HomeMy WebLinkAbout05/07/2012 Council Work Session
May 7, 2012
4:10 p.m.
Council Chambers
Roll Call.
Approval of Agenda, as proposed or amended.
1. Greater Cedar Valley Quarterly Update.
ADJOURNMENT
Suzy Schares
City Clerk
Council Work Session
May 7, 2012
4:30 p.m.
Council Chambers
Roll Call.
Approval of Agenda, as proposed or amended.
1. Discussion of potential development agreement with Residential Partners
LLC for new infill residential housing opportunities on city-owned land: land
of and near former Van Eaton School site; Baltimore Field; Williston Field;
land of and near former Lafayette School site—Submitted by Noel Anderson,
Community Planning &Development Director.
ADJOURNMENT
Suzy Schares
City Clerk
C R EATER
CEP AR
vALLLEY
ALLIANCE & CHAMBER
THPART
CEDAR VALLEY OF GREATER
Waterloo City Council Work Session— May 7, 2012
Hugh Field
Chair of the Board
Steve Dust
CEO
Lisa Skubal
Director of Marketing
Cary Darrah
General Manager Cedar Valley Tech Works
Agenda
1. Introduction & Overview S. Dust
2. TechWorks Campus Update C. Darrah
3. Economic Development Activity
a. Talent & Workforce S. Dust
b. Business Growth L. Skubal
4. Appreciation for Investment & Closing Remarks H. Field
10 West Fourth Street,Suite 310,Waterloo, IA 50701♦Ph:(319)232-1156♦ Fax:(319)233-4580
10 Main Street,Cedar Falls,IA 50613♦ Ph:(319)266 3593•Fax:(319)277-4325
www.cedarvalleyalllance.com
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G R E A T E N Stets @ A Glance -.-
CE if♦�EY a For the Current Month Ending January 31,2012 CONFIDENTIAL
1ALF
ALLIANCE CHAMBER "'^
CURRENT MONTH BREAKDOWN
New ads
u ?d. L S" sva fi., +l + ru „_}y > r 4 ,,p.
1.Adv.Mfg. CF Mfg Existing Needs warehouse space
2.Adv.Mfg. Wioo Mfg Existing Canoucting site evaoatlons
3.Information Tech CF IT Existing State funding app.assistance
4.RetMUServIce lout of state Industrial) Woo Services New Interest In existing facAty
S.Adv.Mfg. di Mfg . Existing Tax rebate awe:Ince
6.Information Tech CF IT Existing State funding apP,assistance I
7.Warehouse Wloo Logistics New Sites for 150k building
M 8.Seces/DMYrlbutlf Woo Services Existing Potential closing follow-up i
9.Warehouse w/rail Wioo/CF Logistics New misting Wucturew/roll
10.PudNse warehouse Wloo/CT logistics New DM breami
'wlabn maenad vx0H COKeys 'O ma
Palsting Hot Prajads IDecWon EApotted wph.h 60 Dove)
1,The Green 6 TechWorks Wloe Services 250 $43M New Private
2.Cleanfleld Energy Wioo ldfg 20 $13M New Pmab t
3.Data Costar Project-Perfect Storm Wloo/CF IT 30-50 $230M-$1.43 New ICON Visited 1l/22 ),
TOTAL PROJECTS(NEW&EXISTING)CURRENTLY BEING MANAGED w 61 I.
TOTAL"HOT"PROJECTS(NEW&EXISTING)CURRENTLY BEING MANAGED=4
I
YTD STATS&MONTH TOTALS OTHER DATA
Jii. " ` ,:a' ,f:4K9A 3''�',a4aueyf fe .l3F x al.:47x-..t''fi i:: s `S� r '""
goal Prolecu 45 37 ,::ate_' •.- '-� `' rne.'?F..:rC'..mn.,s
'101obs
NA
lobs at>$llhr Ave.wage 620 TB0 Nq':i
Caetel Investmeit 3144.2N 3243M e$A vf'
•
A 2t;nt a)Ju' ?u_�:�'S 1$"Jk`.' �rm's�Y a? '.fi s ,'`r4c'a, i
Now Loa-non 32 14 .,( i
Exerting Business Expansons f Pro eats 13 y 23 Y' E-644 i4M69610. y (a
I n 6 "”�l. 1-e .`s" dYLJ '1 i - �.^W'✓f�l!Ixa1rSR'i° 'A eF�' S
Mack hawk County - Nt:r _ -
Cedar Falls 26 19 .;!!r
Cedar Volley Marketing Region 17 5 c'S/ .,
Eronsdale 16 3 1V_,,r..
Hudson 15 2 ,: -
Tech Works R ^' '
Waterloo 33 26 6 '
r I ''il ` = r.1tr,r.u?+-""CFI ," `a s'�"': �dsr r $
MOW Ind/Soar 11 3 a-ri.
j Manorvesuring/Food prc[aeelr3 la 36 =fiF.LY `.2i;'.
t .
IT 4 4 ;ti'?4-4b',^-a
Logistics 6 4 ,y`,.�,5_�;
Services 3 $ Lf N`• 3
Other 3 S F.s.:
ta Y
�;?`A.ei: f�- X" sa".* Cl nMonnvid05
4,236
Pcsoect Nis is 1
e" .at Quaver Visits(list-Sept) 13,544
Tacit woks P rose act Nis is 3 raaP - ' 2rd Quarter W M,lOct-Ox) 15,035 '
Exist rig Ecslrele Visits 10 19 a aaV '`^ 3rd Quarter Vislb(san-Mar)
� yH4T' at $ NA 200/85 3°u za 4M Quarter ViMs(Apr-lune) °
�,„asRi..,y tTst-o (lei 1Vikt'1m: 12 6 - TOTAL VISITS NEAR-TO-0ATE 30,875
7. "" OP '-1 E' .,Y r 22 13 ""!.,-`-.' Prospect Impales from Web _
Not:fiscal Feats are from luy 1-Nine 30;FY12 fs cumulative including current month
SUMMARY OF COMPLETED PROJECTS FY12
P412 Protects Completed*
t.it:eliVa4; .A.C.i.V4 i' 0a .v, nc-. ae .w;. 4t4$ rat .. t <.w.'v....j� 1 `"f1rn? '" '�'* xz'
1.Target Corporation
I 1 2.PFG
3.Schumacher Elevator
4.HQP/s
�t°°C ,. 1`-'CL-, Cif G VO, R.V'a .0iS ne t i 5.Ferguson EnterprNet
f •Allfonce staff was the lead en hod slgnf/kant role In tie project
RESULTS-TO-DATE l
FOR COMPLETED PROJECTS a
1996-Current 2006-Current I
New Locations: 21 g I
Existing Business Expansions: 44 17 E1
#Jobs: 4,573 777 I
Capital Investment: $534,630.730 $259,398,600 (
Square Footage: 5,519.241 1,451,516
Primed:I/22/2012
1
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'i
I
It E A T E g Stats @ A Glance
CEP/AR v CDNFIDEN71�A
• ALLIANCE OE CHAMBER i
ENE CE JAR VALLEY Or 10WA
CURRENT MONTH BREAKDOWN
New Projects •
r.:J.Ss"__ -. . . :._,' ,T.Oy: r't .r-221•Ji r,K.J 17?( h `M.4,•S4A4,60 )83.L. 't!Ea i rtrajk''1, 7 5ri irtiri I M.
•
•
1.Information Tech IF IT n/a n/a Evistin8 itt PSaie s[a[e IDns ng ra,e.t
2.Warehouse/light Mfg. Wino Mfgn/a a
n/a Existing Needing lO,OCO s.t. i
1
i
•Cbr;Ya,rw,tteSwlf.Aln 60 0oyl
Fxladn Hot Pro:ettsfOetlsbn Es toted wrthn 60 Days
S: ..'1 '.C" _-,kT !=:`a , 2l - .Y. ,.i =r. ,E . n:aTIN"S jIrl2TVWTSf 's',1revu.>)f t;c� m. S . .:ts
1_The Green @TechWorks Moo Services 250 $49M New Private
2.Cleenfleld Energy Woo Mfg 20 $1.3M New Private tlf
3.Data Cents Project-Perfect Storm Wloo/CF IT 30-50 $230M-$1.48 New IEDA Vls'ted 11/22,1/6,2/28 I
I
TOTAL PROJECTS(NEW&EXISTING)CURRENTLY BEING MANAGED=26
TOTAL"HOT"PROJECTS(NEW&EXISTING)CURRENTLY BEING MANAGED=3 1
I .
