HomeMy WebLinkAbout2019-915-11/25/2019 Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, 319-291-4323.
RESOLUTION NO. 2019-915
RESOLUTION APPROVING AMENDMENT TO AN EXISTING
FORGIVABLE REAL ESTATE MORTGAGE DATED JULY 1, 2009,
BETWEEN 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
AUTHORIZING THE CHAIRMAN OF THE COMMUNITY
DEVELOPMENT BOARD TO EXECUTE SAID AMENDMENT.
WHEREAS, by instrument dated July 1, 2009 and filed August 21, 2009 in the office of
the Black Hawk County Recorder as Doc. No. 2010-03928, 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. 2013-00604 (collectively, said instruments are
the "Second 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 an amendment to an existing forgivable real estate mortgage dated
July 1, 2009, between 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, are hereby approved, and
authorizing the chairman of the Community Development Board to execute said amendment
PASSED AND ADOPTED this 25th day of November 2019.
(-)A-A-fitzC14-6 ---`
Quentin Hart, Mayor
ATTEST
& IOLA /
e ley Felchli1
City Clerk