HomeMy WebLinkAboutMetro Transmission-8/27/2012Prepared by Noel Anderson, City of Waterloo, City Hall, 715 Mulberry Street, Waterloo, Iowa 50703
phone: 319-291-4366, facsimile 319-291-4262
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This First Amendment to Development Agreement (the "Amendment") is entered into as
of Aji5� 9`i , 2012, by and between the City of Waterloo, Iowa ("City") and Roger
Klingfud dba Metro Transmission ("Company").
RECITALS
A. Company is a party with City to that certain Development Agreement dated April 9,
2007 (the "Agreement") concerning the development of land as described in the
Agreement.
B. Company had original timeframe of six months from that date to begin construction
and completion of project within 24 months of that date. Company is now requesting
a new date from this amendment to complete project.
C. The original Development Agreement had an approximate 2,000 sq. ft. industrial
building to be built on the site, with that site having a new taxable value of $89,000.
Company is now proposing to build a minimum size of 2,250 sq. ft. and new taxable
value of $95,000.
B. All other terms of the Development Agreement would remain the same.
NOW, THEREFORE, in consideration of the mutual promises set forth herein, the
parties hereby agree as follows:
1. Section 3 is hereby amended to read:
Start construction:
a) take out permit within 1 week of approval by Highway 218 Design
Review Board)
b) actual construction work on site — digging of foundation work by a
contractor — within 3 weeks of approval of Highway 218 Design
Review Board
c) substantial completion (Certificate of Occupancy or temporary
Certificate of Occupancy from Building Official) by June 30, 2013.
IN WITNESS WHEREOF, the parties have executed this First Amendment to
Development Agreement by their duly authorized representatives as of the date first set forth
above.
ROGER KLINGFUS DBA
METRO TRANSMISSION INC.
B
er Klingfus
CITY OF WATERLOO, IOWA
By � �j 4
4,
Ernest G. Clark, Mayor
res, City Clerk