1
YID STATS&MONTH TOTALS OTHER DATA
,,,,::. _.I.'i. Y r....4.... Ju.." -_5 :-: 11 i:;4-nr F'�mr; fri,''iI-` ,fit, 2..'.41-
Total Projects 45
a 1010b4 28 6 - NA S`
lobs at>$15fhr Avg.Wage 620 TBC NA
Ca.tal Investment k :
5166.,2SMM $245M •t� NA
F :Ai l-t;,17U 1n11d,8-re yxtr-vf,`'{�r,ff,,,�s:>• `cat P:41 rc ;
New Locations 32 14
•
Fsilln Business fx•anslons/Projects 13 25 2 ;,' 11.k.$Te'7, L'49I
`j `,�H d
I., ,,:,, 4,:Fr' 11ff PVE a.i��4�*a}um.i.6,axo u
Black Hawk County • 6B z ;2
Cedar Falb 26 20
Cedar Valley Merkedng Region 17 5 's4;Y(''F`Evansdal 16 3 .^WS,S."�'
Hudson 15 2 57242 ,
Tech Works 8 ,+q l Waterloo 33 27 • 1 lam`
a - '.t i,, vl`f I$T ;q5",a l" ,4 .JIl x lA3 th.'t - j,
Bio/ Intl/Solar 11 j
Manufacturing/Food Processing 18 17 • 2' "
IT 4 5 -,
Logistics 6 4
Services 3 5
Other 3 °i0/i'a fart r-0f lire 2E'ft.a. t
';iti'5 -cis%;.61 i0-1CRIWS ibrigi•9,t"`v Mig.C4.-"g P. Is x7t;e,.. Current Morth Vises 4,129
Prospect Visits 1 3 1 1st Quarter Visits(Jul-Sept) 11,544
TechWorks Prospect VICES 3 - ,,2yc- - 2nd Quarter Visits(Oct-Dec) 15,095 •
• ENStIng B1151n2s5 Volts 10 34 (7'-0..' '
> 3rd Wooster Y¢its(Ian-Mar) 8,365
r )l l s 111111101111111lllllll 401 Quarter Visits(Apr.Ame) I
1 1 /1, , " i'Ytt.`� " 9 35,004
TOTAL VISITS YEAR-TO-DATEI.
l a S rr ,3 l c2..ti�® Prospect Inquires from Web
,Voter Fuco/Yeors are from fury lJulle30;fYI2$cumulative including current month i
SUMMARY OF COMPLETED PROJECTS FY12
FY10 Prelecte Completed'
'-- Y■ -i4. s-°i„`l4� 5r!°: .pro _-wiu f�llii,.f4',4Ge'S�' i1�s
1 Target Corporation
2 PEG
3 Schumacher Elevator I
4...AA s
`AJriance staff was the lead or had significant role in the project
t
RESULTS-TO-DATE
FOR COMPLETED PROJECTS
1996-Current 2006-Current
New Locations: 21 8
Existing Business Expansions: 44 17
#Jobs: 4.573 777
Capital Investment: 5534,630,730 $259,398,600
Square Footage: 5.519,241 1,451,516 ,,.
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TOTAL PROJECTS(NEW&EXISTING)CURRENTLY BEING MANAGED=19 1
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MARIA ARMSTRONG
From: MICHELLE WESTPHAL
Sent: Wednesday, April 11, 2012 1:23 PM
To: MARIA ARMSTRONG
Subject: FW: Schedule City Council Update
Maria,
The Alliance needs 20 minutes on May 7th....thanks!
Michelle
From: Sandi Sommerfelt [mailto:SSommerfelt@cedarvalleyalliance.com]
Sent: Wednesday, April 11, 2012 11:41 AM
To: MICHELLE WESTPHAL
Subject: RE: Schedule City Council Update
I think 20 minutes should do it this time. Thanks!
Sandi Sommerfelt
Executive Assistant
Greater Cedar Valley Alliance& Chamber
10 West Fourth Street,Suite 310
Waterloo, IA 50701
Phone (319) 232-1156
www.cedarvalleyalliance.com
X logo for email signature
From: MICHELLE WESTPHAL [mailto:MICHELLE.BOSWELL@WATERLOO-IA.ORG]
Sent: Wednesday, April 11, 2012 11:37 AM
To: Sandi Sommerfelt
Subject: RE: Schedule City Council Update
Hello, Sandi!
Yes, there is room May 7th for an update to Council. How much time is needed? (Can't remember.) 20
mins or 30 mins?
Michelle
Michelle Westphal
Executive Secretary to the Mayor
City of Waterloo, Iowa
715 Mulberry Street
Waterloo, IA 50703
(319) 291-4301
5/2/2012
From: Sandi Sommerfelt [mailto:SSommerfelt@cedarvalleyalliance.com]
Sent: Wednesday, April 11, 2012 10:58 AM
To: MICHELLE WESTPHAL
Subject: Schedule City Council Update
Good morning Michelle! Is there room during the May 7th City Council work session for our quarterly update? If not,
what other dates in late April or May would be available?
Thanks!
Sandi Sommerfelt
Executive Assistant
Greater Cedar Valley Alliance& Chamber
10 West Fourth Street, Suite 310
Waterloo, IA 50701
Phone (319) 232-1156
www.cedarvalleyalliance.com
x logo for email signature
5/2/2012
Council Work Session
May 7, 2012
4:10 p.m.
Council Chambers
Roll Call.
Approval of Agenda, as proposed or amended.
1. Greater Cedar Valley Quarterly Update.
ADJOURNMENT
Suzy Schares
City Clerk
Council Work Session
May 7,2012
4:30 p.m.
Council Chambers
Roll Call.
Approval of Agenda, as proposed or amended.
1. Discussion of potential development agreement with Residential Partners
LLC for new infill residential housing opportunities on city-owned land: land
of and near former Van Eaton School site; Baltimore Field; Williston Field;
land of and near former Lafayette School site Submitted by Noel Anderson,
Community Planning& Development Director.
ADJOURNMENT
Suzy Schares
City Clerk
CITY OF WATERLOO , IOWA
0410.9
COMMUNITY PLANNING AND DEVELOPMENT
O� 715 Mulberry Street • Waterloo, Iowa 50703-5783 • (319)291-4366 Fax(319)291-4262
le1'I00 \ NOEL C.ANDERSON,Community Planning&Development Director
CITY OF WATERLOO
Mayor
BUCK
CLARK
Council Communication
COUNCIL City Council Meeting: May 7, 2012
MEMBERS Prepared: May 2, 2012
Dept. Head Signature: Noel Anderson, Community Planning & Development Director
DAVID # of Attachments:
JONES
Ward I SUBJECT: Work Session with City Council on potential development
CAROLYN agreement with Residential Partners LLC and City of Waterloo for new infill
COLE residential housing opportunities on city-owned land.
Ward 2
HAROLD Submitted by: Noel Anderson, Community Planning & Development Director
GETTY
Ward3 Recommended City Council Action: Work Session
HAR Summary Statement: The group, Residential Development Partners LLC would like
HARTT
Ward 4 a Work Session with City Council to discuss the potential of a multi-year
development agreement with the City of Waterloo for several city-owned properties:
RON
WELPER
Wards - Land of and near former Van Eaton School site
- Baltimore Field
BOB - Williston Field
GREENWOOD - Land of and near former Lafayette School site
At-Large
STEVE This agreement would represent a slightly different approach, as it would lock up the
SCHMITT land for a number of years for one development group. At the same time, it would
At-Large present a larger redevelopment effort, contain reversion wording, etc. to try and keep
the land on the forefront of development.
