HomeMy WebLinkAboutWaterloo Development Corp.-11/13/2012PROJECT FUNDING AGREEMENT
This Project Funding Agreement (the "Agreement") is entered into effective as of
, 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 to the Cedar River (the "Project"). 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 design, construct, and administer repairs to the Sans Souci Wing dam (the
"Dam"), in the Cedar River. In repairing the Dam, the City will 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 Dam
estimated to be $300,000.00 for design, construction, and administration. 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 used for the Project. WDC
agrees to cooperate with City in good faith on future decisions regarding Project design,
specifications, construction, and project administration.
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
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 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
CORPORATION
By:
Daniel B. Watters, President
CITY OF WATERLOO, IOWA
By:
finest G. Clark, Mayor
Suzy S d4iares, City Clerk