HomeMy WebLinkAboutVillage Creek Rentals, LLC-Amendment to Development Agreement and Amendment to Minimum Assessment Agreement-4/13/2020Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50703. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT
AND AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Amendment to Development Agreement and Amendment to Minimum
Assessment Agreement (the "Amendment") is entered into as of C� r 12020
by and between Village Creek Rentals, LLC (the "Company") and the City of Waterloo,
Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated November 20, 2017 (the "DA") concerning the development of
property as described in the Agreement. Company and City are also
parties to that certain Minimum Assessment Agreement (the "M)"")
pertaining to said property, dated as of the same date. The DA and MAA
have been filed in the land records of Black Hawk County as Doc. No.
2018-14847.
B. The parties desire to amend the DA and the MAA to modify the terms as
set forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Paragraph a of Section 3 of the DA is stricken in its entirety, and the
following new paragraph a is substituted in its place:
a. Construction. Developer must complete the Home Improvements
on the Chalmers Lots so that one (1) home is completed by November 30, 2021
and one (1) home is completed by November 30, 2022. If during any calendar
year Developer has not obtained a building permit and in good faith begun
construction of the respective improvements by April 1 of the year when
completion is required, then at City 's option title to any part of the Property on
which development has not been completed shall revert to the City, but if
construction is imminent the City Council may, but shall not be required to,
consent to an extension of time to begin construction or, if appropriate, to
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complete construction, and if an extension is granted but construction has not
been commenced or substantially completed, as applicable, within such
extended period, then the title to such part(s) of the Property shall revert to the
City after the end of said extended period.
2. Section 2.b and Section 6 of the DA are stricken from the Agreement in
their entirety. Reference to the Upton East Parcel is stricken from Section 2.a and
Section 5, and references to said parcel, the Upton West Parcel and the Commercial
Project are stricken from Section 8 of the Agreement.
3. No later than April 30, 2020, Company shall deed the Upton East Parcel
and the Upton West Parcel to City by special warranty deed. If Company fails to do so,
then City may act in accordance with Section 4 of the Agreement. Effective upon
delivery of said deed, the MAA shall be deemed canceled and of no further force or
effect. City shall refund the $5,000.00 purchase price to Company upon delivery of title
to the Upton East Parcel and the Upton West Parcel.
4. Except as modified herein, the DA and MAA 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 or MAA, as
applicable. The DA, MAA, 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 and Amendment to Minimum Assessment Agreement by their
July authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA
Quentin Hart, Mayor
Attest:
Kelley Felchle�City Clerk
VILLAGE CREEK RENTALS, LLC
By: ,
Jason Strelow, W anager