HomeMy WebLinkAbout2019-914-11/25/2019 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, 319-291-4323.
RESOLUTION NO. 2019-914
RESOLUTION APPROVING AMENDMENT TO AN EXISTING
FORGIVABLE REAL ESTATE MORTGAGE DATED JULY 1, 2007,
BETWEEN THE CITY OF WATERLOO COMMUNITY
DEVELOPMENT BOARD AND CEDAR VALLEY TECH WORKS,
INC., TO MODIFY THE AREA SUBJECT TO THE LIEN OF SAID
MORTGAGE, AUTHORIZING THE COMMUNITY DEVELOPMENT
BOARD AND THE COMMUNITY PLANNING AND DEVELOPMENT
DIRECTOR TO FINALIZE THE LEGAL DESCRIPTION AS DEEMED
APPROPRIATE IN CONSULTATION WITH LEGAL COUNSEL, AND
APPROVAL OF A CONSENT TO CONDO CONVERSION, AND
AUTHORIZING THE CHAIRMAN OF THE COMMUNITY
DEVELOPMENT BOARD TO EXECUTE SAID AMENDMENT AND
CONSENT TO CONDO CONVERSION.
WHEREAS, by instrument dated July 1, 2007 and filed February 3, 2009 in the office of
the Black Hawk County Recorder as Doc. No. 2009-14186, Mortgagor (Cedar Valley Tech
Works, Inc.) granted to Mortgagee (the city of Waterloo, Iowa, acting by and through its
Community Development Board) a Forgivable Real Estate Mortgage in and to the real property
(the "Property") described therein, which mortgage was amended by mortgage amendment dated
June 27, 2012 and filed July 10, 2012 as Doc. No. 2013-00605 (collectively, said instruments are
the "First EDI Mortgage"); and
WHEREAS, the parties desire to amend the legal description of the Property to modify
the area that is subject to the First EDI Mortgage.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WATERLOO, IOWA, that the amendment to an existing forgivable real estate mortgage dated
July 1, 2007, between the City of Waterloo Community Development Board and Cedar Valley
Tech Works, Inc., to modify the area subject to the lien of said mortgage, authorizing the
Community Development Board and the Community Planning and Development Director to
finalize the legal description as deemed appropriate in consultation with legal counsel, and
approval of a consent to condo conversion, are hereby approved, and authorizing the chairman of
the Community Development Board to execute said amendment and consent to condo
conversion.
PASSED AND ADOPTED this 25th day of November 2019.
aLumX-147,60---
ATTEST:— Quentin Hart, Mayor
III . . i
Kelley Felc !-
City Clerk k