Loading...
HomeMy WebLinkAboutCardinal Const. (RECORDED) Second Amendment 4-2-20184kbA16 � tikleelVatt Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50703. Return to Waterloo Planning Dept, 715 Mulberry Street, Waterloo, IA 50703 I�.O©xVL 11111111111111111111111111111111111111111111111111111111111111111111111111111111 Doc ID 008373570003 Type GEN Recorded: 04/13/2018 at 09:12:56 AM Fee Amt: $17.00 Page 1 of 3 Black Hawk County Iowa SANDIE L. SMITH RECORDER Fi1e2018-00016603 319-234-5701 SECOND AMENDMENT TO DEVELOPMENT AGREEMENT This Second Amendment to Development Agreement (the "Amendment") is entered into as of t ,; H. , 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. (17) 3 CARDINAL CONSTRUCTION, INC. CITY OF WATERLOO, IOWA By: Title: ��J���S t/�/� ✓ 2 Quentin M. Hart, Mayor Attest: elley F c e, ity Clerk Prepared by LeAnn M. Even, Deputy Clerk City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323. RESOLUTION NO. 2018-207 RESOLUTION APPROVING SECOND AMENDMENT TO THE DEVELOPMENT AGREEMENT WITH CARDINAL CONSTRUCTION OF WATERLOO, IOWA, APPROVED AUGUST 7, 2017, FOR PROPERTY GENERALLY LOCATED NORTHWEST OF 1318 MARTIN ROAD, TO BE PART OF A 1031 EXCHANGE, AND AUTHORIZE THE MAYOR AND CITY CLERK TO EXECUTE SAID DOCUMENTS. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA, that the Second Amendment, to the Development Agreement originally adopted on August 7, 2017, for property generally located northwest of 1318 Martin Road, to be part of a 1031 Exchange, is hereby approved and the Mayor and City Clerk are authorized and directed to execute the same on behalf of the City of Waterloo, Iowa. PASSED AND ADOPTED this 2nd day of April 2018. keJb Kelley Felchle City Clerk Quentin Hart, Mayor CERTIFICATE I, Kelley Felchle, City Clerk of the City of Waterloo, Iowa, do hereby certify that the preceding is a true and complete copy of Resolution No. 2018-207 as passed and adopted by the City Council of the City of Waterloo, Iowa, on the 2nd day of April 2018. Witness my hand and seal of office this 2nd day of April 2018. P2,J, Kelley Fe1ch1 City Clerk