Expenditure Required: NA
Source of Funds: NA
Policy Issue: Economic Development
Alternative: NA
CITY WEBSITE: www.ci.waterloo.ia.us f
WE'RE WORKING FOR YOU! "�
w qr:RiC
An Equal Opportunity/Affirmative Action Employer 1/
Background Information: The City of Waterloo has been working to redevelop
infill sites, and has taken ownership of some larger parcels of land to stimulate that
effort, both from the Waterloo Community Schools and from private developers in
the near past. This is a positive effort towards working on the infill development of
these sites.
Preparer
Information. Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704 (319) 234.5701
Name Address City Phone
SPACE ABOVE THIS LINE
FOR RECORDER
DEVELOPMENT AGREEMENT
This Development Agreement (the "Agreement") is entered into as of
, 2012 by and between Residential Development Partners, LLC
(the "Company") and the City of Waterloo, Iowa (the "City"). Jim D. Ellis is a principal of
Company and executes the personal guaranty at the end of this Agreement for the
purposes stated therein.
RECITALS
A. City considers economic development within the City a benefit to the
community and is willing for the overall good and welfare of the
community to provide financial incentives so as to encourage that goal.
B. Company is willing and able to finance and construct single-family homes
and related improvements on property located throughout the territory of
the City on lands formerly owned by the school district, and legally
described on Exhibit "A" attached hereto (the "Properties").
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Sale of Properties; Title. Subject to the terms hereof, City shall convey
the Properties to Company for the sum of $1.00 (the "Purchase Price"). Conveyance
shall be by quit claim deed, free and clear of all encumbrances arising by or through
City except: (a) easements, conditions and restrictions of record which do not, in
Company's opinion, interfere with Company's proposed use; (b) current and future real
estate real property taxes and assessments subject to the agreements made herein; (c)
general utility and right-of-way easements serving the Properties; and (d) restrictions
imposed by the City zoning ordinances and other applicable law. No less than fourteen
(14) days prior to the anticipated date of conveyance, City shall, at its own expense,
DEVELOPMENT AGREEMENT
Page 2
deliver to Company an updated abstract of title, or in lieu thereof Company may, at its
own expense, obtain whatever form of title evidence it desires. If title is unmarketable
or subject to matters not acceptable to Company, and if City does not remedy or
remove such objectionable matters in timely fashion following written notice of such
objections from Company, Company may terminate this Agreement.
2. Improvements by Company. Company shall plat the Properties for
development and construction of single-family homes having a value in the range of
$150,000 to $200,000 each[chriswii. Each separate lot upon which a home will be
constructed shall be completed to a finished state, including installation of driveways
and sidewalks, removal of all construction debris, proper leveling or shaping of
groundscape, and grassing and/or landscaping (home construction and finishing as so
described are referred to as the "Housing Improvements"). The Housing Improvements
and the Infrastructure Improvements (defined below) shall be constructed in
accordance with all applicable City, state, and federal building codes and shall comply
with all applicable City ordinances and other applicable law. The Properties, the
Housing Improvements, the Infrastructure Improvements and all site preparation and
development-related work to make the Properties usable for Company's purposes as
contemplated by this Agreement are collectively referred to as the "Project". The
Project shall be divided into the phases described as Baltimore, Burton, Lafayette and
Williston, and the Burton and Lafayette phases may be further divided as described in
Section 6.
3. Timeliness of Construction; Possibility of Reverter. The parties agree
that Company's commitment to undertake the Project and to construct the
Improvements in a timely manner constitutes a material inducement for the City to
convey the Properties to Company and that without said commitment City would not do
so. Company must undertake the actions described on Exhibit "B" attached hereto (the
"Infrastructure Improvements"), within the time stated on said Exhibit "B" with respect to
each separate phase. The timely commencement of Infrastructure Improvements
(including completed platting) for a given phase, or for a portion thereof, is referred to
the "Release Event" for such phase or phase portion.
