HomeMy WebLinkAboutWBM LLC - Amendment to MAA - 3.16.2026 (RECORDED) 2026-04862
RECORDED:04/09/2026 12:45:42 PM
RECORDING FEE:$12.00
REVENUE TAX:$
COMBINED FEE:$12.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
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.
AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Amendment to Minimum Assessment Agreement(the"Amendment")is entered into
as of (V\o)r c`- t L, 2026, by and between the City of Waterloo, Iowa ("City") and WBM,
LLC("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement, dated
December 19,2022(the"DA")concerning the development of property as described in the DA.
Company and City are also parties to that certain Minimum Assessment Agreement dated as of
December 19,2020(the"MAA")pertaining to the Property. The DA and MAA were recorded on
May 2,2023,with the Black Hawk County Recorder as Doc.No.2023-14599.
B. The parties desire to amend the MAA on the terms set forth herein.
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 amend the
MAA as follows:
1. In recognition of the completion of Phase 2 Improvements as defined or
described in the DA, Section 1 of the MAA is hereby amended to strike "$1,034,700.00"
therefrom and to substitute"$2,750,000.00"in its place as the Minimum Actual Value.
2. Except as amended herein, the MAA shall continue unmodified in full force and
effect. Terms capitalized in this Amendment but not defined herein shall have the meaning
ascribed to them in the DA or MAA, as applicable. 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.
I'�
IN WITNESS WHEREOF, the parties have executed this Amendment to Minimum
Assessment Agreement as of the date first set forth above.
WBM, LLC CITY OF WATERLOO, IOWA
By: _A, By: -
Walker Martinson, Manager David Boesen, Mayor
Attest: /t "- ---
Kelley Felc , Ity Clerk
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on ti irrh `'i , 2026, by Walker Martinson as Manager
of WBM, LLC. �-
1 Aitk, ,,,Kite
A,;;;ALB� 'ALYISSA KRISTEN LITTLE
Z COMMISSION N0. 866416 Notary ublic
* "`"',f!* MY COMMISSION EXPIRES
rowR JULY 29, 2028
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on t , -\ —7 , 2026 by David Boesen and Kelley
Felchle, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
-1/001\i\c_.4, rwr-0-1 q(
Notary Publi
s° . 1. COMMISSION NO. 853884
* ` `,"` * MY ISONSIIRES
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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.
AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Amendment to Minimum Assessment Agreement (the "Amendment") is entered into
as of n.V c-1-\ 1 c., 2026, by and between the City of Waterloo, Iowa ("City") and WBM,
LLC ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement, dated
December 19, 2022 (the "DA") concerning the development of property as described in the DA.
Company and City are also parties to that certain Minimum Assessment Agreement dated as of
December 19, 2020 (the "MAA") pertaining to the Property. The DA and MAA were recorded on
May 2, 2023, with the Black Hawk County Recorder as Doc. No. 2023-14599.
B. The parties desire to amend the MAA on the terms set forth herein.
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 amend the
MAA as follows:
1. In recognition of the completion of Phase 2 Improvements as defined or
described in the DA, Section 1 of the MAA is hereby amended to strike "$1,034,700.00"
therefrom and to substitute "$2,750,000.00" in its place as the Minimum Actual Value.
2. Except as amended herein, the MAA shall continue unmodified in full force and
effect. Terms capitalized in this Amendment but not defined herein shall have the meaning
ascribed to them in the DA or MAA, as applicable. 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 Amendment to Minimum
Assessment Agreement as of the date first set forth above.
WBM, LLC CITY OF WATERLOO, IOWA
By: , By:
Walker Martinson, Manager
STATE OF IOWA
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on / Ore i1
of WBM, LLC.
ALYISSA KRISTEN LITTLE
COMMISSION NO. 866416
MY COMMISSION EXPIRES
JULY 29, 2028
STATE OF IOWA
) ss.
BLACK HAWK COUNTY )
David Boesen, Mayor
Attest:
Kelley Felc (-', ity Clerk
, 2026, by Walker Martinson as Manager
Acknowledged before me on 1 I 1 , 2026 by David Boesen and Kelley
Felchle, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
.00k+
NANCYANNE HIGBY
i.
COMMISSION NO. 853884
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MY COMMISSION
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