HomeMy WebLinkAboutHalf Dozen Properties, LLC - 1st Amendment to DA 2025-15333
RECORDED:10/17/2025 03:46:27 PM
RECORDING FEE:$12.00
REVENUE TAX:$
COMBINED FEE:$12.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
•
tV C Itti ar Waird
Prepared by Austin J McMahon, 222 1st St. E,Waterloo, IA. (319) 334-4488
AFFIDAVIT
STATE OF IOWA )
ss:
BLACK HAWK COUNTY )
The undersigned, being duly sworn on oath, deposes and states as follows:
1. I have personal knowledge of the matters set forth in this Affidavit.
2. I was the drafter of a certain Development Agreement between the City of
Waterloo, Iowa and Half Dozen Properties, LLC (the "Company"), dated August 18, 2025, and
recorded October 7, 2025, as Doc. No. 2025-14801 (the "Agreement").
3. Exhibit A of the Agreement contains a legal description of certain Property. Exhibit
A, however, contains a inadvertent scrivener's error. Specifically, any and all references to "Lot
8" in the description contained in Exhibit A was intended to be a reference to "Lot B."
4. The intentions and expectations of the parties to the Agreement was to have the
following legal description contained in Exhibit A of the Agreement:
A survey of Parcel "D"of the Northwest Quarter(NW 1/4) of Section
22, Township 89 North (T89N), Range 13 West (R13W) of the Fifth
Principal Meridian (5th PM), being a portion of Lot B, Hummel
Addition, City of Waterloo, Black Hawk County, State of Iowa, and
being more particularly described as follows:
Commencing at the southeast corner of Lot B, Hummel Addition;
thence South 89°11'56" West along the south line of said Lot B
16.00 feet to the point of beginning; thence continuing South
89°11'56" West along the south line of said Lot B 83.52 feet to the
northerly extension of the east line of the alley lying between Lots 1
through 11 and 61 through 71 in First Addition to Galloway; thence
North 01°05'27" West along said northerly extension 99.99 feet;
thence North 89°08'31" East 85.30 feet to the west line of the East
16 feet of said Lot B; thence South 00°04'18" East along the said
west line of the East 16 feet 100.08 feet to the point of beginning
;}
containing 8,444 square feet (0.19 acres).
5. The erroneous description contained in Exhibit A of the Agreement was also
copied-and-pasted into a Quit Claim Deed executed by the City of Waterloo (grantor) and
delivered to Half Dozen Properties, LLC (grantee) and recorded on October 7, 2025, as Doc. No.
2025-14799.
6. The intentions and expectations of the parties was that the legal description
contained in said Quit Claim Deed be the same description as set forth in Paragraph 4 above.
7. This Affidavit is given to correct the scrivener's error and record with respect to the
legal description of the Property that is contained in the Agreement (Doc. 2025-14801) and the
Quit Claim Deed (Doc. No. 2025-14799).
FURTHER AFFIANT SAYETH NAUGHT.
1
i
Tim Andera
Subscribed and sworn to before me on October 15 , 2025, by Tim Andera.
.."‘`B ALYISSA KRISTEN LITTLE Q�
c COMMISSION NO.866416 Notary Public
*_ it MY COMM�MI SI N EXPIRES
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Prepared by Austin J., McMahon, 222 15t St. E., Independence, IA 50644 319-334-4488
FIRST AMENDMENT TO
DEVELOPMENT AGREEMENT
This First Amendment to Development Agreement and Minimum Assessment Agreement
(the "Amendment") is entered into as of , 2025 by and between the City of
Waterloo, Iowa ("City") and Half Dozen Properties, LLC ("Company").
RECITALS
A. WHEREAS, Company and City are parties to that certain Development
Agreement dated August 18, 2025 (the "Agreement") and concerning the development of
Property as set forth in said Agreement.
B. WHEREAS, the parties desire to enter into this First Amendment to the
Agreement to amend or modify the Agreement as specifically set forth below.
C. WHEREAS, the parties furthermore desire to enter into a Minimum
Assessment Agreement in connection with the Agreement and the development or
improvements described therein.
NOW, THEREFORE, in consideration of the premises and of other consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree to amend the
Agreement as follows:
1. The Agreement contains an attached Exhibit B which contains drawings,
specifications, or plans regarding the Improvements. Said Exhibit B is hereby deleted and
replaced with the Exhibit B that is attached to this Amendment, said Exhibit B indicating that it
was "last updated" on 10-02-2025.
