges whatsoever levied upon or assessed or placed against
the Property. Company further agrees that, prior to the date set forth in Section 2 of
Exhibit "AA", it will not seek or cause a reduction in the taxable valuation for the
Property, which shall be fixed for assessment purposes, below the aggregate amount of
$4,000,000.00 ("Minimum Actual Value"). through
(a) willful destruction of the Property, Improvements, or any part of either;
(b) a request to the assessor of Black Hawk County; or
(c) any proceedings, whether administrative, legal, or equitable, with any administrative
body or court within the City, Black Hawk County, the State of Iowa, or the federal
government.
4. Section 8 of the Agreement (Tax Rebates) is hereby amended to extend the period
or duration of tax rebates from fifteen(15)years to twenty (20) years.
5. City's sole remedies for Company's non-compliance with the terms of this
Amendment shall be the cancellation or termination of this Amendment and/or the
Company's forfeiture of its entitlement to the tax rebates in years 16 through 20. Tax
Rebates for the first 15 years have been earned by Company based on Company fully
satisfying its obligations in the Agreement through the date of this Amendment. City
shall not have any right to seek reverter of title as originally provided for in paragraphs 4
and 5 of the Agreement.
6. Except as amended herein, the original Development Agreement and Minimum
Assessment Agreement and its Amendments shall continue unmodified in full force and
effect. Terms capitalized in this Amendment but not defined herein shall have the
meaning ascribed to them in the Agreement. This Amendment is binding on the parties
and the respective successors, assigns, transferees, and legal representatives of each. This
Amendment may be executed in counterparts, each of which shall be deemed an original
and all of which, when taken together, shall constitute a single instrument.
IN WITNESS WHEREOF, the parties have executed this Third Amendment to
Development Agreement and Minimum Assessment Agreement as of the date first set forth
above.
CITY OF WATERLOO, IOWA BREAD TO BEER, LLC
By: Pck_. By:
Quentin M. Hart, Mayor
Date: Dhl9t,-- I�D aleo`z5 Name: Qf+112'0 A iv1oi26A kJ
Attest: Title: 9(1 E 5-Z 44 E N T
elley Felc , City Clerk
EXHIBIT AA
AMENDED MINIMUM ASSESSMENT AGREEMENT
/ This Minimum Assessment Agreement (the "Agreement") is entered into as of this
(c day of Ocit—t)l�� , 2025, and among the CITY OF WATERLOO, IOWA
("City") and BREAD TO BEER, LLC ("Company"), and the COUNTY ASSESSOR of the BLACK
HAWK COUNTY, IOWA("Assessor").
WITNESSETH:
WHEREAS, on or before the date hereof the City and Company have entered into a
development agreement (the "Development Agreement") regarding certain real property legally
described as Lots Nos. 6, 7, 8, 9 and 10 in Block No. 2, Original Plat on the West Side of the Cedar
River, City of Waterloo, Iowa., located in the City(the"Property"); and
WHEREAS, it is contemplated that pursuant to the Development Agreement, the Company
will undertake the development of an area within the City and within the East Waterloo Unified
Urban Renewal and Redevelopment Plan area, including the construction of certain improvements as
described in the Development Agreement (the "Minimum Improvements") on the Property (the
"Project"): and
WHEREAS, pursuant to Iowa Code§ 403.6, as amended, the City and the Company desire to
establish a minimum actual value for the Property and the Improvements to be constructed thereon
by Company pursuant to the Development Agreement, which shall be effective upon substantial
completion of the Project and from then until this Agreement is terminated pursuant to the terms
herein and which is intended to reflect the minimum actual value of the land and buildings as to the
Project only; and
WHEREAS, the City and the Assessor have reviewed the preliminary plans and
specifications for the Minimum Improvements which the parties contemplate will be erected as a part
of the Project.
NOW, THEREFORE, the parties hereto, in consideration of the promises, covenants, and
agreements made by each other, do hereby agree as follows:
1. Upon completion of construction of the Minimum Improvements by Company, the
minimum actual taxable value which shall be fixed for assessment purposes for the Property
and Improvements to be constructed thereon by Company as a part of the Project shall not be
less than $4,000,000.00 (the "Minimum Actual Value") until termination of this Agreement.
The parties hereto agree that construction of the Improvements will be substantially
completed by the date set forth in the Development Agreement, and in any case if the
Improvements are not substantially completed by , the parties
agree to execute an amendment to this Agreement that will extend the date specified in
Section 2 below.
2. The Minimum Actual Value herein established shall be of no further force and effect,
and this Minimum Assessment Agreement shall terminate, on December 31, 2037. The
Minimum Actual Value shall be maintained during such period regardless of: (a) any failure
to complete the Minimum Improvements; (b) destruction of all or any portion of the
Minimum Improvements; (c) diminution in value of the Property or the Minimum
Improvements; or (d) any other circumstance, whether known or unknown and whether now
existing or hereafter occurring.
3. Company shall pay, or cause to be paid, when due, all real property taxes and
assessments payable with respect to all and any parts of the Property and the Minimum
Improvements pursuant to the provisions of this Agreement and the Development Agreement.
