HomeMy WebLinkAboutVI 2, LLC - 2nd Amendment to DA_MAA (RECORDED) I
2026-01745
RECORDED: 02/10/2026 02:45:40 PM
RECORDING FEE: $27.00
REVENUE TAX: $
COMBINED FEE: $27.00
SANDIE L. SMITH, RECORDER
BLACK HAWK COUNTY, IOWA
CORRECTIVE RECORDING
Recorder's Cover Sheet
Preparer Information: (name, address and phone number)
Austin J. McMahon
Lange & McMahon, PLC
222 1st St. E.,
Independence, Iowa 50644
Taxpayer Information: (name and complete address)
N/A
Return Document To: (name and complete address)
Planning & Zoning
City of Waterloo
715 Mulberry Street
Waterloo, Iowa 50703
Grantors:
N/A
Grantees:
N/A
Legal Description: KASPEND ADDITION A REPLAT OF PART OF TRACT C RANGERS
SECOND ADDITION AND A PART OF VACATED WEST SAN MARNAN DR AND
VACATED KIMBALL AVE LOT 2 EXC A PART OF LOT 2 DESC AS BEG AT NW COR
SAID LOT2, TH N 89 DEG 34 MIN 55 SEC E ALONG THE NLY LINE SAID LOT 2118 FT,
TH S 257.52 FT TO THE SLY LINE SAID LOT 2, TH N 88 DEG 28 MIN 33 SEC W ALONG
THE SLY LINE 118.04 FT TO THE SWLY COR SAID LOT, TH N ALONG WLY LINE OF
SAID LOT 253.50 FT TO PT OF BEG, EXC KASPEND ADDITION PART OF LOT 2 DESC
AS BEG AT NE COR LOT, TH S 74.66 FT TH S 11 DEG 28 MIN 20 SEC W 64.87 FT, TH N 3
DEG 00 MIN 54 SEC E 138.33 FT TO N LINE LOT 2, TH N 88 DEG 55 MIN 59 SEC E 4.9 FT
TO POB.
Document or instrument number of previously recorded documents: Second Amendment to
Development Agreement and Second Amendment to Minimum Assessment Agreement recorded
November 26, 2025, as Doc. No. 2025- 17496 (the "Second Amendment"). The Second
Amendment did not contain the required Certificate of Assessor, which is now included.
Prepared by Christopher S.Wendland,P.O. Box 596,Waterloo, IA 50703. 319-234-5701
SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
AND SECOND AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Second Amendment (the "Amendment") is entered into as of C,vy\ ! /a
2025 by and between VI 2, LLC (the "Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement dated
August 5, 2019 (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. The DA and MAA have been filed in the land records of
Black Hawk County as Doc. No. 2020-8817. The DA and MAA were amended
pursuant to amendment dated February 21, 2022 and recorded as Doc. No.
2022-20375.
B, The parties desire to further amend the amended DA and the amended 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 2 of the DA is amended to state that the Completion Deadline shall be no
later than December 31, 2023.
2. Section 3 of the DA and Section 1 of the MAA are amended to strike
"$330,000.00" therefrom and to substitute "$386,610.00" in place thereof.
3. Section 5 of the DA is amended to add the following new paragraph C:
C. City and Company shall in good faith negotiate and enter into an
encroachment agreement permitting Company to construct a drive-thru lane to serve
the new building being constructed, in exchange for which Company shall assume
responsibility to maintain and repair the sewer infrastructure thereunder at Company's
sole cost and expense. All activities of Company as contemplated by this paragraph
shall conform to all standard or customary requirements of the City in its regulatory
capacity.
Page 2
4. Section 1 of the MAA is amended to strike "March 31, 2023" therefrom and to
substitute "December 31, 2023" in place thereof.
5. Section 2 of the MAA is amended to strike the first sentence thereof and to
substitute the following in its place: "The Minimum Actual Value herein established shall be of
no further force and effect, and this Agreement shall terminate, on December 31, 2041;
provided.
6. Except as modified herein, the amended DA and amended 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 Second Amendment to
Development Agreement and Amendment to Minimum Assessment Agreement by their duly
authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA VI 2, LLC
By: �� t 0 —r - By: 41 ` ,/r /
Quentin M. Hart, Mayor Randall D. Vandersee
Managing Member
Attest:
K Iley elchle, Ci Clerk
STATE OF IOWA
) ss.
COUNTY OF BLACK HAWK
On this day of (Ne{14e , 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, 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.
BRITNI C PERKINS Notar blic
z IR r- COMMISSION NO.845529
*M* MY COMMISSION EXPIRES
IOWA JANUARY 27,2026 �/
Page 3
STATE OF IOWA
) ss.
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me onbIP,111l` ' CI, 2025, by Randall D.
Vandersee as Managing Member of VI 2, LLC.
