HomeMy WebLinkAboutGoldfinch S&M Properties, LLC - Amendment to Development Agreement 1804 E 4th St 9.28.20 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 28 , 2020 by and between Goldfinch S&M Properties LLC (the
"Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated as of April 27, 2020 (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. 2021-01068.
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. Section 3 of the DA is amended to strike the second sentence thereof in
its entirety and to replace such sentence with the following: "Subject to Unavoidable
Delays (defined below), Company must obtain a building permit and begin construction
of the Improvements within one (1) month from the date of that it receives title to the
Property from City (the "Project Start Date"), and Substantially Complete rehabilitation
by September 30, 2021 (the "Project Completion Date")."
2. 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.
Page 2
CITY OF WATERLOO, IOWA GOLDFINCH S&M PROPERTIES LLC
:s Y" evank
Quentin Hart, Mayor Stanley V. Evans, CEO
Attest: Kelley relc%le
Kelley Felchle, City Clerk