HomeMy WebLinkAbout3 Little Lambs - Amendment to Dev Agmnt-5/16/2016 RECORDEDIIIIIIIII�IIIIIIIIIIIIIIIIIIIIIIIIIII VIII (IIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIII ]15 Mu@errY SL ce Dept.
Doc ID: 007158160005 Type. GEN Waterloo, IA 50703
Fee Amt':$27/00/Paste 1t of 1540:27 PM
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2017-00006309
Preparer 4 6 4 -o\ iNi'ki IDO
Information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704 (319)234.5701
Name Address City Phone
SPACE ABOVE THIS LINE
FOR RECORDER
AMENDMENT TO DEVELOPMENT AGREEMENT
AND AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Amendment to Development Agreement and Amendment to Minimum
Assessment Agreement (the "Amendment') is entered into as of Mcu�) I (e- ,
2016 by and between 3 Little Lambs, LLC (the "Company") and the City of Waterloo,
Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated April 20, 2015 (the "DA"), concerning the development of land (the
"Property") described on Exhibit "A" to the DA. Company and City are
also parties to that certain Minimum Assessment Agreement (the "MAA")
pertaining to the Property, dated as of the same date. The DA and MAA
have been filed in the land records of Black Hawk County, Iowa, as Doc.
No. 2015-19741.
B. The parties desire to increase the minimum assessed value for the
Project, and in consideration of said increase City is willing to convey
additional land to Company for further development.
C. The parties desire to amend the DA and the MAA to modify the terms
thereof 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 amended to strike "$100,000" therefrom and
to substitute "$160,000" in its place as the new estimate of total project cost. Section 8
of the DA and Section 1 of the MAA are hereby amended to strike "$113,500" therefrom
and to substitute "$163,500" as the new Minimum Assessed Value.
Page 2
2. The DA is hereby amended to provide that the City shall convey Lot 3,
Block 16, Hayes Addition, and abutting alley to Company for the sum of $1.00
(collectively, the "Additional Parcel") described on Exhibit A-1 attached hereto, on the
terms set forth in Section 1 of the DA, except that closing shall occur within thirty (30)
days after City completes proceedings to vacate that portion of the alley that abuts said
Lot 3. Upon conveyance, the Additional Parcel shall be subject to the terms of the DA
as if originally included in the Property, except that Company shall have no duty to
undertake an additional project on the Additional Parcel. The deed shall operate as an
amendment to add the Additional Parcel to Exhibit A of the DA and the MAA, without
further action by the parties.
3. The Certification of Assessor attached to the DA and the MAA is hereby
stricken and the attached Certification of Assessor showing an actual value of $163,500
is substituted in its place.
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, as
applicable. 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 and Amendment to Minimum Assessment Agreement by their
duly authorized representatives as of the date first set forth above.
[signatures on next page]
Page 3
CITY OF WATERLOO, IOWA
By: I'
Quentin Hart, Mayor"
Attest: U—'--
Suzy
U +'Suzy Sch res, City Clerk
3 LITTLE LAMBS, LLC
By: _ --
Jon than Brundrett
Man ging Member
EXHIBIT A-1
Legal Description of Additional Property
Lot 3, Block 16, Hayes Addition, Waterloo; and
That part of the vacated alley in Block 16 of Hayes Addition lying Southeasterly of a line
drawn between the Northerly most corner of Lot 8 of said Block 16 and the Westerly
most corner of Lot 3 of said Block 16, and lying Northwesterly of a line drawn between
the Southerly most corner of Lot 3 of said Block 16 and the Northerly most corner of Lot
9 of said Block 16, except the Southwesterly half of that part of the vacated alley in
Block 16 of Hayes Addition lying Southeasterly of a line drawn between the Northerly
most corner of Lot 8 of said Block 16 and the Westerly most corner of Lot 3 of said
Block 16, and lying Northwesterly of a line drawn between a point on the Northeasterly
line of said Lot 8 that is 45 feet Southeasterly of the Northerly most corner of said Lot 8
and a point on the Southwesterly line of said Lot 3 that is 45 feet Southeasterly of the
Westerly most corner of said Lot 3, City of Waterloo, Black Hawk County, Iowa, subject
to retention of a utility easement over, under, and upon said vacated alley.
CERTIFICATION OF ASSESSOR
The undersigned, having reviewed the plans and specifications for the
improvements to be constructed and the market value assigned to the land upon which
the 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 subject to the
development, upon completion of improvements to be made on it and in accordance
with the Minimum Assessment Agreement, certifies that the actual value assigned to
such land, building and equipment upon completion of the development shall not be
less than One Hundred Sixty -Three Thousand Five Hundred Dollars ($163,500.00) until
termination of this Minimum Assessment Agreement pursuant to the terms hereof.
Date
STATE OF IOWA )
) ss.
COUNTY OF BLACK HAWK )
Black Hawk County, Iowa
T, 3 � .
Subscribed and sworn to before me on 2016 by T.J.
Koenigsfeld, Assessor for Black Hawk County, Iowa.
Notary Public
"'"` •,
DEBORAH L. BOECKMANN
MY COMMISSION NO. 196766
a�
MY C?� ISSI N JEIES