HomeMy WebLinkAbout2026-146-03.16.2026.doc (RECORDED) Docusign Envelope ID: DB4432A5-123C-8BD8-822F-DB1525EC249F
2026-05074
RECORDED: 04/13/2026 02:49:49 PM
RECORDING FEE: $7.00
REVENUE TAX: $
COMBINED FEE: $7.00
SANDIE L. SMITH, RECORDER
BLACK HAWK COUNTY, IOWA
lat GI L, a( &a7ti10o
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291 -4323.
RESOLUTION NO. 2026-146
RESOLUTION APPROVING A NOVATION AND
AMENDMENT TO THE MINIMUM ASSESSMENT
AGREEMENT WITH 5 BEES, LLC AND BLACK HAWK, LLC,
FOR 1923 BLACK HAWK STREET, IN RELATION TO THE
DEVELOPMENT AGREEMENT DATED JULY 13, 2020, WITH
5 BEES, LLC, TO SUBSTITUTE BLACK HAWK, LLC, FOR 5
BEES, LLC, AND TO APPROVE A MINIMUM ASSESSMENT
AGREEMENT VALUE OF $523,000.00 FOR PHASE IV
IMPROVEMENTS, AND AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo and 5 Bees, LLC entered into a Development and
Minimum Assessment Agreement dated July 13, 2020, relating to property located at 1923 Black
Hawk Street; and
WHEREAS, 5 Bees, LLC and Black Hawk, LLC have requested, and City staff supports,
approval of a Novation and Amendment to the Minimum Assessment Agreement to substitute
Black Hawk, LLC for 5 Bees, LLC as the obligated party under the Minimum Assessment
Agreement, and revise/confirm the minimum assessed value for the Phase IV Improvements in
the amount of$523,000.00; and
WHEREAS, the City Council finds it is in the best interests of the City to approve the
Novation and Amendment as described herein.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA,
1 . The City Council hereby approves a Novation and Amendment to the Minimum
Assessment Agreement with 5 Bees, LLC and Black Hawk, LLC for the Property located at
1923 Black Hawk Street, in relation to the Development Agreement dated July 13, 2020,
providing for the substitution of Black Hawk, LLC for 5 Bees, LLC, and approving a minimum
assessed value of $523,000.00 for the Phase IV Improvements.
2. The Mayor and City Clerk are authorized and directed to execute said document on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 1.6th day of March 2026.
Signed by:
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Signed by: David boesen,�Mayor
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Kelley eic I6e,ALity Clerk
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Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2026-146
RESOLUTION APPROVING A NOVATION AND
AMENDMENT TO THE MINIMUM ASSESSMENT
AGREEMENT WITH 5 BEES, LLC AND BLACK HAWK, LLC,
FOR 1923 BLACK HAWK STREET, IN RELATION TO THE
DEVELOPMENT AGREEMENT DATED JULY 13, 2020, WITH
5 BEES, LLC, TO SUBSTITUTE BLACK HAWK, LLC, FOR 5
BEES, LLC, AND TO APPROVE A MINIMUM ASSESSMENT
AGREEMENT VALUE OF $523,000.00 FOR PHASE IV
IMPROVEMENTS, AND AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo and 5 Bees, LLC entered into a Development and
Minimum Assessment Agreement dated July 13, 2020, relating to property located at 1923 Black
Hawk Street; and
WHEREAS, 5 Bees, LLC and Black Hawk, LLC have requested, and City staff supports,
approval of a Novation and Amendment to the Minimum Assessment Agreement to substitute
Black Hawk, LLC for 5 Bees, LLC as the obligated party under the Minimum Assessment
Agreement, and revise/confirm the minimum assessed value for the Phase IV Improvements in
the amount of $523,000.00; and
WHEREAS, the City Council finds it is in the best interests of the City to approve the
Novation and Amendment as described herein.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA,
1. The City Council hereby approves a Novation and Amendment to the Minimum
Assessment Agreement with 5 Bees, LLC and Black Hawk, LLC for the Property located at
1923 Black Hawk Street, in relation to the Development Agreement dated July 13, 2020,
providing for the substitution of Black Hawk, LLC for 5 Bees, LLC, and approving a minimum
assessed value of $523,000.00 for the Phase IV Improvements.
2. The Mayor and City Clerk are authorized and directed to execute said document on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 16th day of March 2026.
5Signed by:
1Aa bot,S(AA.
39 3a7BD34
David' oesen,1 ayor