HomeMy WebLinkAboutRobert Casto Amendment to Dev Agmnt - Infill policy incentives 12.7.2020Prepared 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 December 7 , 2020 by and between Robert Castro Construction (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 July 24, 2017 (the "DA") concerning the development of
property as described in the Agreement. The DA has been fled in the
land records of Black Hawk County as Doc. No, 2018-13501.
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. Sections 8 and 9 of the DA are stricken in their entirety, and the following
new Sections 8 and 9 are substituted in their place:
8. Grant. As provided in the City's infiil housing policy, City will pay
Company a grant of $5,000.00 after a certificate of occupancy is issued following
Company's completion of rehabilitation of the Property as required by the
Agreement.
9. Purchase Price Refund. Within thirty (30) days after a certificate of
occupancy is issued following Company's completion of rehabilitation of the
Property, City will refund $5,000.00 of the Purchase Price to Company.
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.
Page 2
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
By: Qie�%in HcrT
Quentin Hart, Mayor
Attest: Kellen welch/e
Kelley Felchle, City Clerk
ROBERT CASTRO CONSTRUCTION, I N C
President