MiLA-
saNiaxa N
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zozOISSIV'sz,�i4nrO3 * Notary public�w ,;;;,r
9l 99i3' NOISSIWWO $
S1uh1 N11S12!?I0N VSSIA ? Tyti Y
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 and eighty six thousand
and six hundred and ten dollars ($386,610.00) until termination of this Minimum Assessment
Agreement pursuant to the terms hereof, subject to adjustment as provided in said
agreement.
s1 D
Date Asse or Black Hawk County, Iowa
STATE OF IOWA
ss.
COUNTY OF BLACK HAWK
Subscribed and sworn to before me on a - q - a (o by
T.J. Koenigsfeld, Assessor for Black Hawk County, Iowa.
TARA JOHNSON
o , Commission Number 767467
? 4" My Commission Expires
April 5, 2026 i Notary1ubllc
2025-17496 2'
RECORDED: 11/26/2025 12:40:06 PM
RECORDING FEE:$17.00
REVENUE TAX:$
COMBINED FEE:$17.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
I,
Prepared by Christopher S.Wendland, P.O. Box 596,Waterloo, IA 50703. 319-234-5701
SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
AND SECOND AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Second Amendment (the "Amendment") is entered into as of N -v3
2025 by and between VI 2, LLC (the "Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement dated
August 5, 2019 (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. The DA and MAA have been filed in the land records of
Black Hawk County as Doc. No. 2020-8817. The DA and MAA were amended
pursuant to amendment dated February 21, 2022 and recorded as Doc. No.
2022-20375.
B. The parties desire to further amend the amended DA and the amended 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 2 of the DA is amended to state that the Completion Deadline shall be no
later than December 31, 2023.
2. Section 3 of the DA and Section 1 of the MAA are amended to strike
"$330,000.00" therefrom and to substitute "$386,610.00" in place thereof.
3. Section 5 of the DA is amended to add the following new paragraph C:
C. City and Company shall in good faith negotiate and enter into an
encroachment agreement permitting Company to construct a drive-thru lane to serve
the new building being constructed, in exchange for which Company shall assume
responsibility to maintain and repair the sewer infrastructure thereunder at Company's
sole cost and expense. All activities of Company as contemplated by this paragraph
shall conform to all standard or customary requirements of the City in its regulatory
capacity.
Page 2
4. Section 1 of the MAA is amended to strike"March 31,2023"therefrom and to
substitute"December 31,2023"in place thereof.
5. Section 2 of the MAA is amended to strike the first sentence thereof and to
substitute the following in its place: "The Minimum Actual Value herein established shall be of
no further force and effect,and this Agreement shall terminate,on December 31,2041;
provided.
6. Except as modified herein,the amended DA and amended 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 Second Amendment to
Development Agreement and Amendment to Minimum Assessment Agreement by their duly
authorized representatives as of the date first set forth above.
CITY(OF WATERLO,IOWAO VI 2,LLC �i1
By: ` /i t f ? -tom ��( By//d��1
Quentin M. Hart,Mayor Randall D.Vandersee�
Managing Member
Attest:
K Iley elchle,Ci Clerk
STATE OF IOWA
ss.
COUNTY OF BLACK HAWK (�)
On this Y/ day of /VUVet ,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,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.
,f0A' BRITNI C PERKINS Notar blic
z° COMMISSION NO.845529
.A. MY COMMISSION EXPIRES
IOWA JANUARY 27,2026
/
Pre•ared b Christo•her .Wendland P.O. Box 596 Waterloo IA 50703. 319-234-5701
SECO D AMENDMENT TO DEVELOPMENT AGREEMENT
AND SECOND MENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Second Amendm t (the "Amendment") is entered into as of ,
2025 by and between VI 2, LLC he "Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are p:rties to that certain Development Agreement dated
August 5, 2019 (the "DA") oncerning The development of property as described
in the Agreement. Compan, and City are also parties to that certain Minimum
Assessment Agreement (the + AA") pertaining to said property, dated as of the
same date as the DA. The DA - d MAA have been filed in the land records of
Black Hawk County as Doc. No.,/ 420-8817. The DA and MAA were amended
pursuant to amendment dated Feb . ary 21, 2022 and recorded as Doc. No.
2022-20375. /
B. The parties desire to furt r amend the a' ended DA and the amended MAA to
modify the terms as set orth in this Amen.I ent.
NOW, THEREFORE, in coqiideration of the mutual covenants set forth herein, the
parties agree as follows:
1. Section 2 of tho DA is amended to state that the C. pletion Deadline shall be no
later than December 31, 2023.
2. Section 3/of the DA and Section 1 of the MAA are amen..ed to strike
"$330,000.00" therefrom and to substitute "$386,610.00" in place thereo .
