HomeMy WebLinkAboutBKKS Holdings, LLC - (RECORDED) 1st Amendment to DA and MAA - 2.2.2026 2
2026-01741
RECORDED:02/10/2026 02:45:36 PM
RECORDING FEE:$22.00
REVENUE TAX:§
COMBINED FEE:$22.00
SANDIE 1.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
Prepared by Austin J.McMahon,Lame 8,McMahon,PLC,222 1'St.E.,Independence,IA 50644 319-334-4488
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
AND FIRST AMENDMENT TO MNIMUM ASSESSMENT AGREEMENT
This First Amendment to Development Agreement and First Amendment to Minimum
Assessment Agreement(the"Amendment")is entered into as of J ruc,c Z
2026,by and between BKKS Holdings,LLC(the"Company")and the City of Waterlob,Iowa(the
"City").
RECITALS
A. Company and City are parties to that certain Development Agreement("DA")and
Minimum Assessment Agreement("MAA")dated July 7,2025,and recorded with the Black Hawk
County Recorder on September 22,2025,as Doc.No.2025-13843.
B. The parties desire to amend the DA and MAA 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 hereby stricken in its entirety and replaced with the following
amended Section 2:
2. Phased Improvements by Company. The parties
contemplate that Company will develop the Property in phases,
each of which is generally described as follows, although more
detailed plans for each phase will be developed at one or more
future dates. Phase 1 shall consist of the construction or
development of 42,050 square feet of storage units along with
related landscaping, storm water, paving, signage and parking
improvements. Phase II shall consist of the construction or
development of 52,050 square feet of storage units along with
related landscaping, storm water, paving, signage and parking
improvements.The construction and/or development as described
above are collectively referred to as the "Improvements" or the
"Project."The Improvements relating to each separate Phase will
Page 2
be referred to as" Phase 1 Improvements" and/or "Phase 2
Improvements," as is applicable.
Company agrees that the Improvements shall be constructed in
accordance with the terms of this Agreement, the urban renewal
plan applicable to the Property, and all applicable City, state, and
federal building codes and shall comply with all applicable City
ordinances and other applicable law. City may require that
Company submit specific building designs and site plans for City' s
review and reasonable approval. 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, including but not limited
to final permit inspections. The Property, the Improvements, and all
site preparation and development- related work to make any of the
Property usable for Company' s purposes as contemplated by this
Agreement are collectively referred to as the" Project."
2. Section 8 of the DA is hereby amended, with respect to the Phase 1 Minimum
Actual Value, to strike "$2,515,000" and to substitute in its place "$1,995,000.00"
3. Section 1 of the MAA (Exhibit B to DA) is amended to strike "2,515,000" and to
substitute in its place 11,995,000.00."
4. Except as modified herein, the DA and 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. This Amendment may be executed
in multiple counterparts. 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 Amendment to Development
Agreement by their duly authorized representatives as of the date first set forth above.
[signatures on next page]
Page 3
CITY OF WATERLOO, IOWA BKKS HOLDINGS, LLC
/
By: ,Ht� By: L'
David Boesen, Mayor er Kunkle, President
Atte 2 _
elley Felc , ity Clerk
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
On this J day of 5e b{`)`- 11 ', , 2026, before me, a notary public in
and for the State of Iowa, personally appeared David Boesen 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.
NANCYANNE HIGBY U\n
11. OMMISSION NO.
DCP ' ttry e-I\, Y�h �e
low. IO-- a4.n Notary Public
STATE OF ,.1(; u;cc )
) ss.
COUNTY OF \ f aC ( lc )
Subscribed and sworn before me on ,c,�;u2v�.I ��1 r 7 L 4, ,
by Tyler Kunkle as President (title) of BKKS Holdings, LLC. J
Ikv s,, WILLIAM KENNETH FISCHER tary IC /
.Z r COMMISSION NO.848786 ,
"-""' I ON, PIKES
*rrrrrrm* m
IOWA
3
Page 4
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 Two Million Five Hundred Fifteen
Thousand and 00/ 100 Dollars ($1 ,995,000.00) until termination of this Minimum Assessment
Agreement pursuant to the terms hereof, subject to adjustment as provided in said
agreement.
Date A or for Black Hawk County, Iowa
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
Subscribed and sworn to before me on 2 - 9 -c , by
T.J. Koenigsfeld, Assessor for Black Hawk County, Iowa.