If Company has not, in good faith, begun the construction of any phase of
the Infrastructure Improvements on the schedule stated in Exhibit "B" attached hereto,
then title to the Properties lying within such phase shall revert to the City, except as
provided in this Agreement; provided, however, that if construction has not begun at the
end of any phase commencement period but the development of such phase of the
Project is still imminent, the City Council may, but shall not be required to, consent to an
extension of time for the construction of the Infrastructure Improvements, and if an
extension is granted but construction of the Infrastructure Improvements has not begun
within such extended period, then the title to the Properties lying within such phase
shall revert to the City after the end of said extended period. If Company determines at
any time that a phase of the Project is not economically feasible, then after giving thirty
(30) days' advance written notice to City, Company may convey the Properties lying
within such phase to City by special warranty deed, and thereupon neither party shall
have any further obligation under this Agreement except as expressly provided. If
DEVELOPMENT AGREEMENT
Page 3
development has commenced within the required period or any extended period 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 of any phase or of the entire Project shall be tolled for a
period of time equal to the period of such stoppage or delay, and thereafter if
construction is not completed within the allowed period of extension then title to the
Properties or, as applicable, to a given phase of the Properties or to a portion of a
phase of the Properties as described in Section 6, shall revert to the City.
4. Reverter of Title; Buyout Option. Title shall not revert to City as to any
Project phase, or portion thereof as described in Section 6, for which the Release Event
has occurred. In the event of any reverter of title, Company agrees that it shall, at its
own expense, promptly execute all documents, including but not limited to a special
warranty deed, or take such other actions as the City may reasonably request to
effectuate said reverter and to deliver to City title to the Properties that is free and clear
of any lien, claim, or encumbrance arising by or through Company. Concurrently with
the deed, Company shall deliver to City the abstracts of title for Properties conveyed.
Company shall pay in full, so as to discharge or satisfy, all liens, claims, charges, and
encumbrances on or against the Properties. If Company fails to deliver such
documents, including but not limited to a special warranty deed and related abstracts of
title, to City within thirty (30) days of written demand by City, then City shall be
authorized to execute, on Company's behalf and as its attorney-in-fact, the special
warranty deed required by this Section, and for such limited purpose Company does
hereby constitute and appoint City as its attorney-in-fact.
In lieu of any reverter of title, Company shall have an option to purchase
the Properties subject to reverter for a sum equal to the value of such Properties
determined by appraisal, minus documented expenses actually incurred by Company
with respect to such Properties (the "Reversion Buyout Price"). Said option shall be
exercised by delivering written notice to City no later than the last day for commence-
ment of Infrastructure Improvements pursuant to Section 3. Company shall deliver the
Reversion Buyout Price to City within thirty (30) days of the date that notice of option
exercise is delivered to the City. After receipt of the Reversion Buyout Price, the City
shall execute and deliver to Company a written instrument evidencing release and
termination of the City's reversion rights.
5. Indemnity. Company further agrees that it shall indemnify City and hold it
harmless with respect to any demand, claim, cause of action, damage, or injury made,
suffered, or incurred as a result of or in connection with the Project, Company's failure
to carry on or complete same, or any lien, claim, charge, or encumbrance on or against
the Properties of any type or nature whatsoever that attaches to the Properties by virtue
of Company's ownership of same. If City files suit to enforce the terms of this
Agreement and prevails in such suit, then Company shall be liable for all legal
expenses, including but not limited to reasonable attorneys' fees. Company's duties of
indemnity pursuant to this Section shall survive the expiration, termination or
cancellation of this Agreement for any reason.
DEVELOPMENT AGREEMENT
Page 4
6. City Activities in Aid of Development.
A. Demolition. The parties acknowledge that the Lafayette phase
property consists of lots in Blocks 18 and 19, in Linden Place subdivision, separated by
Indiana Street, and that the lots in Block 19 are clear of structures but a former school
building remains on the lots in Block 18. Within four (4) years[chr1sw2] from the date this
Agreement is approved by city council, City shall demolish and clear the Block 18 site
and thereafter convey same to Company. At Company's request, City shall convey the
Block 19 lots to Company at any time after this Agreement is approved by city council.
B. Assembly of Burton phase area. The parties acknowledge that the
Burton phase property consists of 2.2 acres already under City ownership and approx-
imately 4.38 acres under ownership by the Waterloo Board of Park Commissioners.