3. Section 5 of the DA is amended to add the following new par-.raph C:
C. City and Company shall in good faith negotiate and enter into an
encroachment agreement permitting Company to construct a drive-thru -ne to serve
the new building being constructed, in exchange for which Company shall -ssume
responsibility to maintain and repair the sewer infrastructure thereunder at •.mpany's
/ sole cost and expense. All activities of Company as contemplated by this pa :graph
shall conform to all standard or customary requirements of the City in its regula..ry
capacity.
Page 3
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me on NM,01\a), „ 2025, by Randall D.
Vandersee as Managing Member of VI 2, LLC.
9zaz 'sz A1fl1 4""Q' Notary ublic
L,
S_Hia NOISSIWWOO AW
9 I v99g ON NOISSIW NOO
311J..11 N3..!SIHN VSSIA� 07,1151
Prepared by Christopher S.Wendland, P.O. Box 596,Waterloo, IA 50703. 319-234-5701
SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
AND SECOND AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Second Amendment (the "Amendment") is entered into as of 1\ em 1/3
2025 by and between VI 2, LLC (the "Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement dated
August 5, 2019 (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. The DA and MAA have been filed in the land records of
Black Hawk County as Doc. No. 2020-8817. The DA and MAA were amended
pursuant to amendment dated February 21, 2022 and recorded as Doc. No.
2022-20375.
B. The parties desire to further amend the amended DA and the amended 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 2 of the DA is amended to state that the Completion Deadline shall be no
later than December 31, 2023.
2. Section 3 of the DA and Section 1 of the MAA are amended to strike
"$330,000.00" therefrom and to substitute "$386,610.00" in place thereof.
3. Section 5 of the DA is amended to add the following new paragraph C:
C. City and Company shall in good faith negotiate and enter into an
encroachment agreement permitting Company to construct a drive-thru lane to serve
the new building being constructed, in exchange for which Company shall assume
responsibility to maintain and repair the sewer infrastructure thereunder at Company's
sole cost and expense. All activities of Company as contemplated by this paragraph
shall conform to all standard or customary requirements of the City in its regulatory
capacity.
Page 2
4. Section 1 of the MAA is amended to strike "March 31, 2023" therefrom and to
substitute "December 31, 2023" in place thereof.
5. Section 2 of the MAA is amended to strike the first sentence thereof and to
substitute the following in its place: "The Minimum Actual Value herein established shall be of
no further force and effect, and this Agreement shall terminate, on December 31, 2041;
provided.
6. Except as modified herein, the amended DA and amended 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 Second Amendment to
Development Agreement and Amendment to Minimum Assessment Agreement by their duly
authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA VI 2, LLC
By: 01A 0 .C/� By:
Quentin M. Hart, Mayor Randall D. Vandersee
Managing Member
Attest:
K Iley elchle, Ci Clerk
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
On this tO day of 410,461, , 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, 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.
. � BRITNI C PERKINS Nota blic
z COMMISSION NO.845529
*„„„in* MY COMMISSION EXPIRES
IOWA JANUARY 27,2026
i
Pre•ared b Christo•her .Wendland P.O. Box 596 Waterloo IA 50703. , / 319-234-5701
SECO D AMENDMENT TO DEVELOPMENT AGREEMENT
AND SECOND ' MENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Second Amendm= t (the "Amendment") is entered into as of
2025 by and between VI 2, LLC the "Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are p:rties to that certain Development Agreement dated
August 5, 2019 (the "DA") oncerning,the development of property as described
in the Agreement. Company and City are also parties to that certain Minimum
Assessment Agreement (the k AA") pertaining to said property, dated as of the
same date as the DA. The DA . d MAA have been filed in the land records of
Black Hawk County as Doc. Noy, 420-8817. The DA and MAA were amended
pursuant to amendment dated,geb . ary 21, 2022 and recorded as Doc. No.
2022-20375.
B. The parties desire to furt r amend the a, ended DA and the amended MAA to
modify the terms as set orth in this Amen. ent.
NOW, THEREFORE, in copderation of the mutual covenants set forth herein, the
parties agree as follows:
1. Section 2 of the DA is amended to state that the C. pletion Deadline shall be no
later than December 31, 2023.
2. Section 31:if the DA and Section 1 of the MAA are amended to strike
"$330,000.00" therefrom and to substitute "$386,610.00" in place thereo .
3. Section 5 of the DA is amended to add the following new par-,raph C:
C. City and Company shall in good faith negotiate and enter into an
encroachment agreement permitting Company to construct a drive-thru -ne to serve
the new building being constructed, in exchange for which Company shall .ssume
responsibility to maintain and repair the sewer infrastructure thereunder at '•mpany's
sole cost and expense. All activities of Company as contemplated by this pa =graph
shall conform to all standard or customary requirements of the City in its regula .ry
capacity.
r
Page 3
STATE OF IOWA )
ss.
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me on , 2025, by Randall D.
Vandersee as Managing Member of VI 2, LLC.
Notary Public