HomeMy WebLinkAboutLincoln Savings Bank Amendment to Development Agreement 11/04/2019 (RECORDED) 11111111 III I III I1111II11111111111111111111111111111111111111111111111111II 4,
Doc ID: 009723040003 Type: GEN
Recorded: 12/12/2019 at 03:53:47 PM
Fee Amt: $17.00 Page 1 of 3
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
7
Fi1e2020-00010 / 32
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 Q' , 2019, by and between Lincoln Savings Bank ("Company") and
the City of Waterloo, Iowa ("City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated October 7, 2019 (the "DA"), concerning the development of property
(the "Property") described therein.
B. 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. Paragraph C of Section 3 of the Agreement is hereby amended to add the
following new sentence at the end thereof: "Notwithstanding the foregoing, grant
payments under this paragraph shall not exceed $3,000,000.00 in total."
2. 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 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.
[signatures on next page]
Page 2
CITY OF WATERLOO, IOWA LINCOLN SAVINGS BANK
By: ' � By: 8,uJZ , CAZ
Quentin Hart, Mayor Erik Skovgard, Pres ent/CEO
Attest: 11 11
I
K-Iley Felchle, ity Clerk
Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319)291-4323.
RESOLUTION NO. 2019-841
RESOLUTION APPROVING AMENDMENT TO THE
DEVELOPMENT AGREEMENT WITH LINCOLN SAVINGS
BANK, ORIGINALLY EXECUTED ON OCTOBER 7, 2019,
TO SPECIFY THE IRD FUNDS FOR THE REHABILITATION
OF 75,000 SQUARE FEET OF PROFESSIONAL OFFICE
SPACE IN THE TECH ONE BUILDING, AND AUTHORIZING
THE MAYOR AND CITY CLERK TO EXECUTE SAID
DOCUMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the Development Agreement between Lincoln Savings Bank and the City of Waterloo, Iowa,
originally executed on October 7, 2019, be amended to specify the IRD funds for
the rehabilitation of 75,000 square feet of professional office space in the Tech One Building,
and authorize and direct the Mayor and City Clerk to execute said document on behalf of the City
of Waterloo, Iowa.
P* D AND ADOPTED this 4th day of November 2019.
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' 0 . ., Quentin Hart, Mayor
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ATTEST:
Kelley Felchle I
City Clerk
CERTIFICATE
I, Kelley Felchle City Clerk of the City of Waterloo, Iowa, do hereby certify that the
preceding is a true and complete copy of Resolution 2019-841, as passed and adopted by the
Council of the City of Waterloo, Iowa, on the 4th day of November 2019.
Witness my hand and seal of office this 4th day of November 2019.
�.�dz , � ' A_ _ . . . A __,
F ,, ",, e ey Felchle
'y +'. City Clerk
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