HomeMy WebLinkAboutA.S. Commercial, LLC-3/7/2016 (2)pease mmrn vms copy m;
City Clerk & Finance Dept.
735 Mulberry St.
Waterloo, IA 50703
Prepared by Christopher S. Wendland, P.O. Box 596 Waterloo IA 50704 Phone (319) 234-5701
DEVELOPMENT AGREEMENT
This Development Agreement (the "Agreement') is entered into as of
�'Z�' l , 2016 by and between A.S. Commercial, LLC (the "Developer")
and the City of Waterloo, Iowa (the "City").
RECITALS
A. City considers economic development within the City a benefit to the
community and is willing for the overall good and welfare of the
community to provide financial incentives so as to encourage that goal.
B. Developer is willing and able to finance and construct a building and
related improvements on property to be purchased by Developer, legally
described on Exhibits "A-1" and "A-2" (the "Property"), located in the
Martin Road Development Plan urban renewal area.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Improvements by Developer. The parties contemplate that Developer
will develop the Property in two phases, as follows:
A. Phase 1 —A commercial building of no less than 17,500 square
feet. It is contemplated that the Phase 1 Property will, upon substantial
completion of the Phase 1 Improvements, have an assessed value of no less
than $2,500,000. The Phase 1 Property is legally described on Exhibit "A-1°
attached hereto.
B. Phase 2 —An addition to the Phase 1 structure, or a separate
structure for commercial use, consisting of no less than 17,500 square feet. It is
contemplated that the Phase 2 Property will, upon substantial completion of the
Phase 2 Improvements, have an assessed value to be determined by separate
agreement between Developer and City. The Phase 2 Property is legaily
described on Exhibit "A-2" attached hereto.
In addition to the buildings described above, each phase shall inelude related parking,
Iandscape, and other improvements to the building and grounds (the "Improvements").
The lmprovements shall be constructed in accordance with all applicable City, state,
and federal building codes and shall comply with all applicable City ordinances and
other applicable Iaw. The Improvements and all site preparation and dev&opment-
related work for a given phase as contemplated by this Agreement are collectively
referred to as the "Project". In connection with Phase 2, Developer and City agree to
enter into a supplemental development agreement ("SDA") hereto and to enter into a
minimum assessment agreement applicable to such phase, both agreements to be in
form and content acceptable to City. City may require that Company submit specific
buliding designs and site plans for City review and approval as a condition to approval
of an SDA. tmprovements to the Property compteted within the schedule established by
Section 4 below will be eligible for the benefits provided for in this Agreement, and any
part of the Improvements not completed within the prescribed period wilt not be eIigibe
for said benefits.
2. Property Acquisition. In addition to the tax rebates provided as set forth
elsewhere in this Agreement, City will make a grant to Devetoper in the amount of
$41 9,265.00 to cover the purchase price of the Phase 1 Property. City will make
payment of the grant directly to the selier at closing on Devetoper's behalf. Developer
will provide all funds necessary for purchase of the Phase 2 Property.
3. Timeliness of Construction; Possibility of TitIe Transfer. The parties
agree that Developer's commitment to undertake the Project and to construct the
tmprovements in a timely manner constitutes a material inducement for the City to
extend the development incentives provided for in this Agreement, and that without said
commitment City would not have done 50.
A. Phase 1. Developer must obtain a building permit and begin
construction no later than the date that is eight (8) months after the date of this
Agreement (the "Project Start Date"), and construction of lmprovements on the
Property shall be completed within twelve (12) months thereafter (the "Project
Completion Date"). If development has commenced by the Project Start Date or
within any agreed period of extension and is stopped and/or delayed as a result
of an act of God, war, civil disturbance, court order, labor dispute, fire, or other
cause beyond the reasonable controt of Developer, the requirement that
construction 15 to be compteted by the Project Completion Date shall be toHed for
a period of time equal to the period of such stoppage or delay, and thereafter if
construction is not completed within the allowed period of extension the City may
terminate this Agreement foliowing Devetoper's failure to ditigently undertake
construction within thirty (30) days foliowing written notice of default from City. If
at any time Devetoper faits to diligently undertake construction and other
activities necessary for completion of the Project, then City may terminate this
Agreement foltowing Developer' failure to resume and diligently carry on
construction within thirty (30) days foltowing written notice of defautt from City. In
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the event of any termination of this Agreement provided for in this paragraph, title
to the Property shall pass to the City in reimbursement to City for the
development incentives provided for in this Agreement.
B. Phase 2. The provisions of paragraph A of this Section 3 are
repeated and incorporated herein with respect to Phase 2 Improvements, except
that the Project Start Date applicable to such lmprovements shall be the date that
is six (6) years after the date of this Agreement, and for purposes of this
paragraph B the possibility of title transfer shalt not apply with respect to the
Phase 2 Froperty.
4. Transfer of Title; Indemnity. In the event of any transfer of title to City
as provided in Section 3, Developer agrees that it shall, at its own expense, promptly
execute all documents, including but not Iimited to a warranty deed, or take such other
actions as the City may reasonably request 10 effectuate said transfer and to deliver to
City title to the Phase 1 Property that is free and clear of any lien, claim, or
encumbrance arising by or through Developer. Developer shall pay in fult, so as to
discharge or satisfy, alt liens, ctaims, charges, and encumbrances on or against the
Phase 1 Property. If Developer fails to deliver such documents, including but not timited
to a warranty deed, to City within thirty (30) days of written demand by City, then City
shall be authorized to execute, on Developer's behalf and as its attorney-in-fact, the
warranty deed required by this Section, and for such limited purpose Developer does
hereby constitute and appoint City as its attorney-in4act.
Devetoper further agrees that it shall indemnify City and hotd it harmtess
with respect to any demand, claim, cause of action, damage, or injury made, suffered,
or incurred as a resutt of or in connection with the Project, Developer's failure to carry
on or complete same, or any lien, claim, charge, or encumbrance on or against the
Phase 1 Property of any type or nature whatsoever that attaches 10 the such property
by virtue of Developer's ownership of same. tf City files suit to enforce the terms of this
Agreement and prevails in such suit, then Developer shati be liable for all legal
expenses, including but not limited 10 reasonable attorneys' fees. Developer's duties of
indemnity pursuant to this Section shall survive the expiration, termination or
cancellation of this Agreement for any reason.
5. No Encumbrances; Limited Exception. Until comptetion of the
lmprovements, Developer agrees that it shall not create, incur, or suffer to exist any lien,
encumbrance, morigage, security interest, or charge on the Phase 1 Property, other
than such mortgage or mortgages as may be reasonably necessary to finance
Developer's completion of the tmprovements and of which Devetoper notifies City in
advance of Developer's execution of any such mortgage. Developer may not mortgage
the Phase 1 Property for any purpose except in connection with financing of the
Improvements.
6. Option to Purchase. Upon the occurrence of any instance where the
provisions of this Agreement would require transfer of title with respect 10 the Phase 1
Froperty, in lieu of transfer of titte Developer shall have the option to purchase the
Phase 1 Property by payment to City of an amount equal to $419,265.00. Devetoper
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shall exercise said option within thirty (30) days after written notice from City, and if said
option is not timely exercised then title to the Phase 1 Property shall pass to the City.
7. Water and Sewer. Developer will be responsible for extending water and
sewer service to any Iocation on the Property and for payment of any associated
connection fees.
8. Tax Rebates.
A. Fhase 1. Provided that Developer has completed the Phase 1
Improvements as set forth herein, and has executed the Minimum Assessment
Agreement as setforth in Section 10, City agrees to rebate property tax on the
Phase 1 Property (with the exceptioris noted below) for a period of five (5) years
at 50% per year for any taxable value over the January 1, 2016 vatue of the
Phase 1 Property. Rebates are payable in respect of a given year only to the
extent that Developer has actually paid general property taxes due and owing for
such year: To receive rebates for a given year, Developer must, within twelve
(12) months after the tax payment due date, submit a completed rebate request
to City on the form provided by or otherwise satisfactory to City, or the rebate will
be forfeited at City's option. The first year in which a rebate may be given ("Year
One") shall be the first full year for which the assessment is based on the
completed value of the Phase 1 Improvements and not a prior year for which the
assessment is based solely on the value of the land or on the value of the land
and a partial value of such Improvements, due to partial completion of the
Improvements or a partial tax year. The assessed value of the Phase 1 Property
as a result ofthe lmprovements must be increased by a minimum of 10% and
must increase the annual tax by a minimum of $500.00. This rebate program is
not applicable to any special assessment tevy, debt service levy, or any other
levy that is exempted from treatment as tax increment financing under the
provisions of applicable Iaw.