City shall exercise reasonable diligence and good faith efforts to acquire ownership of
the parkland, or cause the parkland to be conveyed to Company. At Company's
request, City shall convey the smaller, City-owned parcel to Company at any time after
this Agreement is approved by city council.
C. Property maintenance. Until the city council approves final platting
for a phase area or portion thereof, City shall be responsible, at its own expense, for
necessary mowing, snow removal and maintenance of existing sidewalks. As to any
Properties under Company ownership, Company agrees to permit City employees or
agents reasonable access for these purposes.
7. No Encumbrances; Limited Exception. Until the Release Event for a
phase of Infrastructure Improvements has occurred, Company agrees that it shall not
create, incur, or suffer to exist any lien, encumbrance, mortgage, security interest, or
charge on the Properties lying within any such phase, other than such mortgage or
mortgages as may be reasonably necessary to finance Company's undertaking of the
Infrastructure Improvements and of which Company notifies City in advance of
Company's execution of any such mortgage. Company may not mortgage the
Properties or any part thereof for any purpose except in connection with financing of the
Infrastructure Improvements.
8. Water and Sewer. Company will be responsible for extending water and
sewer service to any location on the Properties and for payment of any associated
connection fees.
9. Representations and Warranties of City. City hereby represents and
warrants as follows:
A. City is not prohibited from consummating the transaction
contemplated in this Agreement by any law, regulation, agreement, instrument,
restriction, order or judgment.
DEVELOPMENT AGREEMENT
Page 5
B. Each person who executes and delivers this Agreement and all
documents to be delivered hereunder is and shall be authorized to do so on
behalf of City.
10. Representations and Warranties of Company. Company hereby
represents and warrants as follows:
A. Company is not prohibited from consummating the transaction
contemplated in this Agreement by any law, regulation, agreement, instrument,
restriction, order or judgment.
B. Company is duly organized, validly existing, and in good standing
under the laws of the state of its organization and is duly qualified and in good
standing under the laws of the State of Iowa.
C. Company has full right, title, and authority to execute and perform
this Agreement and to consummate all of the transactions contemplated herein,
and each person who executes and delivers this Agreement and all documents
to be delivered to City hereunder is and shall be authorized to do so on behalf of
Company.
11. No Assignment or Conveyance. Company agrees that it will not sell,
convey, assign or otherwise transfer its interest in any phase area of the Properties
prior to commencement of the Infrastructure Improvements for such phase area,
whether in whole or in part, to any other person or entity without the prior written
consent of City. Reasonable grounds for the City to withhold its consent shall include
but are not limited to the inability of the proposed transferee to demonstrate to the City's
satisfaction that it has the financial ability to observe all of the terms to be performed by
Company under this Agreement.
12. Materiality of Company's Promises, Covenants, Representations,
and Warranties. Each and every promise, covenant, representation, and warranty set
forth in this Agreement on the part of Company to be performed is a material term of
this Agreement, and each and every such promise, covenant, representation, and
warranty constitutes a material inducement for City to enter this Agreement. Company
acknowledges that without such promises, covenants, representations, and warranties,
City would not have entered this Agreement. Upon breach of any promise or covenant,
or in the event of the incorrectness or falsity of any representation or warranty, City
may, at its sole option and in addition to any other right or remedy available to it,
terminate this Agreement and declare it null and void.
13. Notices. Any notice under this Agreement shall be in writing and shall be
delivered in person, by overnight air courier service, by United States registered or
certified mail, postage prepaid, or by facsimile (with an additional copy delivered by one
of the foregoing means), and addressed:
DEVELOPMENT AGREEMENT
Page 6
(a) if to City, at 715 Mulberry Street, Waterloo, Iowa 50703, facsimile
number 319-291-4571, Attention: Mayor, with copies to the City Attorney and the
Community Planning and Development Director.
(b) if to Company, to Residential Development Partners, LLC, 402 E.
4th Street, suite 101, Waterloo, IA, 50703, Attention: Jim D. Ellis.
