HomeMy WebLinkAboutVillage Creek Rentals LLC-5/8/2017Prepared by: John Dornoff, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703 (319) 291-4366
DEVELOPMENT AGREEMENT
kir`This Agreement is made and entered into this ' day of , 2017, by
and between Village Creek Rentals LLC, hereafter called "Developer", and the Ci' 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 to purchase vacated City right-of-way in the amount of
$1.00, and legally described on attached Exhibit "A", located adjacent to 1118 Ansborough
(hereinafter the "Property").
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS
HEREINAFTER CONTAINED, Developer and City agree as follows:
1. The City agrees to convey the Property to Developer for $1.00, plus costs. The City
shall convey the Property to Developer by Quit Claim Deed. The Property has a full
assessed value of $4282.00, but the City agreed to grant Developer a credit of
$4281.00 against the full assessed value for the Developer's costs ($33175.00) to
improve the alley which is permitted by the City of Waterloo Sale of Property Policy.
2. Developer shall construct hard surfacing improvements and bring vehicular use
areas into compliance with the City of Waterloo Zoning Ordinance,(hereinafter
"Improvements"), and take out necessary permits within twelve months of the date of
this agreement. The Improvements shall be constructed in accordance with all
applicable City, State, and Federal building codes and be in compliance with all
applicable city ordinances.
3. The parties agree that Company's commitment to undertake Project and construct
the improvements in a timely manner constitutes a material inducement for the City
convey the Property, or to cause Property to be conveyed, to the Company and that
without said commitment City would not do so. Company must obtain proper City
Approval and begin construction by June 30, 2017 and substantially complete
construction within (12) months.
If developer does not complete Improvements as described in #2 above, developer
shall pay the $4,281 assessed value to City within two weeks of stated deadline. If
improvements are delayed by weather but construction of the Project is imminent, the
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By:
City Council may, but shall not be required to, consent to an extension of time for the
construction of Improvements, and if an extension is granted by construction of the
Improvements has not begun within such extended period, developer shall pay the
$4281 assessed value to the City within two weeks of stated deadline. If Company
determines at any time that the Project is not economically feasible, then after giving
thirty (30 days) notice to the City, Company may convey the Property to City by Quit
Claim Deed, and thereupon neither party shall have any further obligation under this
Agreement except as expressly provided. If development has commenced within the
required period or any extended period and is stopped and/or delayed as a result of
an act of God, war, civil disturbance, court order, labor dispute, fire, or other cause
beyond the reasonable control of the Company, the requirement that construction of
the Project shall be tolled for a period of time equal to the period of such stoppage or
delay, and thereafter if construction is not completed within the allowed period of
extension then developer shall pay the $4281 assessed value to City within two
weeks of stated deadline.
4. City will deed the property within 3 weeks of approval of the Development Agreement
by Quit Claim Deed.
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, return receipt
requited, postage prepaid, or by hand delivery, addressed as follows:
For the City:
Mayor Quentin Hart
City Hall
715 Mulberry Street
Waterloo, Iowa 50703
With copy to City Planner
For Developer:
Village Creek Rentals LLC
1118 Ansborough Avenue
Waterloo, IA 50701
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.
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Fo ' Viliage Cree Rentals LLC Dat
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CITY OF WATERLOO, IOWA
By: r"-z_-
uentin Hart, Mayor Date H
ATTEST:
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e, City Clerk Date
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Exhibit "A"
Legal Description — Alley to Be Vacated
All that part of the East-West alley in Block No. 17, "Downing Place", City of Waterloo, Black
Hawk County,
Iowa, described as follows:
bounded on the North by the South lines of Lot Nos. 1, 2 and 3 in said Block No. 17;
bounded on the East by the East line of said Block No. 17
bounded on the South by the North line of Lot No. 20 in said Block No. 17;
bounded on the West by the North extension of the West line of Lot No. 20 in said Block No. 17.
Containing 2,020 sq. ft. more or Tess.
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