HomeMy WebLinkAboutOperstion Threshold-12/9/2013(i41't
CITY- F WATERL IOWA
COMMUNITY PLANNING AND DEVELOPMENT
715 Mulberry Street • Waterloo, Iowa 50703-5783 • (319) 291-4366 Fax (319) 291-4262 .
NOEL C. ANDERSON, Community Planning & Derelopment Director
CITY OF WATERLOO
Mayor
BUCK
CLARK Council Communication
City Council Meeting: December 9, 2013
COUNCIL Prepared: December 6, 2013 -
MEMBERS Dept. Head Signature: Noel Anderson, Community Planning & Development Director
# of Attachments: 1
.147
DAVID
JONES
Ward 1
CAROLYN
COLE
Ward 2
HAROLD
GETTY
Ward 3
QUENTIN
HART
Ward 4
RON
WELPER
Ward 5
BOB
GREENWOOD
At -Large
STEVE
SCHMITT
At -Large
SUBJECT: Adopt a resolution authorizing the Mayor and City Clerk to sign and
fully execute the Assignment of Lease as a part of the acquisition of Operation
Threshold.
Submitted by: Noel Anderson, Community Planning & Development Director
Recommended City Council Action: Resolution approving agreement
Summary Statement: As you may recall, the City of Waterloo has approved the
acquisition of 300 West 3rd Street (Operation Threshold) for the continued
development of the Sportsplex area. As a part of this acquisition process, it is
required to approve the Assignment of Lease agreement to enable the City to
obtain clear title to the property.
Expenditure Required: NA
Source of Funds: NA
Policy Issue: Economic Development within the City of Waterloo.
Alternative: NA
Background Information: The acquisitions for, near, and around the Cedar
Valley Sportsplex Project are all a part of the approved Downtown Master Plan
as approved by City Council. This action will continue the City's efforts in making
the plan a reality.
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ASSIGNMENT OF LEASE
This Assignment of Lease is entered into as of December , 2013, by and between
Operation Threshold ("Seller") and City of Waterloo, Iowa ("Buyer").
NOW, THEREFORE, in consideration of Buyer's purchase from Seller of real property
located at 300 W. 3rd Street, Waterloo, Iowa (the "Property"), which is the subject of a certain
Lease (the "Lease") between Seller as landlord and Waterloo Development Corporation as
tenant, Seller does hereby assign, transfer, set over, and convey to Buyer all of Seller's right, title,
and interest as Property owner and landlord in and to the Lease. Seller does hereby indemnify
Buyer and hold it harmless from and against any and all claims, demands, causes of action, costs,
expenses and liabilities of whatever type or nature arising from the acts or omissions of Seller in
respect of the Property and the Lease until and including the date of this instrument. Buyer does
hereby indemnify Seller and hold it harmless from and against any and all claims, demands,
causes of action, costs, expenses and liabilities of whatever type or.nature arising from the acts or
omissions of Buyer in respect of the Property and the Lease after the date of this instrument.
SELLER
BUYER
Operation Threshold City of Waterloo, Iowa
By:
By:
Barb Grant, Executive Director Ernest G. Clark, Mayor
Attest.
uzy Sc ares, City Clerk
ACKNOWLEDGMENT OF ASSIGNMENT; WAIVER
The undersigned Tenant under the Lease does hereby acknowledge the foregoing
assignment and agrees that City of Waterloo, Iowa is and shall hereafter be regarded as Landlord
under the Lease. The undersigned does hereby further waive its right of first refusal as set forth
in Section 8.4 of the Lease.
Waterloo Development Corporation
Title: