HomeMy WebLinkAboutBuckets, Inc-10/7/2013AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into as of
October 1 , 2013, by and between the City of Waterloo, Iowa ("City") and Buckets, Inc.
("Company").
RECITALS
A. Company and City were parties to a certain Development Agreement dated May
14, 2012 (the "Agreement") concerning the development of land (the "Property")
described on Exhibit "A" to the Agreement.
B. Company and City desire to amend the Agreement to modify the description of
Improvements to be made by Company.
NOW, THEREFORE, in consideration of the premises and the mutual promises
exchanged herein, the parties hereby agree to amend the Agreement as follows:
1. Section 2 of the Agreement is amended to strike the first sentence therefrom in
its entirety and to substitute in its place the following new sentence: "Company shall construct
on the Property an expansion to its current building on abutting property owned by Company,
which expansion shall consist of no Tess than 30,000 square feet, and related landscaping,
sidewalks, signage and parking (collectively, the "Improvements") which upon completion will
add no less than $800,000 to the assessed value of the Property as compared to the pre -
improved assessed value."
2. Except as modified herein, the Agreement shall continue unmodified in full force
and effect. Terms capitalized but not defined herein 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 by their duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA
By: I tdAl
Ernest G. Clark, Mayor
BUCKETS, INC.
By:
Kevin L. Hemmen, President