HomeMy WebLinkAboutFusion Investments, LLC-Amendment to Development Agreement-4/27/2020Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50703. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into as of
a'�V
2020, by and between the City of Waterloo, Iowa ("City") and Fusion
In iestments LLC ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated April
15, 2019 (the "Agreement") concerning the development of property as described
in the Agreement. The Agreement was filed in the records of the Black Hawk
County Recorder on May 22, 2019 as Doc. No. 2019-17388.
B. The parties desire to amend the Agreement 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 2 is hereby amended to strike "twelve (12) months" and "eighteen (18)
months" therefrom, and to substitute in their place "eighteen (18) months" and "twenty-four (24)
months" respectively.
2. Section 5 is hereby amended to strike the dates and aggregate taxable values
specifically stated therein and to substitute the following in place thereof:
By 12/31/2022 $1,5003000
By 12/31/2024 $3,000,000
By 12/31/2025 $47500,000
3. Except as modified herein, the Agreement shall continue unmodified in full force
and effect. Capitalized terms used herein that are not defined in this Amendment shall have the
meaning attributed to them in the Agreement. The Agreement 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.
FUSION INVESTMENTS LLC
By:
Ronald Koelker
Managing Member
CITY OF WATERLOO, IOWA
Quentin Hart, Mayor
Attest: