HomeMy WebLinkAboutBlack Hawk Contracting & Development Co.-Funding Release Agreement-4/13/2020Y+III`�1D1II`T(Lff RIEILEAnE AGREEIVAIMN I
This Funding Release Agreement (the "Agreement") is entered into as of
APKi L_ L9 12020, by and between the City of Waterloo, Iowa ("City") and Black
Hawk Contracting & Development Co. ('BHCD"),
WHEREAS, City and BHCD are parties a certain Amendment to Development
Agreement dated January 28, 2019, providing for City's payment of $5,000.00 (the "Grants") to
the property developer upon completion of a home and related improvements on each of the
subject properties; and
WHEREAS, third -party delays have restricted the developer's ability to install sidewalks,
but the parties desire to allow partial disbursement of the Grants on the terms and conditions set
forth herein.
NOW, THEREFORE, in consideration of the mutual promises exchanged herein, the
parties agree as follows:
1. Within fourteen (14) days after approval of this Agreement by the Waterloo City
Council, City will release to BHCD, as applicable, the Grant funds with respect to any of the
subject properties on which required improvements have been completed and would qualify for
issuance of a certificate of occupancy, except for the lack of a sidewalk, or for which a certificate
of occupancy has been issued despite the lack of a sidewalk.
2. No later than May 31, 2020, BHCD agrees to install, on its respective property or
properties, a sidewalk that is compliant with the Waterloo Code of Ordinances, subject to
unavoidable delays caused by factors not within the reasonable control of BHCD. BHCD shall
fill in and seed areas immediately adjacent to new sidewalk.
3. General Terms. This Agreement constitutes the entire agreement between the
parties pertaining to the subject All hereof. This Agreement may not be modified or amended
except pursuant to the mutual written agreement of the parties. This Agreement is binding on the
parties and their respective successor and assigns. Time is of the essence in the performance of
the terms hereof.
IN WITNESS WHEREOF, the parties this.Funding Release Agreement by their duly
authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA
By:
Quentin M. Hart,
Attest:
Felchle,l�ity Clerk
[signatures on next page]
BLACK HAWK CONTRACTING &
DEVELOPMENT CO.
By: