HomeMy WebLinkAboutCJE Properties, Green Development-6/24/2019 Preparer
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 of June 2_`fi �, 2019, by and between CJE Properties (the "Developer"), Green
Development Waterloo, LLC ("Green") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Developer and City are parties to that certain Development Agreement
dated May 17, 2010 and filed October 13, 2011 as Doc. No. 2012-6670
(the "DA"), concerning the development of land (the "Property") described
therein.
B. Green is an affiliate of Developer by common ownership or control. Green
holds title to the Property and desires to make a sale of certain portions to
an unrelated party that intends to complete the improvements
contemplated by the DA.
C. 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 is hereby amended to add Green as a party, to have full
responsibility jointly with Developer to ensure completion of the project work. Green
agrees that it took ownership of the Property from City with full knowledge of the
development duties required of Developer, Green's affiliate, pursuant to the DA and with
full knowledge of the possibility of reverter of title as provided in the DA.
2. Section 3 of the DA is amended to provide that the deadline for completion
of tho project work is June 30, 2020. City hereby consents to Green's conveyance of
the Property to Riverside Investments, LLC, subject to the transferee's fulfillment of
Developer's obligations under the DA.
Page 2
3. Exhibit "A" of the DA is amended to update property addresses as follows:
300 Cottage Street is now known as 316 Cottage Street, and 700 Cottage Street is now
known as 710 Cottage Street. The parties acknowledge that 701 Cottage Street is a
vacant lot that is paired with the property now known as 710 Cottage Street. Developer
or Green agree to make a request to the Black Hawk County Assessor, by July 31,
2019, to have 710 Cottage Street and the abutting lot combined into a single parcel for
tax assessment purposes.
4. The parties agree that a project was not developed on the property
identified in the DA as "528 N. Barclay Street" (legally described as Lot 1, Auditor
Francis Rose Hill Plat), as required by the DA. No later than July 31, 2019, Developer
and Green will convey title of said property to City by special warranty deed, free and
clear of all liens, claims, and encumbrances arising by or under Developer and Green.
5. The parties agree that a project was not developed on the property
identified in the DA as "1203 Beech Street" (legally described as Lot 11, Block 2, Rose
Hill First Addition), that said property was never conveyed to Developer, and that the
parties have no intention of developing said property. Accordingly, said property is
removed from the DA.
6. 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, assigns and transferees.
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 CJE PROPERTIES
By: D,u-sLv9,1 -i By:
Quentin Hart, Mayor
Title:
Attest: /
elley Fele, City Clerk
GREEN DEVELOPMENT WATERLOO,
LLC
By:
Title: C