HomeMy WebLinkAboutLindsey Troyna-12/15/20143-1-j err ocaertoo
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Doc ID 006231910003 Type GEN
Recorded: 03/10/2015 at 08:06:11 AM
Fee Amt: $17.00 Pape 1 of 3
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
F11e2015-00014114
DEVELOPMENT AGREEMENT
This Agreement is made and entered into this I6"1 -day of Um c.;,��,,r , 201, by
and between Lindsey Troyna), Hereafter called Developer, and the City of Waterloo, Iowa,
hereinafter called City.
WHEREAS, City considers development within the City a benefit to the community and is
willing for the total good and welfare of the community to sell city -owned property not needed for
current or future public purposes so as to encourage that goal, and
WHEREAS, Developer is willing and able to make improvements to a residential property
that will have a minimum assessed value of $ 5,000 upon completion of the improvements on
property legally described on attached Exhibit "A", and
WHEREAS, said improvement of said property shall be completed in a 1 -year period by
Developer, and
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS
HEREINAFTER CONTAINED, Developer and City agree as follows:
1. The City agrees to transfer property or cause to be transferred, as legally described,
for a minimum of $3,000 plus costs. The City shall convey, or cause to be conveyed,
the property by Quit Claim Deed.
2. Developer agrees to Purchase a residential vacant lot addressed as 1135 Magnolia
Parkway, and take out necessary permits within 90 days, from the date of this
agreement. Said improvements shall be made in accordance with all applicable City,
State, and Federal building codes and be in compliance with all applicable city
ordinances, and in accordance with Exhibit "B".
3. Developer must obtain a building permit and begin construction within three (3)
months of the date of transfer and be completed within twelve (12) months. If, after
transfer of the property by the City to developer, construction is not commencing in
accordance with the attached schedule as described, the title to the real estate will
revert to City of Waterloo, free of any liens, encumbrances, etc. against said property.
Developer agrees to sign all necessary documents for said reversion. If construction
is not completed, at the end of twelve (12) months, but the development of the project
is still imminent, the City Council may but shall not be required to grant an extension
of time for the rehabilitation of the building. Partial start of improvements, not in
accordance with the requirement to improve the vacant lot locally known as 1135
0-7.06)
3
By:
Magnolia Parkway within the three (3) month period will also initiate the above
requirement for reversion of land or full payment, as previously described.
4. After Developer's completion of improvement of residential vacant lot, as previously
described, any and all reversion rights granted to City, relating to any or all of the
property described in Exhibit "A" shall terminate.
5. If the developer has reason to sell said residential lot in the future, the developer will
first offer said property to City of Waterloo for fair market value according to appraisal
reports completed at the time of acquisition.
6. NOTICE: All notices, request, and other communication permitted or required herein
shall be in writing and shall be effective when delivered to the addressee in person or
when sent to such address by United States registered or certified mail, return receipt
requited, postage prepaid, or by hand delivery, or fax, addressed as follows:
For the City:
Mayor Buck Clark
City Hall
715 Mulberry Street
Waterloo, Iowa 50703
With copy to City Planner
For Developer:
Lindsey Troyna
7. SUCCESSORS AND ASSIGNS: This Agreement shall be binding upon the
successors and assigns of Developer.
8. IN WITNESS WHEREOF, the parties have executed this Agreement the date and
/year written above.
indsy Troyna
)
CITY OF WATERLOO, IOWA
By:
ATTEST:
-
Buck Clark, Mayor Date
Date
1107‘7/1
C i
uzy Schares, City Clerk
Date
Exhibit "A"
HAGERMAN PLACE WATERLOO Block: 12 Lot: 12