HomeMy WebLinkAbout2015-10-1/5/2015 Doc ID: 006858590001 Type:GEN
!Recorded: 09/10/2015 at 04:07:41 PM
Fee Amt: $7.00 Pape 1 of i
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2016-00004860
Prepared by Carol Nemmers, Deputy City Clerk, City of Waterloo,
1715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323 .
RESOLUTION NO. 2015-10
RESOLUTION APPROVING SECOND AMENDMENT TO
DEVELOPMENT AGREEMENT WITH HOTEL PRESIDENT
PARTNERS, -LP AND DIRECTING EXECUTION OF SAID
AMENDMENT BY MAYOR.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the Second Amendment to Development Agreement dated
January 5, 2015, changing the start date to March 2015 and end
date to December 2015, by and between Hotel President Partners,
LP and the City of Waterloo, Iowa, be and the same is hereby
approved, and the Mayor and City Clerk authorized to execute the
<s'ame .in. behalf of the City of Waterloo, Iowa.
"" PASS,ED AND ADOPTED this -5th day of. January, 2015 .
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s Ernest G. Clark Mayor
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uzy Sch res, CMC -�
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Doc ID: 006858600003 Type: GEN
lRecorded: 09/10/2015 at 04:13:34 PM
Fee Amt: $17.00 Page 1 of 3
Black Hawk County Iowa
SANDIE L. SMITH RECORDER ^ Q i
File2016-00004861
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Prepared by Christopher S(.Wendland,.P.O. Box 596,Waterloo; IA 50704. Phone(319)234-5701 ,
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SECOND AMENDMENT TO,DEVELOPMENT AGREEMENT and
FIRST AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Second Amendment to Development Agreement and Fi st Amendment to Minimum'
Assessment Agreement (the "Amendment") is enteredinto as of -J a-y-� 2015
by and between`'the City of Waterloo, Iowa ("City") and Hotel President Partners,4P
("Company„)
RECITALS b
A. Company and City are parties to-that certain Development
me
nt A reement dated
r �1em� r ZZ, 2014 (the "DA„), concerning the development of land (the
"Prop) described on Exhibit"A to the DA. Company and City are also parties
to that certain Minimum Assessment Agreement,(the "MAA”) pertaining to the
Property. The DA has been amended pursuant to a first amendment dated as of
B'. The parties desire"to amend the DA and MAA on the terms set forth herein.
NOW, THEREFORE, in consideration of the premises and of other'consideration, the
"receipt and sufficiency of which is hereby,acknowledged, the parties hereby agree to amend'the
Agreement as follows:
1.,, Section 3 of the DA is hereby stricken in its entirety, and a new Section 3 is
substituted therefor, as follows:
3. Timeliness of Construction. 'Company must substantially
complete construction of the Improvements by December 31, 2015. If Company
has not obtained a building permit and begun in good faith the construction of the
Improvements upon the�Property by March 31, 2015, this Agreemenvmay be
cancelled at the sole option of City. If construction has`not begun by March•31,
2015, but the development of the project is still imminent, the City Council may,
but shall not be required to, grant an extension of time for the construction of the
Improvements. If construction has commenced by March 31, 2015 and is
stopped and/or delayed as a result of an act of God, war, civil disturbance, court
order, labor dispute, fire, or other cause beyond the reasonable control of
Company, the requirement that construction is to be substantially`completedby
December 31, 2015 shall be tolled for a period of time equal to the period of such
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stoppage or delay, and thereafter if construction is not completed within the
allowed period of extension,'this Agreement shall be voided.
2. Section 1 of the MA is amended to strike "July 1, 2015" therefrom and to ,
substitute "December 31, 2015" in its place. `
3. Except as amended herein, the DA and the MAA.shall continue unmodified in full
force and effect. This Amendment is binding`on the parties and the respective successors,
assigns, transferees and legal representatives'of each. This Amendment may be executed in
counterparts, each of which shall be deemed an original and all of which, when taken together,
shall constitute a.single instrument.
IN WITNESS WHEREOF, the parties have executed this Second Amendment to
Development Agreement and First Amendment to Minimum Assessment Agreement by their
duly authorized representatives as of the date-first set forth above.
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,HOTEL PRESIDENT PARTNERS, LP CITY OF WATERLOO, IOWA
By: By:
1 V
Ernest G. Clark, ayor
Title: OZ;A� AL , l tea-
By:
Suzy Schar s, City-Clerk
STATE OF
ss:
COUNTY)
This record was acknowledged before me on-N-2Ao A 2015 by
as of''Hotel.President Partners,
LP.
' ROSA HIDALGO Notary Publi
Commission#2065131
Notary Public•California
Los Angeles County
Comm.Ex ices Apr 20,2018
2
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
This record was acknowledged before me on $I 5 , AI ty Ernest G. Clark
and Suzy Schares, as Mayor and City Clerk, respect fftthhee City of Waterloo, Iowa.
■rw,•a•� SMSON�MIUW
Notary Public
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