HomeMy WebLinkAboutDolly James, LLC-3/26/2012Please return this copy to:
City Clerk & Finance Department
715 Mulberry Street
Waterloo, IA 50703
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into as of
JhZ�� 6 , 2012, by and between the City of Waterloo, Iowa ("City") and Dolly
James, LLC ("Company").
RECITALS
A. Cgmpany and City were parties to that certain Development Agreement dated
VLA alto , 2012 (the "Agreement") conceming the development of land
(the "Property") described on Exhibit "A" to the Agreement.
B. Company and City desire to amend the Agreement to include a development
incentive payment from City to Company.
NOW, THEREFORE, in consideration of the premises and of other consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree to amend the
Agreement as follows:
1. A new Section 10.1 shall be added which reads as follows:
10.1. Development Incentive Payment. City agrees to make a development
incentive payment to Company in the amount of $14,528.99 to assist in defraying
expenses associated with Company's development activities on the Property.
Said payment shall be made by City at the time of conveyance of the Property to
Company.
2. Except as modified herein, the Agreement shall continue unmodified in full force
and effect. 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 as of the date first set forth above.
DOLLY JAMES, LLC
By:
Brent Dahlstrom, Manager
CITY OF WATERLOO, IOWA
By: . �/. L/2 L✓
Emest G. Clark, Mayor
By: 2e
Suzy Scha es Ci Clerk lerk
AMENDMENT TO DEVELOPMENT AGREEMENT
fc.,tThis Amendment to Development Agreement (the "Amendment") is entered into as of
f , 2012, by and between the City of Waterloo, Iowa ("City") and Dolly
James, LLC ("Company").
RECITALS
A.Companyy�andd,Ciity are parties to that certain Development Agreement dated
VIC.A U o(kp, 2012 (the "Agreement") concerning the development of land
(the "Property") described on Exhibit "A" to the Agreement.
B. To expedite the project described in the Agreement, Company has incurred costs
to relocate utilities that were expected to be paid by City prior to conveyance of the
Property.
C. In consideration thereof, Company and City desire to amend the Agreement to
include a development incentive payment from City to Company.
NOW, THEREFORE, in consideration of the premises and of other consideration,
including but not limited to the jobs to be created by the project, the receipt and sufficiency of
which is hereby acknowledged, the parties hereby agree to amend the Agreement as follows:
1. A new Section 10.1 shall be added which reads as follows:
10.1. Development Incentive Payment. City agrees to make a development
incentive payment to Company in the amount of $14,528.99 to assist in defraying
expenses associated with Company's development activities on the Property.
Said payment shall be made by City at the time of conveyance of the Property to
Company.
2. Except as modified herein, the Agreement shall continue unmodified in full force
and effect. 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 as of the date first set forth above.
DOLLY JAMES, LLC CITY OF WATERLOO, IOWA
By: By:
Brent Dahlstrom, Manager Ernest G. Clark, Mayor
Bv•
Suzy Scres, City Clerk