Delivery of notice shall be deemed to occur (i) on the date of delivery when delivered in
person, (ii) one (1) business day following deposit for overnight delivery to an overnight
air courier service which guarantees next day delivery, (iii) three (3) business days
following the date of deposit if mailed by United States registered or certified mail,
postage prepaid, or (iv) when transmitted by facsimile so long as the sender obtains
written electronic confirmation from the sending facsimile machine that such
transmission was successful. A party may change the address for giving notice by any
method set forth in this section.
14. No Joint Venture. Nothing in this Agreement shall, or shall be deemed
or construed to, create or constitute any joint venture, partnership, agency,
employment, or any other relationship between the City and Company nor to create any
liability for one party with respect to the liabilities or obligations of the other party or any
other person.
15. Amendment, Modification, and Waiver. No amendment, modification,
or waiver of any condition, provision, or term of this Agreement shall be valid or of any
effect unless made in writing, signed by the party or parties to be bound or by the duly
authorized representative of same, and specifying with particularity the extent and
nature of the amendment, modification, or waiver. Any waiver by any party of any
default by another party shall not affect or impair any rights arising from any subsequent
default.
16. Severability. Each provision, section, sentence, clause, phrase, and
word of this Agreement is intended to be severable. If any portion of this Agreement
shall be deemed invalid or unenforceable, whether in whole or in part, the offending
provision or part thereof shall be deemed severed from this Agreement and the
remaining provisions of this Agreement shall not be affected thereby and shall continue
in full force and effect. If, for any reason, a court finds that any portion of this
Agreement is invalid or unenforceable as written, but that by limiting such provision or
portion thereof it would become valid and enforceable, then such provision or portion
thereof shall be deemed to be written, and shall be construed and enforced, as so
limited.
17. Captions. All captions, headings, or titles in the paragraphs or sections
of this Agreement are inserted only as a matter of convenience and/or reference, and
they shall in no way be construed as limiting, extending, or describing either the scope
or intent of this Agreement or of any provisions hereof.
DEVELOPMENT AGREEMENT
Page 7
18. Binding Effect. This Agreement shall be binding and shall inure to the
benefit of the parties and their respective successors, assigns, and legal
representatives.
19. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which, taken
together, shall constitute one and the same instrument.
20. Entire Agreement. This Agreement, together with the exhibits attached
hereto, constitutes the entire agreement of the parties and supersedes all prior or
contemporaneous negotiations, discussions, understandings, or agreements, whether
oral or written, with respect to the subject matter hereof.
21. Time of Essence. Time is of the essence of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Development
Agreement by their duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA RESIDENTIAL DEVELOPMENT
PARTNERS, LLC
By: By:
Ernest G. Clark, Mayor Jim D. Ellis, Manager
Attest:
Suzy Schares, City Clerk
PERSONAL GUARANTY. The undersigned, being either an officer, shareholder,
manager, or member of Company, hereby agree for themselves and their heirs,
personal representatives, and assigns, to unconditionally guarantee to City, its
successors and assigns, the full and prompt performance by Company, its successors
and assigns, of all promises and covenants on the part of Company to be performed
pursuant to the foregoing Agreement, including but not limited to the duties of indemnity
set forth therein. Liability of guarantors hereunder is joint and several.
Jim D. Ellis
EXHIBIT "B"
Project Phases
Within the periods stated below with respect to each separate phase of Improvements,
Company will have taken all actions necessary to plat the phase area, including but not
limited to recording plat documents, and will have begun construction of infrastructure
improvements, including but not limited to sanitary sewer, storm sewer, and water main.
All of such actions, including the completion of platting, are referred to as the "Infra-
structure Improvements."
1. Baltimore. Within five (5) years from date this Agreement is approved by the
Waterloo City Council.
2. Burton. With respect to each part of the phase area, within five (5) years from
the date of deed for such part, including property currently titled in the Waterloo Board
of Park Commissioners.
3. Lafayette. Within five (5) years from the date this Agreement is approved by the
Waterloo City Council.
4. Williston. Within five (5) years from the date that the phase area is released
from flood plain designation.
4.
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Black Hawk County Property Photos Page 1 of 1
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Black Hawk County Property Photos Page 1 of 1
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Black Hawk County Property Photos Page 1 of 1
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Black Hawk County Property Photos Page 1 of 1
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