B. Phase 2. The SDA will set forth any rebates that may be payable
with respect to the Phase 2 Property and Improvements, which the parties
contemplate being substantially on the terms set forth in paragraph A of this
Section.
9. Obligations Contingent. Each and every obligation of City under this
Agreement is expressly made subject to and contingent upon City's completion of all
procedures, hearings and approvals deemed necessary by City or its legal counsel for
amendment of the urban renewal plan applicable to the Property and/or project area, alt
of which must be completed within 180 days from the date this Agreement is approved
by the City council. If such completion does not occur, then this Agreement shall be
deemed canceled and any conveyance, benefit or incentive of any type provided by City
hereunder is subject to transfer of title, revocation, repayment or other appropriate
action to restore such property, benefit or incentive to City, and Developer agrees to
cooperate diligently and in good faith with any reasonable request by City to effectuate
the restoration of same, or failing such restoration Developer agrees to be liable for
same or for the fair value thereof, plus interest on any sums owing at the rate of 1 0%
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per annum commencing with the date of demancl for payment, if said payrnent is not
remitted to City within 30 days.
10. Minimum Assessment Agreement. Developer acknowledges and
agrees that it will pay when due all taxes and assessments, general or special, and all
other Iawful charges whatsoever Ievied upon or assessed or placed against the
Property. Developer further agrees that, prior to the date set forth in Section 2 of
Exhibit "B", it will not seek or cause a reduction in the taxable valuation for the Fhase 1
Property, which shati be fixed for assessment purposes, below the amount of
$2,500,000.00 (the "Minimum Actual Value"), through:
(1) willful destruction of the Phase 1 Property, Fhase 1
Improvements, or any part of either;
(11) a request to the assessor of Black Hawk County; or
(Ui) any proceedings, whether administrative, legal, or equitable, with
any administrative body or court within the City, Black Hawk County, the State of
lowa, or the federal government.
Developer agrees to sign the agreement attached as Exhibit "B" at closing. In
connection with Phase 2 Improvements, Developer further agrees to sign a separate
minimum assessment agreement in form and content acceptable to City before
obtaining a building permit for such Improvements.
11. Representations and Warranties of City. City hereby represents and
warrants as foliows:
A. City is not prohibited from consummating the transaction
contemplated in this Agreement by any Iaw, regulation, agreement, instrument,
restriction, order orjudgment.
B. Each person who executes and delivers this Agreement and all
documents to be delivered hereunder is and shall be authorized to do so on
behalf of City.
12. Representations and Warranties of Developer. Developer hereby
represents and warrants as foliows:
A. Developer is not prohibited from consummating the transaction
contempated in this Agreement by any Iaw, regulation, agreement, instrument,
restriction, order orjudgment.
B. Developer is duly organized, validly existing, and in good standing
under the laws of the state of its organization and is duly qualified and in good
standing under the laws of the State of Iowa.
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C. Developer has fuH right, titie, and authority to execute and perform
this Agreement and to consummate ali of the transactions contempiated herein,
and each person who executes and deiivers this Agreement and ali documents
to be deiivered to City hereunder is and shafl be authorized to do SO on behaif of
Developer.
13. Materiaiity of Developer's Promises, Covenants, Representations,
and Warranties. Each and every promise, coveriant, representation, and warranty set
forth in this Agreement on the part of Developer to be performed is a material term of
this Agreement, and each and every such promise, covenant,. representation, and
warranty constitutes a materiai inducement for City to enter this Agreement. Deveioper
acknowiedges that without such promises, covenants, representations, and warranties,
City wouid not have entered this Agreement. Upon breach of any promise or eovenant,
or in the event of the incorrectness or faisity of any representation or warranty, City
may, at its sole option and in addition to any other right or remedy avaiiabIe to it,
terminate this Agreement and deciare it nuli and void.
