HomeMy WebLinkAboutWaterloo Development Corp (WDC) - Project Funding Agmnt-11/20/2017PROJECT FUNDING AGREEMENT
This Project Funding Agreement (the "Agreement") is entered into effective as of
November 20, 2017, by and between Waterloo Development Corporation ("WDC") and the City
of Waterloo, Iowa ("City").
RECITALS
A. WDC and City have worked together, and intend to continue working together, on a
project to make certain enhancements to the Jefferson and Commercial Street
streetscapes (the "Project"). In connection with undertaking the Project, the WDC
will enter into certain contracts for conceptual level design of streetscape
improvements along the Jefferson and Commercial Street.
B. The parties desire to enter this Agreement to express their continued desire to work
together for advancement of the Project on the terms set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises exchanged herein, and for
other consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
agree as follows:
1. WDC Responsibility. The WDC has a professional services agreement for the
survey work and design development of streetscape improvements along Jefferson and
Commercial Streets that the City is to administer. The Waterloo Development Corporation will
reimburse the City 100% of the costs for the design using funds allocated to it from the Black
Hawlc County Gaming Association. The WDC will comply with all other laws or regulations
which may apply to its activities in carrying out the Project; and will comply with all terms,
covenants, and conditions of the Purchase Contracts. WDC agrees to cooperate with the City in
good faith on all future decisions regarding Project design and specifications and to consult with
City from time to time regarding Project status. The WDC will oversee all Project activities, will
review and approve all requests for payment from Project contractors, consultants, or others.
Within thirty (30) days of receipt of any payment request that it receives from the City, certifying
that the City has made disbursements for payment of the Design Contracts in an amount at least
equal to the request, WDC will remit payment to the City in the amount requested, provided that
cumulative payments made to the City in connection with the Design Contracts shall not, in the
aggregate, exceed the Dedicated Sum.
2. City Responsibility. City agrees to cooperate with WDC in good faith on all
future decisions regarding Project design and specifications and to consult with WDC from time
to time regarding Project status. City agrees to make all payments required under the contract in
timely fashion (subject to any contractual or other rights to audit, protest, or deny payment).
3. Notices. Any notice under this Agreement shall be in writing and shall be
delivered in person or by United States registered or certified mail, postage prepaid and
addressed:
WDC
Waterloo Development Corp.
360 Westfield Ave. Ste. 200
Waterloo, Iowa 50701
Attn: Jim Miller
CITY
City of Waterloo, Iowa
715 Mulberry Street
Waterloo, Iowa 50703
Attn: Mayor
Delivery of notice shall be deemed to occur (i) on the date of delivery when delivered in person,
or (ii) three (3) business days following the date of deposit if mailed by United States registered
or certified mail, postage prepaid.
4. Miscellaneous Provisions. This Agreement is binding upon and shall inure to the
benefit of the parties and their respective successors and assigns. This Agreement is the entire
agreement between the parties pertaining to the subject matter hereof and supersedes all prior
understandings or agreements relating to the subject matter hereof, whether oral or written, and this
Agreement may not be modified except by the mutual written agreement of both parties. Time is
of the essence of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Project Funding Agreement
by their duly authorized representatives as of the date first set forth above.
WATERLOO DEVELOPMENT
CORPORAT .ON
By:
CITY OF WATERLOO, IOWA
By:
Daniel B. Watters, President Quentin Hart, Mayor
2
Attest:
Kelley Fe g le, City Clerk