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Home My WebLink About5 Bees_Black Hawk LLC -(RECORDED) Novation and Amendment to MA - 3.16.2026 • 2026-05075 RECORDED:04/13/2026 02:49:50 PM RECORDING FEE:$47.00 REVENUE TAX:§ COMBINED FEE:$47.00 SANDIE L.SMITH,RECORDER BLACK HAWK COUNTY,IOWA Prepared by Austin J.McMahon,Lange&McMahon.PLC,Independence,IA 50644 319-334-4488 VRetum To:ATTN:Community Planning&Development,City of Waterloo,715 Mulberry Street,Waterloo,IA 50703. NOVATION AND AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT This Novation and Amendment to Minimum Assessment Agreement(the"Amendment") is entered into as of s,YT.h 1 JD,2026,by and between the City of Waterloo, Iowa("City") 5 Bees,LLC("5 Bees"),and Black Hawk,LLC("Black Hawk").The parties are collectively referred to as the"Parties"). RECITALS A. 5 Bees and City are parties to a certain Minimum Assessment Agreement, dated July 20,2023,and recorded with the Black Hawk County Recorder as Doc.No.2021-11025,and as amended by an Amendment dated July 3,2023, and recorded with the Black Hawk County Recorder as Doc.No.2024-07203(collectively,the"MAA"). B. The MAA concerns real estate legally described as Hayes Addition,Lot 7,Block 16, Waterloo,Black Hawk County,Iowa(the"Property"). C. 5 Bees has conveyed ownership of the Property to Black Hawk. D. With respect to the MAA,the Parties desire to substitute 5 Bees with Black Hawk as a party thereto and further desire to amend the MAA as stated below. NOW, THEREFORE, in consideration of the premises and of other consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree to the following: 1. Black Hawk is hereby substituted in the place of 5 Bees with respect to the MAA. Black Hawk hereby assumes and agrees to perform,satisfy,and discharge all duties,obligations, covenants, and liabilities of 5 Bees arising under the terms of the MAA. 5 Bees is hereby discharged and forever released from the duties, obligations, covenants, and liabilities arising under the terms of the MAA. The Parties intend that this provision constitute a full novation such that Black Hawk is substituted for 5 Bees with the same force and effect as if Black Hawk was the original signatory and party bound to the MAA. 2. The City and Black Hawk hereby amend the MAA as set forth in the attached Amended Minimum Assessment Agreement ("Amended MAA"), designated as Exhibit A to this Amendment, which shall displace the any previously executed MAA. Without limiting the provisions of the Amended MAA, the Amended MAA establishes and fixes a minimum actual value of the Property in the amount of$523,000.00. 3. 5 Bees is not a party to the Amended MAA and shall not be bound thereby or liable thereunder. 4. This Amendment is binding on the Parties and the respective successors, assigns, transferees and legal representatives of each. This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute a single instrument. IN WITNESS WHEREOF, the parties have executed this Novation and Amendment to Minimum Assessment Agreement as of the date first set forth above. 5 BEES, LLC, CITY OF W TERLOO, IOWA I ( By: Aere-e- David Boesen, Mayor Name: o *m -i �ry brelr Attest: Kelley Felchle, City Clerk Title: Y" " A-rea 1"141" her BLACK HAWK, LLC, By: Name: Title: 2 that Black Hawk is substituted for 5 Bees with the same force and effect as if Black Hawk was the original signatory and party bound to the MAA. 2. The City and Black Hawk hereby amend the MAA as set forth in the attached Amended Minimum Assessment Agreement ("Amended MAA"), designated as Exhibit A to this Amendment, which shall displace the any previously executed MAA. Without limiting the provisions of the Amended MAA, the Amended MAA establishes and fixes a minimum actual value of the Property in the amount of$523,000.00. 3. 5 Bees is not a party to the Amended MAA and shall not be bound thereby or liable thereunder. 4. This Amendment is binding on the Parties and the respective successors, assigns, transferees and legal representatives of each. This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute a single instrument. IN WITNESS WHEREOF, the parties have executed this Novation and Amendment to Minimum Assessment Agreement as of the date first set forth above. 5 BEES, LLC, CITY OF WATERLOO, IOWA By: By: avid Boesen, Mayor Name: Attest: I<�� . . .l <-/ f- i-Z— Kelley Felchle, City Clerk Title: BLACK HAWK, LLC, By: Name: .54 0T Title: / ia kaj Q 2 EXHIBIT A AMENDED MINIMUM ASSESSMENT AGREEMENT This Minimum Assessment Agreement (the "Amended MAA" or this "Agreement")) is entered into as of M r. It, , 2026 by and among the CITY OF WATERLOO, IOWA ("City"), BLACK HAWK, LLC ("Company"), and the COUNTY ASSESSOR of the City of Waterloo, Iowa ("Assessor"). WITNESSETH: WHEREAS, on or about July 13, 2020, the City and 5 Bees, LLC, entered into a development agreement ("DA") and a Minimum Assessment Agreement ("MAA") regarding certain real property, located in the City, and legally described as Hayes Addition, Lot 7, Block 16, Waterloo, Black Hawk County, Iowa (the "Property"). WHEREAS, the terms of the DA required that certain Minimum Improvements be constructed on the Property in phases and required amendments to the MAA to increase the minimum actual value of the Property upon completion of the phases of construction. WHEREAS, all construction phases of the Minimum Improvements have been completed. WHEREAS, 5 Bees, LLC, has conveyed ownership of the Property to Company. WHEREAS, the City, 5 Bees, LLC, and Company have entered into a Novation and Amendment to Minimum Assessment Agreement, the terms of which substitute Company in the place of 5 Bees, LLC, with respect to the MAA and which further establish this Amended MAA as amending the previously executed MAA. WHEREAS, pursuant to Iowa Code Chapter 403 and Iowa Code Chapter 404, including but not limited to, Iowa Code § 404.3C, the City and Company desire to establish a minimum actual value for the Property that recognizes the value of the completed Minimum Improvements, with said minimum actual value to be effective as of the date of this Amended MAA and to remain effective until the date of termination stated below. NOW, THEREFORE, the parties hereto, in consideration of the promises, covenants, and agreements made by each other, do hereby agree as follows: 1. The minimum actual taxable value which shall be fixed for assessment purposes for the Property shall not be less than Five Hundred Twenty-Three Thousand and 00/100 Dollars ($523,000.00.00) (the "Minimum Actual Value") until termination of this Agreement. 2. The Minimum Actual Value herein established shall be of no further force and effect, and this Amended Minimum Assessment Agreement shall terminate, on December 31, 2033. The Minimum Actual Value shall be maintained during such period regardless of: (a) destruction of all or any portion of the Minimum Improvements; (b) diminution in value of 3 the Property or the Minimum Improvements; or (c) any other circumstance, whether known or unknown and whether now existing or hereafter occurring. 3. Company shall pay, or cause to be paid, when due, all real property taxes and assessments payable with respect to all and any parts of the Property and the Minimum Improvements pursuant to the provisions of this Amended MAA and applicable law. Such tax payments shall be made without regard to any loss, complete or partial, to the Property or the Minimum Improvements, any interruption in, or discontinuance of, the use, occupancy, ownership or operation of the Property or the Minimum Improvements by Company or any other matter or thing which for any reason interferes with, prevents or renders burdensome the use or occupancy of the Property or the Minimum Improvements. 4. Nothing herein shall be deemed to waive the Company's rights under Iowa Code § 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 Company seek or cause the reduction of the actual value assigned below the Minimum Actual Value established herein during the term of this Agreement. Nothing herein shall limit the discretion of the Assessor to assign at any time an actual value to the land and Minimum Improvements in excess of the Minimum Actual Value. 5. Company agrees that during the term of this Agreement it will not: (a) seek administrative review or judicial review of the applicability or constitutionality of any Iowa tax statute relating to the taxation of property contained as a part of the Property or the Minimum Improvements determined by any tax official to be applicable to the Property or the Minimum Improvements, or raise the inapplicability or constitutionality of any such tax statute as a defense in any proceedings, including delinquent tax proceedings; or (b) request the Assessor to reduce the Minimum Actual Value; or (c) appeal to the board review of the city, county, state or to the Director of Revenue of the State of Iowa to reduce the Minimum Actual Value; or (d) cause a reduction in the actual value or the Minimum Actual Value through any other proceedings. 6. 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. 