HomeMy WebLinkAboutLK Holdings - Amendment to Dev Agmnt-8_28_2017Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50704. Phone (3191234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into as of
l v`9``ue z , 2017 by and between the City of Waterloo, Iowa ("City") and LK Holdings
Waterlbb, LLC ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated July
17, 2017 (the "DA"), concerning the development of land (the "Property") described
on Exhibit "A" to the DA. Company and City are also parties to a Minimum
Assessment Agreement (the "MAA") pertaining to the Property.
B. The Property description contained errors that have been identified by survey, and
the parties desire to amend the DA on the terms set forth herein to provide for a
corrected legal description.
NOW, THEREFORE, in consideration of the premises and of other consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree to amend the
Agreement as follows:
1. The DA and MAA are amended to strike Exhibit "A" therefrom and to substitute in
place thereof a new Exhibit "A" as attached to this Amendment. The DA is further amended to
add the plat of survey as a new Exhibit "A-1."
2. Except as amended herein, the DA and the MAA shall continue unmodified in full
force and effect. This Amendment is binding on the parties and the respective successors,
assigns, transferees and legal representatives of each. This Amendment may be executed in
counterparts, each of which shall be deemed an original and all of which, when taken together,
shall constitute a single instrument.
IN WITNESS WHEREOF, the parties have executed this Amendment to Development
Agreement by their duly authorized representatives as of the date first set forth above.
signatures on next page]
CITY OF WATERLOO, IOWA
By: r
Quentin M. Hart, Mayor
Attest:
Kelley Felchl', ity Clerk
2
LK HO 1I S ( ATERLOO, LLC
By:
Edwin * . Leslie
Managing Member of Leslie
Hospitality Consulting, LLC, its
Managing Member
EXHIBIT "A"
Legal Description of Property
DESCRIPTION: PARCEL 'K'
PART OF BLOCK 7 IN THE ORIGINAL PLAT ON THE WEST SIDE OF THE CEDAR RIVER AND THE
SOUTHEASTERLY 10.00 FEET IN EVEN WIDTH OF FORMER MAIN STREET NOW PARK AVENUE AND
PART OF ELWELL'S PLAT A SUBDIVISION OF LOTS 1 AND 2 IN BLOCK 7 IN THE ORIGINAL PLAT ON
THE WEST SIDE OF THE CEDAR RIVER, CITY OF WATERLOO, COUNTY OF BLACK HAWK, STATE OF
IOWA, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHEASTERLY CORNER OF LOT 1 OF E.J. BICKLEY'S SUBDIVISION,
ALSO BEING THE POINT OF INTERSECTION OF THE PRESENT SOUTHWESTERLY RIGHT-OF-WAY
LINE OF JEFFERSON STREET AND THE PRESENT NORTHWESTERLY RIGHT-OF-WAY LINE OF WEST
4TH STREET; THENCE NORTH 41° (DEGREES) 05' (MINUTES) 42" (SECONDS) EAST, 80.00 FEET TO
THE SOUTHERLY CORNER OF SAID BLOCK 7; THENCE NORTH 48°54'56" WEST, ON THE
SOUTHWESTERLY LINE OF SAID BLOCK 7 ALSO BEING THE PRESENT NORTHEASTERLY RIGHT-OF-
WAY LINE OF JEFFERSON STREET, 4.03 FEET TO THE POINT OF BEGINNING OF THE PARCEL OF
LAND HEREIN DESCRIBED; THENCE CONTINUING NORTH 48°54'56" WEST ON THE
SOUTHWESTERLY LINE OF SAID BLOCK 7 AND ITS NORTHWESTERLY PROLONGATION, ALSO
BEING THE PRESENT NORTHEASTERLY RIGHT-OF-WAY LINE OF JEFFERSON STREET, 306.59 FEET
TO NORTHWESTERLY LINE OF THE SOUTHEASTERLY 10.00 FEET OF FORMER MAIN STREET NOW
PARK AVENUE, ALSO BEING THE PRESENT SOUTHEASTERLY RIGHT-OF-WAY LINE OF PARK
AVENUE; THENCE NORTH 41°03'49" EAST ON THE NORTHWESTERLY LINE OF THE
SOUTHEASTERLY 10.00 FEET OF FORMER MAIN STREET NOW PARK AVENUE, ALSO BEING THE
PRESENT SOUTHEASTERLY RIGHT-OF-WAY LINE OF PARK AVENUE, 301.91 FEET (300.00 FEET
RECORD) TO THE PRESENT SOUTHWESTERLY RIGHT-OF-WAY LINE OF COMMERCIAL STREET;
THENCE SOUTH 49°02'55" EAST ON THE PRESENT SOUTHWESTERLY RIGHT-OF-WAY LINE OF
COMMERCIAL STREET, ALSO BEING THE NORTHEASTERLY LINE OF SAID BLOCK 7 AND ITS
NORTHWESTERLY PROLONGATION, 240.52 FEET TO THE NORTHWESTERLY RIGHT-OF-WAY LINE
OF WEST 4TH STREET; THENCE SOUTHWESTERLY ON THE NORTHWESTERLY RIGHT-OF-WAY LINE
OF WEST 4TH STREET BEING A 956.73 -FOOT RADIUS CURVE CONCAVE SOUTHEASTERLY AND
HAVING A 98.84 -FOOT LONG CHORD BEARING SOUTH 28°47'22" WEST, 98.89 FEET (ARC LENGTH);
THENCE SOUTH 26°09'45" WEST ON THE NORTI-IWESTERLY RIGHT-OF-WAY LINE OF WEST 4TH
STREET, 91.32 FEET; THENCE SOUTHWESTERLY ON THE NORTHWESTERLY RIGHT-OF-WAY LINE
OF WEST 4T11 STREET BEING A 760.00 -FOOT RADIUS CURVE CONCAVE NORTHWESTERLY AND
HAVING A 119.61 -FOOT LONG CHORD BEARING SOUTH 30°40'33" WEST, 119.73 FEET (ARC LENGTH)
TO THE POINT OF BEGINNING.
(THE SOUTHEAST LINE OF E.J. BICKLEY'S SUBDIVISION, ALSO BEING THE PRESENT
NORTHWESTERLY RIGHT-OF-WAY LINE OF WEST 4TH STREET THAT [S SOUTHWESTERLY OF
JEFFERSON STREET, IS ASSUMED TO BEAR NORTH 41°05'42" EAST FOR THE PURPOSE OF THIS
DESCRIPTION.)
CONTAINING 83,194 SQUARE FEET OR 1.91 ACRES.
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DATE SIGNED: AUGUST 7. 2017
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P2005002 25, WICNAEL R. MO P.L.S. 0505 501 5TCA14iE STREET. 51JI1E 222. WATERLOO. 1024 10707 t-319-232-0.6571