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HomeMy WebLinkAboutPrairie Rapids LLC-4/6/2015WHIP FUNDING AGREEMENT This WHIP Funding Agreement (the "Agreement") is entered into as of /( /15 , by and between the City of Waterloo, Iowa ("City") and Prairie Rapids LLC ("Developer"). RECITALS A. Developer is seeking financial assistance to undertake a housing project in the City of Waterloo, for which Developer is applying to the State of Iowa for tax credits and/or other available incentives under the Workforce Housing Tax Incentives Program, Iowa Code §§ 15.351 et seq. (the "State Program"). B. City has adopted the Workforce Housing Investment Program ("WHIP") as a local program to operate in concert with and in support of the State Program, and Developer desires to obtain available financial assistance under WHIP. C. By this Agreement, City and Developer desire to set forth the terms on which City will disburse funds to Developer for its Project (defined below). AGREEMENT NOW, THEREFORE, in consideration of the mutual promises exchanged herein and for other consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows: 1. The Project. The project that Developer proposes to undertake in connection with this Agreement is described as set forth on Exhibit "A" attached hereto (the "Project"). By its signature below, Developer certifies that the Project description is true and correct and that each document provided to City in connection with this Agreement will be true and correct, without material misstatement or omission of material facts. Developer agrees to timely obtain all permits required by applicable law or ordinance for the Project or any part thereof and, in making the Project improvements, to comply with all applicable laws, regulations, codes or ordinances. 2. Disbursement Requirements. Provided that Developer satisfies all requirements of WHIP, City will disburse funds to Developer in the amount(s) AND at the time(s) set forth in the WHIP policy document in effect as of the date hereof. Developer agrees to provide all documentation requested by City to show Developer's eligibility for WHIP funding. Determination of Developer's eligibility for WHIP funding is an essential condition to the disbursement of any funds under this Agreement. 3. Indemnity. Developer agrees to indemnify and hold harmless City, its employees, elected officials, contractors, and agents, from and against any and all claims, demands, causes of action, losses, damages, suits, countersuits, and liability whatsoever, including but not limited to attorneys' fees, arising from or in any way relating to this Agreement or the Project. 4. No Partnership or Joint Venture. Nothing in this Agreement shall be interpreted as creating a partnership or joint venture between Developer and City relative to the Project. 5. Entire Agreement. This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof. All exhibits hereto, if any, are hereby incorporated into and made a part of this Agreement. This Agreement may be amended only in a written instrument signed by both parties. 6. Severability. In the event any provision of this Agreement is held invalid, illegal, or unenforceable, whether in whole or in part, the remaining provisions of this Agreement shall not be affected thereby and shall continue in full force and effect. If, for any reason, a court finds that any provision of this Agreement is invalid, illegal, or unenforceable as written, but that by limiting such provision it would become valid, legal, and enforceable, then such provision shall be deemed to be written and shall be construed and enforced as so limited. 7. Binding Effect. The provisions of this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective personal representatives, successors, and assigns. 8. Headings and Captions. The title or captions of paragraphs in this Agreement are provided for convenience of reference only and shall not be considered a part hereof for purposes of interpreting or applying this Agreement, and such titles or captions do not define, limit, extend, explain, or describe the scope or extent of this Agreement or any of its terms or conditions. 9. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties have executed this WHIP Funding Agreement by their duly authorized representatives as of the date first written above. DEVELOPER: Prairie lapid LC By: Darryl High Title: I r CITY: CITY OF WATERLOO, IOWA EXHIBIT "A" Description of WHIP Proiect Developer name and address: Prairie Rapids LLC 1100 Old Marion Road NE Cedar Rapids, Iowa 52402 Project location: Southern Portion of Parcel #8813-03-151-003 between Kimball and Edgemont Avenues. Project description (include number of buildings, number of units in each building, and nature of improvements proposed): Prairie Rapids Square is a 60 -unit rental housing project that will be located in Waterloo with the purpose of providing much needed workforce housing as well as helping to aid area recovery from the floods of June 2008. It will consist of five three-story 12-plex buildings. The units will be 949 SF each and will consist of two bedrooms and one bathroom. Each unit will have a washer & dryer in the unit, a patio/deck and a one stall detached garage. The project aims for high standards of sustainability in multifamily residential construction. The Prairie Rapids Square site was selected after an extensive search for properties in Johnson, Linn, and Blackhawk Counties. The project is the definition of infill development. The parking lot that currently occupies the site has been out of use since the 1980s. This project will transform a dilapidated parking lot in the heart of Waterloo that is already surrounded with infrastructure, amenities and services into a sustainable, walkable, workforce housing community. As construction kicks off, the paving will be removed, the land will be graded, and construction of the five buildings will be completed in stages. Please see attached site plan for layout of the development and elevations for a visual of the completed buildings. Stone veneer and trim, large windows, and a varied roofline will lend aesthetic appeal to the buildings. Their location in a walkable neighborhood with multiple amenities is expected to increase their marketability to potential tenants.