HomeMy WebLinkAboutTim Moyer - Amendment to Dev Agmt - 3/26/2018Preparer
Information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704
Name Address City
(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 , 2018, by and between Tim Moyer (the "Company") and the
City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated April 24, 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. 2017-19312.
B. 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 lacks a Section 4, and the DA is hereby amended to add the
following new Section 4:
"4. Development Grants. In accordance with City's policy for disposition
and development or rehabilitation of properties initially acquired by City pursuant
to Iowa Code Chapter 657A, the City will make a $5,000 reimbursement of
purchase funds, and a further grant of $5,000 within 30 days after substantial
completion of the Project/Certificate of Occupancy of the project."
2. 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.
Page 2
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
Bv:
Quentin Hart, Mayor
Attest:
elley Felc e, City Clerk
AA -
Tim Moyer