HomeMy WebLinkAboutWaterloo Development Corp.-8/27/2012PROJECT FUNDING AGREEMENT
This Project Funding Agreement (the "Agreement") is entered into effective as of
O 4f , 2012, by and between Waterloo Development Corporation ("WDC") and
the City of Waterloo, Iowa ("City").
RECITALS
A. WDC and City have worked together, and intend to continue working together, on
a project to make certain enhancements for public accessibility to the Cedar River
(the "Project") in the vicinity of downtown public venues. In connection with
undertaking the Project, WDC will make application for one or more grants to pay
the cost of the Project to be undertaken by the City.
B. The parties desire to enter this Agreement to express their continued desire to
work together for advancement of the Project on the terms set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises exchanged herein, and for
other consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
agree as follows:
1. City Responsibility. City will receive Grant Funds (defined below) and use such
funds to purchase an EZ Dock System (the "Dock"), to be installed at a mutually agreeable
location in the downtown area of the Cedar River. In purchasing the Dock and contracting for its
installation, City will not utilize the public bidding procedures provided for in Iowa law, in
compliance with conditions set by WDC on utilization of the Grant Funds. City agrees to use the
Grant Funds only for purposes contemplated by this Agreement and to keep all records to
provide a full and accurate accounting of same.
2. WDC Responsibility. WDC will apply to Black Hawk County Gaming
Association for one or more grants (the "Grant Funds") to cover the cost of the Dock and its
proper installation. WDC will request that Grant Funds be paid directly to City, but if Grant
Funds are paid to WDC it will promptly turn them over to City. WDC's activities under this
Agreement are performed on the express condition that the Grant Funds are used by City to pay
the cost of Project activities and that public bidding procedures are not used for the Project.
WDC agrees to cooperate with City in good faith on future decisions regarding Project design,
specifications, location and installation.
3. Notices. Any notice under this Agreement shall be in writing and shall be
delivered in person or by United States registered or certified mail, postage prepaid and
addressed:
WDC
Waterloo Development Corp.
10 W. 4th Street, Suite 310
Waterloo, Iowa 50701
Attn: Steven R. Lind
CITY
City of Waterloo, Iowa
715 Mulberry Street
Waterloo, Iowa 50703
Attn: Mayor
Delivery of notice shall be deemed to occur (i) on the date of delivery when delivered in person,
or (ii) three (3) business days following the date of deposit if mailed by United States registered
or certified mail, postage prepaid.
4. Miscellaneous Provisions. This Agreement is binding upon and shall inure to the
benefit of the parties and their respective successors and assigns. This Agreement is the entire
agreement between the parties pertaining to the subject matter hereof and supersedes all prior
understandings or agreements relating to the subject matter hereof, whether oral or written, and this
Agreement may not be modified except by the mutual written agreement of both parties. Time is
of the essence of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Project Funding Agreement
by their duly authorized representatives as of the date first set forth above.
WATERLOO DEVELOPMENT
CO TION
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CITY OFA, TERLOO, IOWA
By:��; r�
Ernest G. Clark, Mayor
Attest:
Suzy Scliares, City Clerk