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HomeMy WebLinkAboutBKKS Holdings, LLC - 1st Amendment to DA and MAA - 2.2.2026 Prepared by Austin J.McMahon, Lange&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 ,-IA_rdc .,� Z 2026, by and between BKKS Holdings, LLC (the "Company") and the City of Waterloo, 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 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