HomeMy WebLinkAboutIowa Economic Development-12/19/2011 (2)167NA ECONOMIC DEVELOPMENT AUTHORITY
200 East Grand Avenue 1 Des Moines, Iowa 50309 USA 1 Phone: 515.725.3000
iowaeconomicdevelopment.com
January 9, 2012
The Honorable Ernest Clark
City of Waterloo
715 Mulberry Street
Waterloo, IA 50703
Barbara Corson, President
H.W. Grout Trust
503 South Street
Waterloo, IA 50701
The Honorable Jon Crews
City of Cedar Falls
220 Clay Street
Cedar Falls, IA 50613
IOWA
economic development
RECEIVED JAN 121012
RE: Vision Iowa Contract 01 -VI -010 - Cedar Valley River Renaissance Project
Dear Mayor Clark, Mayor Crews, and Ms. Corson:
Please find enclosed a fully -signed copy of Amendment # 5 to the Vision Iowa contract
01 -VI -010 between the Vision Iowa Board and the City of Waterloo and H.W. Grout Trust and
City of Cedar Falls for your file.
Thank you for your work on this project. If you should have any questions or concerns,
please contact me at 515.725.3085, or by email at Jessica.ORilev@iowa.gov
Sincerely,
Jessica O'Riley
Vision Iowa/CAT Program Manager
Governor Terry E. Branstad 1 Lt. Governor Kim Reynolds 1 Director Debi V Durham
Page 1 of 3
Amendment No. 5
Contract No. 01-V1-010
PROGRAM:
CONTRACT NUMBER:
AMENDMENT NUMBER:
EFFECTIVE DATE:
AMENDMENT
Vision Iowa
01 -VI -010
5
November 9, 2011
THIS AMENDMENT is made by and between the VISION IOWA BOARD, (hereafter "Board"), 200 East
Grand Avenue, Des Moines, Iowa 50309, an agency of the State of Iowa, and the City of Waterloo, 715
Mulberry Street, Waterloo, IA 50703 and the H.W. Grout Trust, 503 South Street, Waterloo, IA 50701 and
City of Cedar Falls, 220 Clay Street, Cedar Falls, IA 50613 (hereafter "Contractor"),
Contractor, by correspondence dated October 6, 2011, requested that the contract be amended to
extend the project completion date. Contract Number 01 -VI -010 is hereby modified as follows:
GRANT AWARD AGREEMENT
VISION IOWA NUMBER: O1 -VI -010
TOTAL AMOUNT OF GRANT: $9,500,000
RECIPIENTS: CITIES OF CEDAR FALLS AND
WATERLOO, IOWA AND THE H.W. GROUT TRUST
PROJECT: "CEDAR VALLEY RIVER RENAISSANCE" PROJECT
AGREEMENT EFFECTIVE DATE: July 13, 2005
PROJECT COMPLETION DATE: Dee -ember -34344109 Deeem ver 31 1 June 30, 2012
SECTION 1
ARTICLE 9
COVENANTS OF RECIPIENTS
9.7.1 AFFIRMATIVE COVENANTS. Until the terms of this Agreement are fulfilled, the Recipients
covenant to Vision Iowa that:
(a) PROJECT WORK. The Recipients shall complete their respective components of the Project
by December 31, 2009 December 31, 2011 June 30, 2012. For the purposes of this section
"complete" means the Project is fully constructed and operational.
Page 2 of 3
Amendment No. 5
Contract No. 01 -VI -010
ARTICLE 11
DEFAULT AND REMEDIES
11.2 EVENTS OF DEFAULT. Each of the following shall constitute an Event of Default under this
Agreement.
(c) FAILURE TO COMPLETE. If the Project, in the sole judgment of the Board, is not
completed by December 31, 2009 December 31, 2011 June 30, 2012. For the purposes of this
section "completed" means the Project is fully constructed and operational.
SECTION 2
Suspension of Other Funding Requests. Until the Recipients complete the Project and the Board verifies the
Project expenditures:
i. The City of Waterloo shall not submit to the Board any new applications for any financial
assistance.
ii. The City of Waterloo shall suspend all applications for any financial assistance that are
currently pending before the Board, including but not limited to the Waterloo
Development Corporation / Cedar Valley SportsPlex project (Application number
11 -CAT -023).
iii. The Board shall not consider any current or future applications from the City of Waterloo
for any fmancial assistance, including but not limited to the Waterloo Development
Corporation / Cedar Valley SportsPlex project (Application number 11 -CAT -023).
SECTION 3
CAT Marketing Fund Applications Permitted. Notwithstanding anything to the contrary, Section 2 of this
Amendment shall not apply to any applications for CAT marketing funds under Iowa Code section 15F.204(5)
(2011) by the City of Waterloo. Furthermore, the Board may consider current or future applications for CAT
marketing funds under Iowa Code section 15F.204(5) (2011) from the City of Waterloo.
Except as otherwise revised above, the terms, provisions, and conditions of Contract Number
01 -VI -010 remain unchanged and are in full force and effect:
FOR THE VISION IOWA BOARD:
Cathy Reece, Clirwoman
FOR THE CITY OF CEDAR FALLS:
__!——
Date
/2/740/./
o �� . Crews, Mayor Date
Page 3 of 3
Amendment No. 5
Contract No. 01 -VI -010
FOR T CITY OF WATERLOO:
Ernest G. Clark, Mayor Date
FOR THE H.W. GROUT TRUST:
vAlr
Barbara Corson, President Date