HomeMy WebLinkAboutBlack Hawk Contracting & Development Co. -Amendment to Dev Agmnt - 2/4/2019Preparer
Information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704 (319) 234.5701
Name Address City Phone
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into
as oft`a„0„v, 2019 by and among Black Hawk Contracting & Development
Co. ("Company) and the City of Waterloo, Iowa (the "City"). John R. Rooff III ("Rooff')
executes this Amendment individually for the purpose stated in Section 2 hereof.
RECITALS
A. Company and City are parties to a certain Development Agreement dated
April 8, 2013 and filed April 12, 2013 as Doc. No. 2013-21205 (the
"Agreement"), providing for Company's development of certain property as
described therein.
B. The parties desire to amend the Agreement on the terms set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. The Agreement is amended to provide a new schedule for construction
and completion of the improvements described therein, as follows: Company shall
complete construction of three (3) homes and related improvements no later than
December 31, 2022 and shall complete construction of two (2) homes and related
improvements no later than December 31, 2023. The parties acknowledge that
Company completed construction of one (1) home before the date of this Amendment.
2. The Agreement included a personal guaranty that Rooff failed to execute.
Rooff agrees that his execution of this Amendment shall have the same legal effect as
if he had signed the personal guaranty included in the Agreement and that he shall be
bound thereby to the same extent as if he had originally signed it.
3. A new Section is added to the Agreement, as follows:
Development Grant. Upon completion of each new home and all related
Housing Improvements, as evidenced by issuance of a certificate of occupancy,
City will make to the developer party a one-time grant of $5,000.00 for each
completed home, in accordance with City policy."
4. Except as modified herein, the Agreement 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 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
BY: 74 1 c,yrs-- b'"li
Quentin Hart, Mayor
Attest:
Kelley Felcy'e, City Clerk
2
BLACK HAWK CONTRACTING &
DEVELOPMENT CO.
By:
Rooff, III, Pre
ooff, III, person