HomeMy WebLinkAboutCedar Skyline Corporation-1/30/2012 (2)IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII11I,Doc ID 004765720003 Type GEN
Kind AMENDMENT
Recorded: 04/20/2012 at 10:39:02 AM
Fee Amt: $17.00 Page 1 of 3
Black Hawk County Iowa
JUDITH A MCCARTHY RECORDER
F11e2012-00019291
Pease rei:i rn this copy to:
City Clerk & Finance Department
715 Mulberry Street
Waterloo, IA 50703
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment, o Development Agreement (the "Amendment") is entered into -as of
50 ~' , by and between the City of Waterloo, Iowa ("City") and Cedar
Skyline Corporation ("Company").
RECITALS
A. Company and City were parties to that certain Development Agreement dated
September 23, 1999 (the "Agreement") concerning the development of land (the
"Property") described on Exhibit "B" to the Agreement.
B. Before entering into the Agreement, the City made a loan to Company in the
principal amount of $250,000 on or about April 30, 1996 (the "Loan"), and the Loan
was secured by a Real Estate Mortgage filed July 31, 1996 in 756 CLM 619 (the
"Mortgage") covering the Property. The purpose of the Loan was to assist
Company in undertaking certain demolition and rehabilitation activities on the
Property. Company has completed the intended activities.
C. The Agreement failed to state the parties' intention that the Loan would be forgivable
following completion of Company's faithful performance under the Agreement.
D. The Agreement failed to place a Minimum Assessment Agreement on an impacted
property, which will be set at the 2011 assessed value of $206,260.
NOW, THEREFORE, in consideration of the premises and of other consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:
1. The Agreement is hereby amended to provide that the Loan is forgiven as
of the date hereof and that the Mortgage is released and discharged. A
release of the Mortgage in the form attached hereto as Exhibit "A" will be
promptly filed in the county land records.
2. The Development Agreement with Minimum Assessment Agreement will
be approved with CDoyle Properties LLC to set the minimum vale at the
2011 assessed value of $206,260 for the period stated therein.
IN WITNESS WHEREOF, the parties have executed this Amendment to Development
Agreement as of the date first set forth above.
CEDAR SKYLINE CORPORATION
By
Title:
/2" z -L s
CITY OF WATERLOO, IOWA
:
By
Ernest G. Clark, Mayor
By:
Suzy Schar s, City Clerk
EXHIBIT "A"
See attached mortgage release.