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HomeMy WebLinkAboutVI 2, LLC - 2nd Amendment to DA_MAA (RECORDED) 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