HomeMy WebLinkAboutCardinal Construction Inc-9/7/2010SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
This Second Amendment to Development Agreement (the "Amendment") is entered into
as of Svievtabwri, 2010, by and between the City of Waterloo, Iowa ("City") and Cardinal
Construction, Inc. ("Company").
RECITALS
A. Company is a party with City to that certain Development Agreement and Minimum
Assessment Agreement dated August 2008 (the "Agreements") concerning the
development of land as described in the Agreements.
B. Pursuant to the amended Agreements, Company has been granted tax rebates,
Per Section 3, for a period of 8 years.
C. Company had a timeline of taking out a building permit for a 3,840 sq. ft office
building and a 5,300 sq. ft. office building by December 1, 2008, with substantial
completion by January 1, 2010. This was then amended to June 1, 2010 and
January 1, 2011 respectively.
D. Company has built the 5,288 sq. ft. building, worth 59.1% of the full value required,
or $1,360,319. This leaves the planned 3,840 sq. ft. building at 40.9% or
$941,405.30. This was separated out n the First Amendment.
E. To continue to work with Company to market and develop this location, it is
necessary to expand the timeline of a permit for the 3,840 sq. ft. building, with a
Minimum Assessment of $941,405.30 to beginning in April 1, 2011 and substantial
completion to January 1, 2012. Its rebates would be eligible to start upon its
completion and meeting this value.
NOW, THEREFORE, in consideration of the mutual promises set forth herein, the
parties hereby agree as follows:
1. The Timeliness of Completion wording set forth in Section 3 of the
Agreement, and later by amendment per the First Amendment document,
to obtaining a building permit by April 1, 2011 and substantially complete
by January 1, 2012.
IN WITNESS WHEREOF, the parties have executed this Second Amendment to
Development Agreement by their duly authorized representatives as of the date first set forth
above.
CARDINAL CONSTRUCTION, INC.
ene Le • art, President
CITY OF WATERLOO, IOWA
By:
l6, t-
Emest G. Clark, Mayor
By:• =
Suzy Sdhares, City Clerk