2. Section 2 of the Agreement ("Improvements") is hereby deleted in its entirety and
replaced with the following substituted Section 2:
2. Improvements by Company. Company shall construct at its own expense on
the Property one (1) duplex home as generally described and depicted in Exhibit
"B" attached hereto, consisting of approximately 1,148 square feet of living area
with an attached garage of approximately 327 square feet on each side, and
having an estimated value of $320,000.00 upon completion. The Improvements
shall be completed to a finished state, including installation of paved driveway,
installation of a fence along the entire length of the rear yard bordering
drainageway, removal of all construction debris, proper leveling or shaping of
groundscape and grassing and/or landscaping (construction and finishing as so
described are referred to as the "Improvements"). The Improvements shall be
constructed in accordance with the terms of this Agreement, all applicable City,
state, and federal building codes and shall comply with all applicable City
ordinances and other applicable law. Company shall submit specific building
designs and site plans for City review and approval before the commencement of
construction and shall not substantially deviate from such plans, specifications or
designs. Company will use its best efforts to obtain, or cause to be obtained, in a
timely manner, all required permits, licenses and approvals, and will meet, in a
timely manner, all requirements of all applicable local, state, and federal laws and
regulations which must be obtained or met before the Improvements may be
lawfully constructed. The Property, the Improvements, and all site preparation and
development-related work to be undertaken and completed by Company under
this Agreement are collectively referred to as the "Project".
3. A new Section 27 and Exhibit C (Minimum Assessment Agreement) is hereby
added to the Agreement which shall read:
27. Minimum Assessment Agreement. Company acknowledges and agrees
that it will pay when due all taxes and assessments, general or special, and all
other 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 the Minimum Assessment Agreement (the "MAA") attached hereto as
Exhibit "C" it will not seek or cause a reduction in the taxable valuation for the
Property as improved pursuant to this Agreement, which shall be fixed for
assessment purposes, below the amount of$320,000.00 (the"Minimum Actual
Value"), through:
(a)Willful destruction of the Property, the Improvements, or any part of
either;
(b) a request to the Assessor of Black Hawk County; or
(c) any proceedings, whether legal, or equitable, with any administrative
body or court within the City, Black Hawk County, the State of Iowa, or
the federal government.
4. Except as amended herein, the Agreement 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 Amendment to Development
Agreement and Amendment to Minimum Assessment Agreement as of the date first set forth
above.
HALF DOZ N PROPERTIES, LLC CITY OF WATERLOO, IOWA
By: By: DZ ..1.._ -,Vig(,)-ZGe-
L vi Sires Quentin M. Hart, Mayor
Manager
By:
K !ley Felchle ity Clerk
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on D( DE v 2025 by Quentin M. Hart and Kelley
Felchle, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
BRITNI C PERKINSAy-
z r" COMMISSION NO.845529
*Win,* MY COMMISSION
ANUARY27,2026RES
IOWA No bli
STATE OF IOWA
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on6'i� , 2025 by Levi Sires as Manager of Half
Dozen Properties, LLC.
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LA
TIM ANDERA Notary blicCIONNO.772518
ION EXPIRES
yk MY APRIL 11,2027
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EXHIBIT B
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EXHIBIT C
MINIMUM ASSESSMENT AGREEMENT
This Minimum Assessment Agreement (the "Agreement") is entered into as of this
7.' day of (G-4-0bel , 202_, and among the CITY OF
WATERLOO, IOWA("City") and Half Dozen Properties, 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 (the
"Property"), described in Exhibit "A" thereto, located in the City; 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 University
Avenue Area 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 Codes 403.6, as amended, the City and the Company
desire to establish a minimum actual value for the Property and the Minimum 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 Minimum Improvements to be constructed thereon by Company as a part of
the Project shall not be less than $320,000.00 (the "Minimum Actual Value") until
termination of this Agreement. The parties hereto agree that construction of the Minimum
Improvements will be substantially completed by the date set forth in the Development
Agreement, and in any case if the Minimum Improvements are not substantially completed
by December 31, 2026, 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
Codes 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 HALF DOZEN PROPERTIES, LLC.
By: IL_QiV\\
By: • v�__
Quentin M. Hart, ayor evi Sires, Manager
Attest:
Kelley Felchl?j City Clerk
LI
STATE OF IOWA
) ss.
COUNTY OF BLACK HAWK
On this day of �1�' � , 2024.;S, 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.
"` y c
oP s BRITNI PERKINS
z COMMISSIONCO NO.845529
Pu Ii Notary
* "���" * MY COMMISSION EXPIRES
I' A JANUARY 27,2026
STATE OF I '
ss.
COUNTY OF Ir 'G!C
Subscribed and sworn before me on t 8j
by Levi Sires as Manger of Half Dozen Properties, LLC. )
EAA4. TMI MANDERArCOMISSION NO.772518* MY COMMISSION EXPIRES /
'bwx APRIL 11,2027 Notary 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 Three Hundred Twenty Thousand and
00/ 100 Dollars ($320,000.00) 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.
Notary Public