14. Notices. Any notice under this Agreement shafl be in writing and shail be
dehvered in person, by overnight air courier service, by United States registered or
certified mali, postage prepaid, or by facsimiie (with an additionai copy deiivered by one
of the foregoing means), and addressed:
(a) ifto City, at715 Muiberry Street, Waterioo, iowa 50703, facsimiie
number 319-291-4571, Attention: Mayor, with copie.s to the City Attorney and the
Community Pianning and Deveiopment Director.
(b) ifto Developer, at 129 Piaza Circie, Waterioo, iowa, 50701,
facsimiie number , Attention: Amy Wienands.
Dehvery of notice shafl be deemed to occur (i) on the date of dehvery when delivered in
person, (H) one (1) business day foDowing deposit for overnight dehvery to an overnight
air courier service which guarantees next day dehvery, (Ui) three (3) business days
foVowing the date of deposit if maiied by United States registered or certified mali,
postage prepaid, ar (iv) when transmitted by facsimiie so iong as the sender obtains
written eiectronic confirmation from the sending facsimiie machine that such
transmission was successfui. A party may change the address for giving notice by any
method set forth in this section.
15. No Joint Venture. Nothing in this Agreement shali, or shail be deemed or
construed to, create or constitute any joint venture, partnership, agency, empioyment, or
any other reiationship between the City and Developer nor to create any habihty for one
party with respect to the habihties or obhgations of the other party or any other person.
16. Amendment, Modification, and Waiver. No amendment, modification,
or waiver of any condition, provision, or term of this Agreement shali be vahd or of any
effect uniess made in writing, signed by the party or parties to be bound or by the duly
authorized representative of same, and specifying with particuiarity the extent and
nature of the amendment, modification, or waiver. Any waiver by any party of any
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default by another party shall not affect or impair any rights arising from any subsequent
default.
17. Severability. 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.
18. Captions. All captions, headings, or titles in the paragraphs or sections of
this Agreement are inserted only as a matter of convenience and/or reference, and they
shall in -no way be construed as limiting, extending, or describing either the scope or
intent of this Agreement or of any provisions hereof.
19. Binding Effect. This Agreement shall be binding and shall inure to the
benefit of the parties and their respective successors, assigns, and legal
representatives.
20. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which, taken
together, shall constitute one and the same instrument.
21. Entire Agreement. This Agreement constitutes the entire agreement of
the parties and supersedes all prior or contemporaneous negotiations, discussions,
understandings, or agreements, whether oral or written, with respect to the subject
matter hereof.
22. Time of Essence. Time is of the essence of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Development
Agreement by their duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA
11M. r.�i�
MENELV-411:411111SEVIN
Attest:
Suzy Schar s, City Clerk
IAL,7
r
Amy Wienands, Mana%r�i' g Member
PERSONAL GUARANTY. The undersigned, being either an officer, shareholder,
manager, or member of Developer, hereby agree for themselves and their heirs,
personal representatives, and assigns, to unconditionally guarantee to City, its
successors and assigns, the full and prompt performance by Developer, its successors
and assigns, of all promises and covenants on the part of Developer to be performed
pursuant to the foregoing Agreement, including but not limited to the duties of indemnity
set forth therein. Liability of rt attipTa-gahgantors hereunder is joint and several.
Amy
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EXHIBIT "A-1"
LegaiDesoription ofPhase 1 Property
That part af the foliowing describecl property that will be platted as Lot 6, Viliage West
Subdivision, City of Waterloo, Iowa:
REAL PROPERTY LOCATED IN PARCEL "K', PARCEL "D" AND A CERTAIN PARCEL
OF LAND AS RECORDED IN INSTRUMENT #2014000376, ALL IN THE OFFICE OF THE
RECORDER, BLACK HAWK COUNTY, IOWA, ALL BEING IN THE SOUTHEAST 1/4 OF TI -JE
SOUTHWEST 1/4 AND THE SOUTHWEST 1/4 OF THE SOUTHEAST 1/4 OF SECTION 33
TOWNSHIP 89 NORTH, RANGE 13 WEST OF THE F!FTFI PRINCIPAL MERIDIAN, IN
WATERLOO, BLACK I-IAWK COUNTY, IOWA.
MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTH 1/4
CORNER OF SAID SECTION 33: THENCE, N1°45'02"W 33.00' TO A POINT ON THE NORTH
RIGHT OF WAY LINE OF RIDGEWAY AVENUE, ALSO BEING THE POINT OF BEGINNING;
THENCE, S89°08'15"W 138.66' ALONG SAID NORTH RIGHT OF WAY LINE TO THE
SOUTHWEST CORNER OF A CERTAIN PARCEL OF LAND RECORDED IN INSTRUMENT
#2014-00376 IN THE OFFICE OF THE RECORDER ALACK HAWK, COUNTY, IOWA, ALSO
BEING THE SOUTF-IEAST CORNER OF A CERTAIN PARCEL OF LAND DESCRIBED AS PARCEL
"K" AND RECORDED IN INSTRIJMENT #2003-27008 AND RECORDED IN THE OFFICE OF THE
RECORDER BLACK HAWK, COUNTY, IOWA; THENCE, SB900Y5OHW 183.40' ALONG SAID
NORTH RIGHT OF WAY LINE TO THE SOUTHWESTERLY CORNER OF SAID PARCEL "1<";
THENCE, N2°45'09"W 167.84' ALONG TI -IE EAST LINE OF SAID PARCEL "K"; TI-IENCE,
N0°52'36"W 875.11'; THENCE, N89°18'03"E 607.53' TO A POINT ON THE EAST LINE OF SAID
PARCEL "D"; THENCE, S1°44'40"E 1040.25' ALONG SAID EAST LINE OF SAID PARCEL "D" TO
THE NORTH RIGHT OF WAY LINE OF RIDGEWAY AVENUE; THENCE, S89°09'l 3"W 211.11'
ALONG SAID NORTH RIGI-IT OF WAY LINE; THENCE, S88°34'38"W 84.61', TO TI -JE POINT OF
BEGINNING, CONTAINING 14.71 ACRES.
EXHIBIT "A-2"
Legal Description of Phase 2 Property
That part of the foliowing described property that will be platted as Lot 1, Village West
Subdivision, City of Waterloo, Iowa:
REAL PROPERTY LOCATED IN PARCEL "K', PARCEL "0" AND A CERTAIN PARCEL
OF LAND AS RECORDED IN INSTRUMENT #2014000376, ALL IN THE OFFICE OF THE
RECORDER, BLACK HAWK COUNTY, IOWA, ALL BEING IN THE SOIJTHEAST 1/4 OF THE
SOUTHWEST 1/4 AND THE SOUTHWEST 1/4 OF THE SOUTHEAST 1/4 OF SECTION 33,
TOWNSHIP 89 NORTH, RANGE 13 WEST OF THE FIFTH PRINCIPAL MERIDIAN, IN
WATERLOO, BLACK RAWK COUNTY, IOWA
MORE PARTICULARLY DESCR!BED AS FOLLOWS: COMMENCING AT THE SOUTH 114
CORNER OF SAID SECTION 33: THENCE, N1°45'02"W 33.00 TO A POINT ON THE NORTH
RIGHT OF WAY LINE OF RIDGEWAY AVENUE, ALSO BEING THE POINT OF BEGINNING;
THENCE, S89°08'15"W 138.66' ALONG SAID NORTH RIGHT OF WAY LINE TO TI -IE
SOUTHWEST CORNER OF A CERTAIN PARCEL OF LAND RECORDED IN INSTRUMENT
#2014-00376 IN THE OFFICE OF THE RECORDER BLACK HAWK, COUNTY, IOWA, ALSO
BEING THE SOUTHEAST CORNER OF A CERTAIN PARCEL OF LAND DESCRIBED AS PARCEL
"K' AND RECORDED IN INSTRUMENT #2003-27008 AND RECORDED IN THE OFFICE OF THE
RECORDER BLACK HAWK, COUNTY, IOWA; THENCE, S89°03'50"W 183.40' ALONG SAID
NORTH RIGHT OF WAY LINE TO THE SOUTHWESTERLY CORNER OF SAID PARCEL "K";
THENCE N2°45'09"W 167 84' ALONG THE EAST LINE OF SAID PARCEL "1<"; THENCE
N0°52'36"W 875 11'; THENCE, N89°18'03"E 607 53' TO A POINT ON THE EAST LINE OF SAID
PARCEL D"; THENCE, S1°44'40"E 1040.25' ALONG SAID EAST LINE OF SAID PARCEL "0' TO
THE NORTH RIGRT OF WAY LINE OF RIDGEWAY AVENUE; THENCE, S89°09'13"W 211.11'
ALONG SAID NORTH RIGHT OF WAY LINE; THENCE, S88°34'38"W 84.61', TO THE POINT OF
BEGINNING, CONTAINING 14.71 ACRES.
