HomeMy WebLinkAboutWarren Transport, Inc. - Amendment to Development and Minimum Assessment Agmnt - 9.14.2020 Prepared by/Return to: 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 } H , 2020, by and between
the City of Waterloo, Iowa ("City") and Warren Transport, Inc. ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated
November 18, 2019 (the "Agreement") concerning the development of property as
described in the Agreement. Company and City are also parties to that certain
Minimum Assessment Agreement dated November 18, 2019 (the "MAA")
pertaining to the Property. The Agreement and MAA were filed together in the
records of the Black Hawk County Recorder on December 12, 2019 as Doc. No.
2020-10729.
B. The parties desire to amend the DA and MAA 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 3 of the DA is amended to strike the first unnumbered paragraph thereof
in its entirety and to substitute a new paragraph in its place, as follows:
3. Timeliness of Construction. The parties agree that Company's
commitment to cause the Project to be undertaken and to construct the Improvements in
a timely manner constitutes a material inducement for the City to extend the
development incentives provided for in this Agreement, and that without said
commitment City would not have done so. Subject to Unavoidable Delays (defined
below), Company must obtain a building permit and begin construction of the
Improvements by May 1, 2021, or by such other date as the parties shall mutually agree
in writing (the "Project Start Date"), and construction of Improvements must be
Substantially Completed by April 30, 2022 (the "Project Completion Date"). For
purposes of this Agreement, "Substantially Completed" means the date on which the
Improvements have been completed to the extent necessary for the City to issue a
certificate of occupancy relating thereto.
2. Section 1 of the MAA is amended to strike "June 30, 2021" therefrom and to
substitute "April 30, 2022" in its place.
3. Except as amended herein, the DA and the MAA shall continue unmodified in full
force and effect. Terms capitalized in this Amendment but not defined herein shall have the
meaning ascribed to them in the Agreement. This Amendment is binding on the parties and the
respective successors, assigns, transferees and legal representatives of each. This
Amendment may be executed in counterparts, each of which shall be deemed an original and
all of which, when taken together, shall constitute a single instrument.
IN WITNESS WHEREOF, the parties have executed this Amendment to Development
Agreement and Amendment to Minimum Assessment Agreement as of the date first set forth
above.
WARREN TRANSPORT, INC. CITY OF WATERLOO, IOWA
B .--' By: l
Scott Full r, VP Finance Quentin M. Hart, Mayor
By:
Keiley Fel le, City Clerk
STATE OF MINNESOTA )
ss.
STEARNS COUNTY )
Acknowledged before me on 0 8 2020 by Scott Fuller as Vice President of
Finance of Warren Transport, Inc.
lTotary Public
-----------------
GZA?o@�%& PATRICIA A.ASMUS
NOTARY PUBLIC•MINNESOTA
My Comm.Exp,Jan.31,2023
2
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
This record was acknowledged before me on _ �0 2020 by Quentin M.
Hart and Kelley Felchle, as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
Nota Publi
NANCY HIGBY
COMMISSION NO.788229
MY Crx i 1MhT3ION0.2EX1PIRES
ar�
3