HomeMy WebLinkAboutCentral Property Holdings - Amendmnt to Dev Agmnt-2/19/2018Preparer
Information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704
Name Address City
Please return this copy to:
City Clerk & Finance Dept.
715 Mulberry St.
Waterloo, IA 50703
(319) 234.5701
Phone
SPACE ABOVE THIS LINE
FOR RECORDER
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into
as of -(0, , 2018, by and between Central Property Holdings, LLC (the
"Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated August 7, 2017 (the "DA"), concerning the development of land (the
"Property") described on Exhibit "A" to the DA. The DA has been filed in
the land records of Black Hawk County, Iowa, as Doc. No. 2018-7765.
B. Company will make improvements for placement of a grocery store and
dining establishment, in furtherance of the purposes of the DA.
The parties desire to amend the DA to modify the terms thereof as set
forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. The DA is hereby amended to strike the first sentence of Section 8 and to
substitute in its place the following new first sentence:
"In the event that Company desires to construct an additional project of equivalent
or greater value on the Property, and provided that City has acquired title to an adjacent
property identified as assessor parcel no. 8913-24-308-006 (the "Expansion Parcel") and
legally described as set forth on Exhibit "A", then Company shall have an option (the
"Option") to purchase the Expansion Parcel for the sum of $1.00, provided that Company
shall enter into a minimum assessment agreement with respect to said project that
provides for additional value of no less than $500,000.00."
2. The DA is amended to add the following new Section 8.1:
Page 2
"8.1. Lot 18. The parties acknowledge that Company wishes to acquire for
development purposes assessor parcel no. 8913-24-308-025, legally described as Lot
18, Block 64, Cooley Addition ("Lot 18"), which is currently owned by 315 Walnut Co-op
(the "Co-op"). To achieve the transfer of Lot 18 to Company, City will arrange for the
conveyance to Company of one or more parcels located in Block 69, Cooley Addition, to
be identified hereafter (the "Parking Lot"), on which Company will construct a parking lot
in accordance with a quote from Huff Contracting dated January 30, 2018, providing for
work to be done as described therein for the sum of $148,566. The work will be
completed during the 2018 construction season, after Company receives title to the
Parking Lot. Upon completion, City will arrange for a simultaneous exchange involving
Company's transfer of the Parking Lot to the Co-op and the Co-op's transfer of Lot 18 to
Company. Within 30 days after completion of the Parking Lot improvements, City will
reimburse Company for Parking Lot construction costs incurred, or pay the contractor
directly on Company's behalf, up to the amount of $148,566."
3. Exhibit "A" of the DA is hereby amended to strike therefrom Lot 18 of
Block 64 of Cooley Addition.
4. Except as modified herein, the DA shall continue unmodified in full force
and effect. Terms in this Amendment that are capitalized but not defined will have the
same meanings herein that are ascribed to them in the DA. The DA and this
Amendment shall inure to the benefit of and be binding upon the parties and their
respective successors and assigns.
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.
CITY OF WATERLOO, IOWA CENTRAL PROPERTY HOLDINGS,
LLC
BY J.C-G-u&-
By:
Quentin Hart, Mayor Rodney A. Anderson
Managing Member
Attest:
i //,_
Kelley Felchle
ity Clerk