lacll�rrlr�u
MINIMUM ASSESSMENT AGREEMENT
This Minimum Assessment Agreement (the "Agreement") is entered into as of
1 2016, by and among the CITY OF WATERLOO, IOWA
("City"), A.S. Commercial, LLC ("Developer"), and the COUNTY ASSESSOR of the City
of Waterloo, Iowa ("Assessor").
WITNESSETH:
WHEREAS, on or before the date hereof the City and Developer have entered
into a development agreement (the "Development Agreement") regarding certain real
property, described in Exhibit "A-1" thereto, located in the City; and
WHEREAS, it is contemplated that pursuant to the Development Agreement, the
Developer will undertake the development of an area ("Project") within the City and
within the Martin Road Development Plan urban renewal area; and
WHEREAS, pursuant to Iowa Code § 403.6, as amended, the City and the
Developer desire to establish a minimum actual value for the land and the building(s)
pursuant to this Agreement and applicable only to the Project, 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 improvements (the "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 substantial completion of construction of the Improvements by the
Developer, the minimum actual taxable value which shall be fixed for assessment
purposes for the land and Improvements to be constructed thereon by the Developer as
a part of the Project shall not be less than $2,500,000.00 (the "Minimum Actual Value")
until termination of this Agreement. The parties hereto agree that construction of the
Improvements will be substantially completed on or before the dates set forth in the
Development Agreement.
The Minimum Actual Value herein established shall be of no further force
and effect, and this Minimum Assessment Agreement shall terminate, on December 31,
2030. Nothing herein shall be deemed to waive the Developer's rights under Iowa Code
12
§ 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 Developer seek or cause the reduction of the actual value assigned
below the Minimum Actual Value established herein during the term of this Agreement.
3. 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.
4. Neither the preambles nor provisions of this Agreement are intended to,
or shall be construed as, modifying the terms of the Development Agreement.
5. 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.
CITY OF WATERLOO, IOWA
: ��Quentin Hart, Mayor �
. i.
1
Attest:
Suzy Schar s, City Clerk
A.S. COMMERCIAL,
Managing
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK t ')
On this day of Ml�Vc,�A 2016, before me, a Notary Public in
and for the State of Iowa, personally appeared Quentin Hart and Suzy Schares, 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.
]gig
Notary Public
13
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me on .
Amy Wienands as Managing Member of A.S.
;•""` . ANNA L CAUGHRON
COMMISSION NO. Tr/935
MY COMMISSION k7W WES
AML 11, 2016
14
M-AxC14 15+ , 2016 by
CERTIFICATION OF ASSESSOR
The undersigned, having reviewed the plans and specifications for the
improvements to be constructed and the market value assigned to the land upon which
the improvements are to be constructed for the development, and being of the opinion
that the minimum market vatue contained in the foregoing Minimum Assessment
Agreement appears reasonable, hereby certifies as foliows: The undersigned
Assessor, being legaily responsibte for the assessment of the property subject to the
development, upon completion of improvements to be made on it and in accordance
with the Minimum Assessment Agreement, certifies that the actual value assigned to
such land, building and equipment upon completion of the development shall not be
less than Two Million Five Hundred Thousand Dollars ($2,500,000) in the aggregate,
until termination of this Minimum Assessment Agreement pursuant to the terms hereof.
T.J. KoergsfeId
Assessor for Black Hawk County, Iowa
Date
STATEOFIOWA )
)ss.
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me on 5 / ,5S , 2016.
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TARAJOHNSON
Commlsslon Number 767467
My Commisslon Expires
Aprit 5, 2017