HomeMy WebLinkAboutKWWL Telivision, Inc.-6/8/2015AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into as of
, 2015, by and between the City of Waterloo, Iowa ("City") and KWWL
Television, Inc. ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated June
24, 2013 (the "Agreement") concerning the development of property as described
in the Agreement. The Agreement was filed in the records of the Black Hawk
County Recorder on September 23, 2014 as Doc. No. 2015-5218.
B. Due to changes in plans and circumstances, the parties desire to amend the
Agreement 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
Agreement as follows:
1. Section 3.0 is amended to strike "August 31, 2014" therefrom and to substitute
"October 31, 2015" in its place.
2. Section 3.E is stricken in its entirety, and a new Section 3.E is substituted
therefor, as follows:
E. Acquisition of upper floors. City grants to Company the option to
require that City purchase the fourth floor of Company's building on the
Property for a sum to be determined by appraisal. The appraisal may be for
the premises in their existing condition or in the condition anticipated to exist
following further work by Company before conveyance to City. Company
shall exercise the option no later than October 31, 2018, by delivery of written
notice to City. Company shall submit the Property to a horizontal property
(condo) regime before the City shall be obliged to complete the purchase,
however all cost associated with this conversion pursuant to Iowa Code §
4996.20 attributable to the fourth floor, if any, shall be at City expense. If the
fourth floor is not in compliance with said section as of the time either party
desires to establish the condo regime, then City agrees to grant a variance to
and waive the requirements of Chapter 13, Title 9 of the Waterloo Code of
Ordinances applicable to condominium conversions; provided, however, that
improvements made to the fourth floor must comply with all applicable
building codes and ordinances. The parties acknowledge that the fourth floor
is likely to be renovated for residential use, and Company agrees to work with
City, or its transferee or successor in interest, in good faith and with diligence
to address issues pertinent to the project and the intended use, including but
not limited to access for design and construction purposes, access for
tenants, trash disposal, reconfiguration of plumbing, electrical and HVAC
systems, and parking.
3. Except as modified herein, the Agreement shall continue unmodified in full force
and effect. Capitalized terms used herein that are not defined in this Amendment shall have the
meaning attributed to them in the Agreement. The Agreement 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 as of the date first set forth above.
KWWL TELEVISION, INC.
B B
By. y. ae-
Charles F. Roth rnest G. Clark, Mayor
Director of Business Adminstration
CITY OF WATERLOO, IOWA
2
By:
S
zy Sch. res, City Clerk