HomeMy WebLinkAboutCardinal Construction, second amendment to Dev Agmnt - 4/2/2018Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50703. 319-234-5701
Return to Waterloo Planning Dept, 715 Mulberry Street, Waterloo, IA 50703
SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
This Second Amendment to Development Agreement (the "Amendment") is entered into
as of ‘V\, , 2018, by and between the City of Waterloo, Iowa ("City") and
Cardinal Construction, Inc. ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated
August 7, 2017, as previously amended (the "Agreement"), concerning the
development of property as described in the Agreement.
B. The parties desire to amend the Agreement on the terms set forth herein.
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 Agreement is amended to add the following new Section 1.1:
1.1. Tax -Deferred Exchange. If Company determines to conduct this
transaction as part of a "like -kind exchange" pursuant to Section 1031 of the Internal
Revenue Code, City shall reasonably cooperate with Company, at no cost to City, with
any reasonable request from Company and to execute any reasonable documentation
requested by the exchange agent to facilitate an exchange. Except for the deed, any
document relating to the 1031 exchange, including but not limited to an assignment of
this Agreement, may be executed by the Community Planning and Development
Director on behalf of City.
2. Except as modified herein, the Agreement shall continue unmodified in full force
and effect. Capitalized terms used herein that are not defined in this Amendment shall have the
meaning attributed to them in the Agreement. The Agreement 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 Second Amendment to
Development Agreement by their duly authorized representatives as of the date first set forth
above.
CARDINAL CONSTRUCTION, INC.
By: / J
Title:
2
CITY OF WATERLOO, IOWA
By: I LCLv1`
Quentin M. Hart, Mayor
Attest:
elley Fed
hle, City Clerk