HomeMy WebLinkAboutMBAK Properties LLC-6/14/2010FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This First Amendment to Development Agreement (the "Amendment") is entered
into as of lovu 111- , 2010, by and between the City of Waterloo, Iowa ("City")
and MBAK Properties LLC ("Company").
RECITALS
A. Company is a party with City to that certain Development Agreement and
Minimum Assessment Agreement dated November 2009 (the "Agreement")
conceming the development of land as described in the Agreement.
B. Company had a timeline of taking out a building permit for a 12,500 sq. ft.
office building by April 1, 2010, with substantial completion by December
31, 2010.
C. Company has been exploring several options for the design for best layout
for staff, clientele, and expansion potential, and needs further time for
pending project. It is necessary to move back dates to take out a permit by
Aug 1, 2010 and substantial completion to April 1, 2011.
D. All other terms of the Development Agreement would remain the same.
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 is hereby amended to read obtaining a building permit
by August 1, 2010 and substantially complete by April 1, 2011.
IN WITNESS WHEREOF, the parties have executed this First Amendment to
Development Agreement by their duly authorized representatives as of the date first set
forth above.
MBAK Properties LLC
By:
Beau M. Beecher, Manager
By: /.tet �'LJ
Eric L. Kimball, Manager
CITY OF WATERLOO, IOWA
Bye
71‘/Al
Ernest G. Clark, Mayor
By: ii
Suzy Schares, City Clerk
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Doc ID 004394410001 Type OEN
Kind AMENDMENT
Recorded: 02/14/2011 at 11:22:53 AM
Fee Amt: $9.00 Page 1 of 1
Black Hawk County Iowa
JUDITH A MCCARTHY RECORDER
F11e2011-00016195
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FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This First Amendment to Development Agreement (the "Amendment") is entered
into as of .1Uvlz_ 14 , 2010, by and between the City of Waterloo, Iowa ("City")
and MBAK Properties LLC ("Company").
RECITALS
A. Company is a party with City to that certain Development Agreement and
Minimum Assessment Agreement dated November 2009 (the "Agreement")
concerning the development of land as described in the Agreement.
B. Company had a timeline of taking out a building permit for a 12,500 sq. ft.
office building by April 1, 2010, with substantial completion by December
31, 2010.
C. Company has been exploring several options for the design for best layout
for staff, clientele, and expansion potential, and needs further time for
pending project. It is necessary to move back dates to take out a permit by
Aug 1, 2010 and substantial completion to April 1, 2011.
D. All other terms of the Development Agreement would remain the same.
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 is hereby amended to read obtaining a building permit
by August 1, 2010 and substantially complete by April 1, 2011.
IN WITNESS WHEREOF, the parties have executed this First Amendment to
Development Agreement by their duly authorized representatives as of the date first set
forth above.
MBAK Properties LLC
By:
By:
Beau M. Beecher, Manager
Eric L. Kimball, Manager
CITY OF WATERLOO, IOWA
By:
Ernest G. Clark, Mayor
Suzy Scharas, City Clerk