HomeMy WebLinkAboutThe Powers Mfg Company - Amendment to Dev Agmnt - 8/20/2018 Prepared by Christopher S.Wendland, P.O Box 596,Waterloo, IA 50704. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into as of
AA o au , 2018, by and between the City of Waterloo, Iowa ("City") and The Powers
Manuflacturing Company("Company").
RECITALS
A. Company and City were parties to a certain Development Agreement dated July
11, 2005 and filed November 29, 2005 as Doc. No. 2006-13886 (the "Agreement")
concerning the development of land (the "Property") described on Exhibit "A" to the
Agreement.
B. The Agreement provided that Company would undertake certain Improvements
upon the Property within a specified period, and if it did not then the Property would
revert to City ownership or Company could pay the City for the Property cost. The
Improvements were not made, and the consequential actions have not occurred.
C. The parties desire to amend the Agreement to provide for Company's purchase of
the Property.
NOW, THEREFORE, in consideration of the premises and the mutual promises
exchanged herein, the parties hereby agree to amend the Agreement as follows:
1. The Agreement is amended to provide that, within thirty(30) days after the date
of this Amendment, Company shall pay City the sum of$60,764.50 in certified funds, calculated
as the product of 121,529 square feet and $.50 per square foot. If Company does not make
payment, then title to the Property will revert to City, and within an additional seven (7) days
after passage of the payment deadline Company will deliver to City a special warranty deed for
the Property and all abstracts of title for the Property that Company has in its possession, which
need not be updated.
2. Except as modified herein, the Agreement shall continue unmodified in full force
and effect. Terms capitalized but not defined herein 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 Amendment to Development
Agreement by their duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA THE POWERS MANUFACTURING
COMPANY
Quentin Hart, Mayor Grant Weidner, President
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Attest:
W,&t k,lk,i A 1,
elley Felc e, City Clerk
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