HomeMy WebLinkAbout401 Devonshire, LLC - Development Agreement (405 Devonshire Dr) 9.8.2020 Prepared 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 September 8 , 2020 by and between 401 Devonshire LLC (the "Developer")
and the City of Waterloo, Iowa (the "City").
RECITALS
A. Developer and City are parties to that certain Development Agreement
dated as of August 19, 2019 (the "DA") concerning the development of
property as described in the Agreement. The DA has been filed in the
land records of Black Hawk County as Doc. No. 2020-06444.
B. The parties desire to amend the DA 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.
ollows: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 begin construction of the
Improvements by September 15, 2020 (the "Start Deadline") and must
substantially complete the Improvements by May 7, 2021 (the "Completion
Deadline"). If Developer has not in good faith begun construction of the
Improvements by the Start Deadline, then at City's option title to the Property
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 complete construction, and if an extension is granted but
construction has not been commenced or been 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. Exhibit "B" of the DA is stricken from the Agreement in its entirety,
and a new Exhibit "B" as attached hereto is substituted in place thereof.
Page 2
3. 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.
CITY OF WATERLOO, IOWA 401 DEVONSHIRE LLC
By: 0a6nt('n Hart By:
Quentin Hart, Mayor Robert C. Moore, Manager
Attest: Kcllcy �cichle
Kelley Felchle, City Clerk