E``Acs TARA JOHNSON
z - Commission Number 767457
„ My Commission Expires
,p,,,,p. April 5, 2026 Not..., 'ublic
4
Prepared by Austin J. McMahon, Lange & McMahon, PLC, 222 1st St. E., Independence, IA 50644 319-334-4488
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
AND FIRST AMENDMENT TO MNIMUM ASSESSMENT AGREEMENT
This First Amendment to Development Agreement and First Amendment to Minimum
Assessment Agreement (the "Amendment") is entered into as of ,-���.�� Z
2026, by and between BKKS Holdings, LLC (the "Company") and the City of Waterlod, Iowa (the
"City").
RECITALS
A. Company and City are parties to that certain Development Agreement ("DA") and
Minimum Assessment Agreement ("MAA") dated July 7, 2025, and recorded with the Black Hawk
County Recorder on September 22, 2025, as Doc. No. 2025-13843.
B. The parties desire to amend the DA and MAA 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 hereby stricken in its entirety and replaced with the following
amended Section 2:
2. Phased Improvements by Company. The parties
contemplate that Company will develop the Property in phases,
each of which is generally described as follows, although more
detailed plans for each phase will be developed at one or more
future dates. Phase 1 shall consist of the construction or
development of 42,050 square feet of storage units along with
related landscaping, storm water, paving, signage and parking
improvements. Phase II shall consist of the construction or
development of 52,050 square feet of storage units along with
related landscaping, storm water, paving, signage and parking
improvements. The construction and/ or development as described
above are collectively referred to as the "Improvements" or the
"Project." The Improvements relating to each separate Phase will
Page 2
be referred to as" Phase 1 Improvements" and/or "Phase 2
Improvements," as is applicable.
Company agrees that the Improvements shall be constructed in
accordance with the terms of this Agreement, the urban renewal
plan applicable to the Property, and all applicable City, state, and
federal building codes and shall comply with all applicable City
ordinances and other applicable law. City may require that
Company submit specific building designs and site plans for City' s
review and reasonable approval. 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, including but not limited
to final permit inspections. The Property, the Improvements, and all
site preparation and development- related work to make any of the
Property usable for Company' s purposes as contemplated by this
Agreement are collectively referred to as the" Project."
2. Section 8 of the DA is hereby amended, with respect to the Phase 1 Minimum
Actual Value, to strike "$2,515,000" and to substitute in its place "$1,995,000.00"
3. Section 1 of the MAA (Exhibit B to DA) is amended to strike "2,515,000" and to
substitute in its place "$1,995,000.00."
4. Except as modified herein, the DA and MAA shall continue unmodified in full force
and effect. Terms in this Amendment that are capitalized but not defined will have the same
meanings herein that are ascribed to them in the DA or MAA. This Amendment may be executed
in multiple counterparts. The DA, MAA, and this Amendment shall inure to the benefit of and be
binding upon the parties and their respective successors and assigns.
IN WITNESS WHEREOF, the parties have executed this Amendment to Development
Agreement by their duly authorized representatives as of the date first set forth above.
[signatures on next page]
1
Page 3
CITY OF WATERLOO, IOWA
By:
David Boesen, Mayor
Atte t'
elley Felcht ' , City Clerk
STATE OF IOWA
) ss.
COUNTY OF BLACK HAWK )
BKKS HOLDINGS, LLC
By:
Tiler Kunkle, President
On this day of , 2026, before me, a notary public in
and for the State of Iowa, personally appeared David Boesen and Kelley Felchle, to me
personally known, who being duly sworn ho being duly sworn, did say that they are the Mayor
and City Clerk, respectively, of the City of Waterloo, Iowa, a municipal corporation, created
and existing under the laws of the State of Iowa, and that the seal affixed to the foregoing
instrument is the seal of said municipal corporation, and that said instrument was signed and
sealed on behalf of said municipal corporation by authority and resolution of its City Council,
and said Mayor and City Clerk acknowledged said instrument to be the free act and deed of
said municipal corporation by it and by them voluntarily executed.
U\'( Ahm-e-ty
Notary Public
STATE OF
t� 090
) ss.
COUNTY OF
Subscribed and sworn before me on
by Tyler Kunkle as President (title) of BKKS Holdings, LLC.
WILLIAM KENNETH FISCHER
COMMISSION NO. 848786
C?.t I.$ ON, PIKES
L
3
•
Page 4
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 Two Million Five Hundred Fifteen
Thousand and 00/ 100 Dollars ($1,995,000.00) 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
4