7. Each provision, section, sentence, clause, phrase, and word of this Amended MAA is intended to be severable. If any portion of this Amended MAA shall be deemed invalid or unenforceable, whether in whole or in part, the offending provision or part thereof shall be deemed severed from this Amended MAA and the remaining provisions of this Amended MAA 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 Amended MAA is invalid or unenforceable as written, but that by limiting such provision or portion thereof it would become valid and enforceable, then 4 such provision or portion thereof shall be deemed to be written, and shall be construed and enforced, as so limited. 8. This Amended MAA 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 Property. IN WITNESS WHEREOF, the parties have executed this Novation and Amended Minimum Assessment Agreement by their duly authorized representatives as of the date first set forth above. [signatures on following pages] 5 BLACK HAWK, LLC CITY OF WATERLOO, IOWA By: By: � � David Boesen, Mayor Name: S-e/6/ e(6q � Attest: - 44,.C4•lr-` Kelley Felchl , City Clerk Title: / Lee 7a9-e(' STATE OF IOWA ) ss. BLACK HAWK COUNTY ) Acknowledged // before me on ila'G4 f-A , 2026, by .Se/'GL E e (&fec (t as / ' naye' off Black Hawk, LLC. _7-z— otar ublic ,.,„, , L!NDA CO -K w:. COMMISSIONNO. 156645 STATE OF IOWA ) ss 4�O�H " MY o Mls I N EXPIRES ) �+ . COUNTY OF BLACK HAWK ) On this 0 day off '\ , 202_, 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, !owa, 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. ' ...10 At 0 NANCYANNE HIGBYn� hiti� COMMISSION N0.853884 __ , Nota Pu Nnr cc ►ss�o�l ExPls Notary awn 6 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 Amended 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 Amended Minimum Assessment Agreement, certifies that the actual value assigned to that land and improvements upon completion shall not be less than Five Hundred Twenty-Three Thousand and 00/100 Dollars ($523 ,000.00) until termination of this Amended Minimum Assessment Agreement pursuant to the terms hereof, subject to adjustment as provided in said agreement. Date Asse r Black Hawk County, Iowa STATE OF IOWA ) ) ss. COUNTY OF BLACK HAWK ) Subscribed and sworn to before me on 3 /at, iXo by T.J. Koenigsfeld, Assessor for Black Hawk County, Iowa. ::11-: aP¢ta�s TA 1 o q Commission Number 767467 • 7 My Commission Expires • lies' April 5, 2026 7 404.3C Assessment agreements - commercial property. 1. For revitalization areas established under this chapter on or after July 1,2024, and for first- year exemption applications for property located in a revitalization area in existence on July 1, 2024, filed on or after July 1, 2024, commercial property shall not receive a tax exemption under this chapter unless the city or county,as applicable,and the owner of the qualified real estate enter into a written assessment agreement specifying a minimum actual value until a specified termination date for the duration of the exemption period. 2. a. The assessment agreement shall be presented to the appropriate assessor. The assessor shall review the plans and specifications for the improvements to be made to the property and if the minimum actual value contained in the assessment agreement appears to be reasonable,the assessor shall execute the following certification upon the agreement: The undersigned assessor, being legally responsible for the assessment of the above described property upon completion of the improvements to be made on it, certifies that the actual value assigned to that land and improvements upon completion shall not be less than b. The assessment agreement with the certification of the assessor and a copy of this subsection shall be filed in the office of the county recorder of the county where the property is located. Upon completion of the improvements,the assessor shall value the property as required by law, except that the actual value shall not be less than the minimum actual value contained in the assessment agreement. This subsection does not prohibit the assessor from assigning a higher actual value to the property or prohibit the owner from seeking administrative or legal remedies to reduce the actual value assigned except that the actual value shall not be reduced below the minimum actual value contained in the assessment agreement. An assessor, county auditor, board of review, director of revenue, or court of this state shall not reduce or order the reduction of the actual value below the minimum actual value in the agreement during the term of the agreement regardless of the actual value which may result from the incomplete construction of improvements, destruction or diminution by any cause, insured or uninsured, except in the case of acquisition or reacquisition of the property by a public entity. Recording of an assessment agreement complying with this subsection constitutes notice of the assessment agreement to a subsequent purchaser or encumbrancer of the land or any part of it,whether voluntary or involuntary, and is binding upon a subsequent purchaser or encumbrancer. 2023 Acts, ch 71, §57, 59 Referred to in§419.17 8 Prepared by Austin J. McMahon, Lange & McMahon, PLC, Independence, IA 50644 319-334-4488 Return To: ATTN: Community Planning & Development, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703. NOVATION AND AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT This Novation and Amendment to Minimum Assessment Agreement (the "Amendment") is entered into as of t 1C- \ 1 L , 2026, by and between the City of Waterloo, Iowa ("City") 5 Bees, LLC ("5 Bees"), and Black Hawk, LLC ("Black Hawk"). The parties are collectively referred to as the "Parties"). RECITALS A. 5 Bees and City are parties to a certain Minimum Assessment Agreement, dated July 20, 2023, and recorded with the Black Hawk County Recorder as Doc. No. 2021-11025, and as amended by an Amendment dated July 3, 2023, and recorded with the Black Hawk County Recorder as Doc. No. 2024-07203 (collectively, the "MAA"). B. The MAA concerns real estate legally described as Hayes Addition, Lot 7, Block 16, Waterloo, Black Hawk County, Iowa (the "Property"). C. 5 Bees has conveyed ownership of the Property to Black Hawk. D. With respect to the MAA, the Parties desire to substitute 5 Bees with Black Hawk as a party thereto and further desire to amend the MAA as stated below. NOW, THEREFORE, in consideration of the premises and of other consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree to the following: 1. Black Hawk is hereby substituted in the place of 5 Bees with respect to the MAA. Black Hawk hereby assumes and agrees to perform, satisfy, and discharge all duties, obligations, covenants, and liabilities of 5 Bees arising under the terms of the MAA. 5 Bees is hereby discharged and forever released from the duties, obligations, covenants, and liabilities arising under the terms of the MAA. The Parties intend that this provision constitute a full novation such that Black Hawk is substituted for 5 Bees with the same force and effect as if Black Hawk was the original signatory and party bound to the MAA. 2. The City and Black Hawk hereby amend the MAA as set forth in the attached Amended Minimum Assessment Agreement ("Amended MAA"), designated as Exhibit A to this Amendment, which shall displace the any previously executed MAA. Without limiting the provisions of the Amended MAA, the Amended MAA establishes and fixes a minimum actual value of the Property in the amount of $523,000.00. 3. 5 Bees is not a party to the Amended MAA and shall not be bound thereby or liable thereunder. 4. This Amendment is binding on the Parties and the respective successors, assigns, transferees and legal representatives of each. This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute a single instrument. IN WITNESS WHEREOF, the parties have executed this Novation and Amendment to Minimum Assessment Agreement as of the date first set forth above. 5 BEES, LLC, CITY OF WdATERLOO, IOWA I ( By: Name: oNAmy D rv,rtsce r Title: 01►ov A-9-a VOA-- er BLACK HAWK, LLC, By: Name: Title: David Boesen, Mayor Attest: Kelley Felchle, City Clerk 2 that Black Hawk is substituted for 5 Bees with the same force and effect as if Black Hawk was the original signatory and party bound to the MAA. 2. The City and Black Hawk hereby amend the MAA as set forth in the attached Amended Minimum Assessment Agreement ("Amended MAA"), designated as Exhibit A to this Amendment, which shall displace the any previously executed MAA. Without limiting the provisions of the Amended MAA, the Amended MAA establishes and fixes a minimum actual value of the Property in the amount of $523,000.00. 3. 5 Bees is not a party to the Amended MAA and shall not be bound thereby or liable thereunder. 4. This Amendment is binding on the Parties and the respective successors, assigns, transferees and legal representatives of each. This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which, when taken together, shall constitute a single instrument. IN WITNESS WHEREOF, the parties have executed this Novation and Amendment to Minimum Assessment Agreement as of the date first set forth above. 