HomeMy WebLinkAboutCentral Property Holdings, LLC-Amendment No. 2-9/24/2018(RECORDED)0(2
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Preparer b` ) \0J
nrormation: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704
Name Address City
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Doc ID: 009501990004 Type GEN
Recorded: 03/12/2019 at 09:16:20 AM
Fee Amt: $22.00 Page 1 of 4
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
F11e2019-00013537
(319) 234.5701
Phone
SPACE ABOVE THIS LINE
FOR RECORDER
AMENDMENT NO. 2 TO DEVELOPMENT AGREEMENT
This Amendment No. 2 to Development Agreement (the "Amendment") is
entered into as of --- 2`} , 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, as later amended on February 19, 2018
(collectively, 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 and
as Doc. No. 2019-2747.
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. City agrees to make to Company an additional development grant in the
amount of $500,000.00, payable within 30 days after the date hereof. The contingent
repayment provisions stated in Section 4 of the DA shall apply to the additional grant.
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.
(da)
1
Page 2
IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to
Development Agreement by their duly authorized representatives as of the date first set
forth above.
CITY OF WATERLOO, IOWA CENTRAL PROPERTY HOLDINGS,
LLC A
By: i `
Quentin Hart, Mayor
Attest:
elley F
hle, City Clerk
By: odt.A 4
Rodney A And son
Managing Member
PERSONAL GUARANTY. The undersigned members and/or managers of
Company hereby agree for themselves and their heirs, personal representatives, and
assigns, to unconditionally guarantee to City, its successors and assigns, the full and
prompt performance by Company, its successors and assigns, of all promises and
covenants on the part of Company to be performed pursuant to the Agreement, as
amended above, including but not limited to the duties of indemnity set forth therein, if
any. Liability of guarantors hereunder is joint and several.
i
Rodney A. Anderson
(---/
Daniel E. Levi
EXHIBIT "A"
Legal Description of Property
Lots 2 and 3 of Waterloo RX First and Franklin Subdivision;
And also, Lots 17 and 18 of Block 64 of Cooley Addition;
And also, that part of the 20 foot alley as platted in Block 64 of Cooley Addition lying
Southeasterly of a Southwesterly extension of the Northwesterly line of Lot 17 of Block
64 of Cooley Addition and lying Northwesterly of a Southwesterly extension of the
Southeasterly line of Lot 18 of Block 64 of Cooley Addition, all in the City of Waterloo,
Black Hawk County, Iowa.
Prepared Kelley Felchle City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703,
(319) 291-4323.
RESOLUTION NO. 2018-716
RESOLUTION APPROVING AMENDMENT NO. 2 TO
DEVELOPMENT AGREEMENT WITH CENTRAL PROPERTY
HOLDINGS, LLC TO INCLUDE A GRANT IN THE AMOUNT
OF $500,000, AND AUTHORIZE THE MAYOR AND CITY
CLERK TO SIGN AND EXECUTE ALL NECESSARY
DOCUMENTS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA
that Amendment No. 2 to the Development Agreement dated September 24, 2018, between
Central Property Holdings, LLC and the City of Waterloo, Iowa, to include a grant to Central
Property Holdings, LLC in the amount of $500,000, 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 24th day of September 2018.
ATTEST:
1/i
elley Fele le
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. 2018-716 as passed and adopted by the
City Council of the City of Waterloo, Iowa, on the 24th day of September 2018
Witness my hand and seal of office this 24th day of September 2018.
elley Felchl
City Clerk