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HomeMy WebLinkAboutWendell Gaines-6/3/2013 (2)DEVELOPMENT AGREEMENT This Agreement is made and entered into this day of (V\ D., , 2013, by and between Wendell Gaines, hereinafter 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 allow the property to be brought up to Code and will have a significant increase in value upon completion of the improvements upon the property legally described on the attached Exhibit "A", and WHEREAS, said improvement of said property shall be completed one (1) year from the date of the approval A. this Agreement by the City Council, and NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS HEREINAFTER CONTAINED, Developer and City agree as follows: 1. That the City is presently the owner of 532 Sumner Street, Waterloo, Iowa, and shall remain the owner throughout the proceeding of this Agreement. Upon successful completion of this Agreement, the City shall transfer the property to Developer by Quit Claim Deed. 2. Developer agrees to begin work on a residential house known as 532 Sumner Street, and to take out necessary permits within 30 days from the date of this Agreement. Said improvements shall be made in accordance with all applicable City, State and Federal building codes, and shall be in compliance with all applicable City Ordinances, and in accordance with further Exhibits of this Agreement. 3. Developer shall obtain and keep a liability insurance policy in the amount of $100,000.00 on this property until the project is completed. Developer shall hold the City harmless for all damages or injuries occurring while the project is in progress. 4. If, after, the execution of this Agreement, construction is not commenced in accordance with this Agreement, or completed in a timely fashion, the real estate will remain the property of the City, free from any liens or encumbrances against the property. Developer shall not enter into any Agreements encumbering this property. City shall be free to either tear the building down or keep the building if this agreement is not successfully completed by the Developer. If the construction project is not completed one (1) year from the date that this Agreement is approved by Council, 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 continued rehabilitation of the building. 5. NOTICE: All notices, requests, and other communications 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 requested, postage prepaid, or by hand delivery, or fax, addressed as follows: For the City: Mayor Buck Clark City 715 Mulberry Street Waterloo, Iowa 50703 With copy to City Attorney, David Zellhoefer For the Developer: Wendell Gaines c/o Mark W. Fransdal, Attorney 415 Clay Street P. O. Box 627 Cedar Falls, Iowa 50613 5. That Developer shall reimburse the City of Waterloo for prior costs City has incurred in obtaining title to this property and having all liens expunged. Developer shall pay to the City, by October 31, 2013, the sum of $737.15, said amount being previously agreed to by the parties. 6. SUCCESSORS AND ASSIGNS: This Agreement shall be binding upon the successors and assigns of Developer. 7. IN WITNESS WHEREOF, the parties have executed this Agreement the date and year written above. By: Wendell Gaines CITY OF WATERLOO, IOWA By: Buck Clark, Mayor ATTEST: Suzy Schare , City Clerk (Date) (Date) EXHIBIT "A" Lot 3 in Block 5 in Howery & McWilliams Replat of Blocks 2, 3 and N 1/2 Block 4 and the East 355.43 feet of the North 1/2 of Block 5, Howrey & McWilliams Addition in the City of Waterloo, Iowa.