5 BEES, LLC, CITY OF WATERLOO, IOWA By: B Name: Title: BLACK HAWK, LLC, Name: Title: ,54-1 Ito l‘,.ec riovka avid Boesen, Mayor Attest: Kelley Felchl'e, City Clerk 2 EXHIBIT A AMENDED MINIMUM ASSESSMENT AGREEMENT This Minimum Assessment Agreement (the "Amended MAA" or this "Agreement")) is entered into as of ! , 2026 by and among the CITY OF WATERLOO, IOWA ("City"), BLACK HAWK, LLC ("Company"), and the COUNTY ASSESSOR of the City of Waterloo, Iowa ("Assessor"). WITNESSETH: WHEREAS, on or about July 13, 2020, the City and 5 Bees, LLC, entered into a development agreement ("DA") and a Minimum Assessment Agreement ("MAA") regarding certain real property, located in the City, and legally described as Hayes Addition, Lot 7, Block 16, Waterloo, Black Hawk County, Iowa (the "Property"). WHEREAS, the terms of the DA required that certain Minimum Improvements be constructed on the Property in phases and required amendments to the MAA to increase the minimum actual value of the Property upon completion of the phases of construction. WHEREAS, all construction phases of the Minimum Improvements have been completed. WHEREAS, 5 Bees, LLC, has conveyed ownership of the Property to Company. WHEREAS, the City, 5 Bees, LLC, and Company have entered into a Novation and Amendment to Minimum Assessment Agreement, the terms of which substitute Company in the place of 5 Bees, LLC, with respect to the MAA and which further establish this Amended MAA as amending the previously executed MAA. WHEREAS, pursuant to Iowa Code Chapter 403 and Iowa Code Chapter 404, including but not limited to, Iowa Code § 404.3C, the City and Company desire to establish a minimum actual value for the Property that recognizes the value of the completed Minimum Improvements, with said minimum actual value to be effective as of the date of this Amended MAA and to remain effective until the date of termination stated below. NOW, THEREFORE, the parties hereto, in consideration of the promises, covenants, and agreements made by each other, do hereby agree as follows: 1. The minimum actual taxable value which shall be fixed for assessment purposes for the Property shall not be less than Five Hundred Twenty -Three Thousand and 00/100 Dollars ($523,000.00.00) (the "Minimum Actual Value") until termination of this Agreement. 2. The Minimum Actual Value herein established shall be of no further force and effect, and this Amended Minimum Assessment Agreement shall terminate, on December 31, 2033. The Minimum Actual Value shall be maintained during such period regardless of: (a) destruction of all or any portion of the Minimum Improvements; (b) diminution in value of the Property or the Minimum Improvements; or (c) any other circumstance, whether known or unknown and whether now existing or hereafter occurring. 3. Company shall pay, or cause to be paid, when due, all real property taxes and assessments payable with respect to all and any parts of the Property and the Minimum Improvements pursuant to the provisions of this Amended MAA and applicable law. Such tax payments shall be made without regard to any loss, complete or partial, to the Property or the Minimum Improvements, any interruption in, or discontinuance of, the use, occupancy, ownership or operation of the Property or the Minimum Improvements by Company or any other matter or thing which for any reason interferes with, prevents or renders burdensome the use or occupancy of the Property or the Minimum Improvements. 4. Nothing herein shall be deemed to waive the Company's rights under Iowa Code § 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 Company seek or cause the reduction of the actual value assigned below the Minimum Actual Value established herein during the term of this Agreement. Nothing herein shall limit the discretion of the Assessor to assign at any time an actual value to the land and Minimum Improvements in excess of the Minimum Actual Value. 5. Company agrees that during the term of this Agreement it will not: (a) seek administrative review or judicial review of the applicability or constitutionality of any Iowa tax statute relating to the taxation of property contained as a part of the Property or the Minimum Improvements determined by any tax official to be applicable to the Property or the Minimum Improvements, or raise the inapplicability or constitutionality of any such tax statute as a defense in any proceedings, including delinquent tax proceedings; or (b) request the Assessor to reduce the Minimum Actual Value; or (c) appeal to the board review of the city, county, state or to the Director of Revenue of the State of Iowa to reduce the Minimum Actual Value; or (d) cause a reduction in the actual value or the Minimum Actual Value through any other proceedings. 6. 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. 7. Each provision, section, sentence, clause, phrase, and word of this Amended MAA is intended to be severable. If any portion of this Amended MAA shall be deemed invalid or unenforceable, whether in whole or in part, the offending provision or part thereof shall be deemed severed from this Amended MAA and the remaining provisions of this Amended MAA 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 Amended MAA is invalid or unenforceable as written, but that by limiting such provision or portion thereof it would become valid and enforceable, then 4 such provision or portion thereof shall be deemed to be written, and shall be construed and enforced, as so limited. 8. This Amended MAA 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 Property. IN WITNESS WHEREOF, the parties have executed this Novation and Amended Minimum Assessment Agreement by their duly authorized representatives as of the date first set forth above. [signatures on following pages] 5 BLACK HAWK, LLC B Name: Se/6 ,e(6,,eccti Title: If/(re'20"9 Q� STATE OF IOWA ) ) ss. BLACK HAWK COUNTY ) AAcknowledged before me on S,e/"h `&-ec' f as STATE OF IOWA ) ) ss. COUNTY OF BLACK HAWK ) CITY OF WATERLOO, IOWA By: Y David Boesen, Mayor Attest: {0,10.�� Kelley Felchl , City Clerk /(a nab€' otar ' ublic , 2026, by of a Black Hawk, LLC. LINDA COS CoMMISSloN No. 156645 r MYJ OVVIS 19N EXPIRES On this day of i--(1). , 202_, 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 1f a teYloo a municipal r at,xist ..,.., , �, ,.. ,�, �a .,,,,,Iowa,,..u.. ,ra! c.e�. ed 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 COMMISSION No. E7 Tr Notary Public 6 „„.• ;••;•,., • - r e • (. ; -••-•-•-•• • \ • ;•9.•;•, -,•••,. • ,•,„, - _•• •t.k- ti•mrt:,,„.1.11.0,4 ;0;41,0J ; - . „ - . t• .„ . fs7,t • . •, • •".•!•••i....;-i•A't: .'.•• • ••• - • 'MN 31,114A YOKA4 014 NO21iftii00 tv-blimes motatoMmoo Yfri 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 Amended 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 Amended Minimum Assessment Agreement, certifies that the actual value assigned to that land and improvements upon completion shall not be Tess than Five Hundred Twenty -Three Thousand and 00/100 Dollars ($523 ,000.00) until termination of this Amended 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. 404.3C Assessment agreements - commercial property. 1. For revitalization areas established under this chapter on or after July 1, 2024, and for first - year exemption applications for property located in a revitalization area in existence on July 1, 2024, filed on or after July 1, 2024, commercial property shall not receive a tax exemption under this chapter unless the city or county, as applicable, and the owner of the qualified real estate enter into a written assessment agreement specifying a minimum actual value until a specified termination date for the duration of the exemption period. 2. a. The assessment agreement shall be presented to the appropriate assessor. The assessor shall review the plans and specifications for the improvements to be made to the property and if the minimum actual value contained in the assessment agreement appears to be reasonable, the assessor shall execute the following certification upon the agreement: The undersigned assessor, being legally responsible for the assessment of the above described property upon completion of the improvements to be made on it, certifies that the actual value assigned to that land and improvements upon completion shall not be less than b. The assessment agreement with the certification of the assessor and a copy of this subsection shall be filed in the office of the county recorder of the county where the property is located. Upon completion of the improvements, the assessor shall value the property as required by law, except that the actual value shall not be less than the minimum actual value contained in the assessment agreement. This subsection does not prohibit the assessor from assigning a higher actual value to the property or prohibit the owner from seeking administrative or legal remedies to reduce the actual value assigned except that the actual value shall not be reduced below the minimum actual value contained in the assessment agreement. An assessor, county auditor, board of review, director of revenue, or court of this state shall not reduce or order the reduction of the actual value below the minimum actual value in the agreement during the term of the agreement regardless of the actual value which may result from the incomplete construction of improvements, destruction or diminution by any cause, insured or uninsured, except in the case of acquisition or reacquisition of the property by a public entity. Recording of an assessment agreement complying with this subsection constitutes notice of the assessment agreement to a subsequent purchaser or encumbrancer of the land or any part of it, whether voluntary or involuntary, and is binding upon a subsequent purchaser or encumbrancer. 2023 Acts, ch 71, §57, 59 Referred to in §419.17 8