HomeMy WebLinkAboutBlack Hawk Contracting and Development Co-2/7/2011DEVELOPMENT AGREEMENT
This Agreement is made and entered into this day of
COPYIA.rj 2016, by
and between Black Hawk Contracting and Development Co., hereafter called Devopen, and
the City of Waterloo, Iowa, hereinafter called City.
WHEREAS, City considers development within the City a benefit to the community and is
willing for the total good and welfare of the community to sell city -owned property not needed for
current or future public purposes so as to encourage that goal, and
WHEREAS, Developer is willing and able to construct five (5) single-family dwellings,
each with an attached double garage, valued at approximately' $150,000.00 each, on five (5)
separate properties legally described on attached Exhibit "A".
WHEREAS, said construction of five (5) single-family dwellings shall be completed by
May 31, 2011 of this signed and executed Development Agreement by Developer, and
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS
HEREINAFTER CONTAINED, Developer and City agree as follows:
1. The City agrees to convey property, as legally described on attached Exhibit °A", for
$1.00 plus costs. The City shall convey, or cause to be conveyed, the property by
Quit Claim Deed.
2. Developer agrees to construct five (5) single-family dwellings, each with an attached
double garage, valued at approximately $150,000.00 each, on five (5) separate
properties, and take out necessary permits within a six-month period, from the date of
this agreement. Said single-family dwellings and attached garages shall be
constructed in accordance with all applicable City, State, and Federal building codes
and be in compliance with all applicable city ordinances.
3. Developer must obtain a building permit and begin construction within six (6) months
of the date of transfer and be completed by May 31, 2011 to meet requirements to
repay difference as stated herein between estimated value and conveyance price
through taxes within eight (8) years. If, after transfer of the property by the City to
developer, construction is not commencing in accordance with the attached schedule
as described, the title to the real estate will revert to City of Waterloo, free of any
liens, encumbrances, etc. against said property. Developer agrees to sign all
necessary documents for said reversion. If construction is not begun, at the end of
six (6) months, but the development of the project is still imminent, the City Council
may but shall not be required to grant an extension of time for the construction of the
building. Partial start of development, not in accordance with the requirement to build
By:
a residential building by May 31, 2011 will also initiate the above requirement for
reversion of land or full payment, as previously described.
4. After Developer's completion of construction of five (5) single-family dwellings and
attached double garages, as previously described, any and all reversion rights
granted to City, relating to any or all of the property described in Exhibit "A" shall
terminate.
5. NOTICE: All notices, request, and other communication permitted or required herein
shall be in writing and shall be effective when delivered to the addressee in person or
when sent to such address by United States registered or certified mail, retum receipt
requited, postage prepaid, or by hand delivery, addressed as follows:
For the City:
Mayor Emest G. Clark
City Hall
715 Mulberry Street
Waterloo, Iowa 50703
With copy to Community Planning & Development Director
For Developer:
John R. Rooff III
Black Hawk Contracting and Development Co.
1509 Commercial Street
Waterloo, Iowa 50702
6. SUCCESSORS AND ASSIGNS: This Agreement shall be binding upon the
successors and assigns of Developer.
7. IN WITNESS WHEREOF, the parties have executed this Agreement the date and
year written above.
John R. Rooff 1I1, Developer Date
CITY OF WAT RLOO, IOWA
By: rf '1q19-611
Ernest G. Clark, Mayor Date
ATTEST:
Suzy Scharer, City Clerk
(76111
Date