Such tax payments shall be made without regard to any loss, complete or partial, to the
Property or the Minimum Improvements, any interruption in, or discontinuance of, the use,
occupancy, ownership or operation of the Property or the Minimum Improvements by
Company or any other matter or thing which for any reason interferes with, prevents or
renders burdensome the use or occupancy of the Property or the Minimum Improvements.
4. Company agrees that its obligation to make the tax payments required hereby, to pay
the other sums provided for herein, and to perform and observe its other agreements
contained in this Agreement shall be absolute and unconditional obligations of Company (not
limited to the statutory remedies for unpaid taxes) and that Company shall not be entitled to
any abatement or diminution thereof, or set off therefrom, nor to any early termination of this
Agreement for any reason whatsoever.
5. Nothing herein shall be deemed to waive the Company's rights under Iowa Code§
403.6, as amended, to contest that portion of any actual value assignment made by the
Assessor in excess of the Minimum Actual Value established herein. In no event, however,
shall the Company seek or cause the reduction of the actual value assigned below the
Minimum Actual Value established herein during the term of this Agreement. Nothing herein
shall limit the discretion of the Assessor to assign at any time an actual value to the land and
Minimum Improvements in excess of the Minimum Actual Value.
6. Company agrees that during the term of this Agreement it will not:
(a) seek administrative review or judicial review of the applicability or
constitutionality of any Iowa tax statute relating to the taxation of property contained as a
part of the Property or the Minimum Improvements determined by any tax official to be
applicable to the Property or the Minimum Improvements, or raise the inapplicability or
constitutionality of any such tax statute as a defense in any proceedings, including delinquent
tax proceedings; or
(b) seek any tax deferral, credit or abatement, either presently or prospectively
authorized under Iowa Code Chapter 403 or 404, or any other state law, of the taxation of real
property, including improvements and fixtures thereon, contained in the Property or the
Minimum Improvements; or
(c) request the Assessor to reduce the Minimum Actual Value; or
(d) appeal to the board review of the city, county, state or to the Director of
Revenue of the State of Iowa to reduce the Minimum Actual Value; or
(e) cause a reduction in the actual value or the Minimum Actual Value through
any other proceedings.
7. This Agreement shall be promptly recorded by the City with the Recorder of Black
Hawk County, Iowa. The City shall pay all costs of recording.
8. Neither the preambles nor provisions of this Agreement are intended to, or shall be
construed as, modifying the terms of the Development Agreement.
9. Each provision, section, sentence, clause, phrase, and word of this Agreement is
intended to be severable. If any portion of this Agreement shall be deemed invalid or
unenforceable, whether in whole or in part, the offending provision or part thereof shall be
deemed severed from this Agreement and the remaining provisions of this Agreement shall
not be affected thereby and shall continue in full force and effect. If, for any reason, a court
finds that any portion of this Agreement is invalid or unenforceable as written, but that by
limiting such provision or portion thereof it would become valid and enforceable, then such
provision or portion thereof shall be deemed to be written, and shall be construed and
enforced, as so limited.
10. This Agreement shall inure to the benefit of and be binding upon the successors and
assigns of the parties, including but not limited to future owners of the Project property.
IN WITNESS WHEREOF,the parties have executed this Minimum Assessment Agreement by their
duly authorized representatives as of the date det forth above.
[signatures on next page]
CITY OF WATERLOO,IOWA BREAD TO BEER, LLC
By: _.. By:
Quentin M. Hart, MC;k_R_)L-- -Vr
r , 4•t/
Attest: yrJLC, Title: r E,�•i
e ey Felc e, City Clerk
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
On this 1(0 day of . 2025, 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 ho 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.
APR="`S BRITNI C PERKINS
ZA COMMISSION NO.845529 •
* * MY COMMISSION EXPIRES bliC
IOWA JANUARY 27,2026
STATE OFl )
) ss.
COUNTY OF &j ack -�(kt„ (- )
Subscribed C��-
and sworn before me on (--U6v 15 ► , by
TAI +
V Ij'o A• r`01-3 R-r as eS j c .Vvt of Bread to
Beer. LLC.
IA./5 A."`e TRACIA S ROSS
z° COMMISSION NO.811 /� ✓/" )B
l* * MY COMMISSION EXPIRES
1CW' " No ary Public
CERTIFICATION OF ASSESSOR
The undersigned, having reviewed the plans and specifications for the Minimum
Improvements to be constructed and the market value assigned to the land upon which the Minimum
Improvements are to be constructed for the development, and being of the opinion that the minimum
market value contained in the foregoing Minimum Assessment Agreement appears reasonable,
hereby certifies as follows: The undersigned Assessor, being legally responsible for the assessment of
the property described in the foregoing Minimum Assessment Agreement, certifies that the actual
value assigned to that land and improvements upon completion shall not be less than Four Million
and 00/ 100 Dollars ($4,000,000.00) until termination of this Minimum Assessment Agreement
pursuant to the terms hereof, subject to adjustment as provided in said agreement.
Date Assessor for Black Hawk County, Iowa
STATE OF IOWA )
)ss.
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me on by T.J.
Koenigsfeld,Assessor for Black Hawk County, Iowa.
NotaryPu
blic