HomeMy WebLinkAbout2006-20-01/09/2006 7 -
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This- Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
tkeet, Waterloo, Iowa.
RESOLUTION NO. 2006-20
J _J RESOLUTION APPROVING AN AMENDMENT TO
DEVELOPMENT AGREEMENT WITH CARDINAL
CONSTRUCTION INC. AND DIRECTING EXECUTION OF
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s 5 _ SAID AGREEMENT BY MAYOR.
WHEREAS, Cardinal Construction, Inc. and the City of
• Waterloo are parties to a Development Agreement dated March 22,
199, and
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WHEREAS, pursuant to the Agreement, Cardinal Construction
has constructed a building on property described in the
ggeement, and
WHEREAS, Cardinal Construction Inc. has not built a 30, 000
are foot expansion pursuant to the Agreement but desires to
sal the property to a third party free from the City' s right of
re4ersion as set forth in the Agreement, and
WHEREAS, Cardinal Construction Inc. is willing and able to
the purchase price of $63, 450. 00 due pursuant to the
AcIreement to eliminate the City' s right of reversion.
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NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA, that the Amendment to Development Agreement dated
January 9, 2006, to pay the City of Waterloo $63, 450. 00 in lieu
of deeding back property generally located in the San Marnan
Development Area, by and between Cardinal Construction Inc. of
Waterloo, Iowa, and the City of Waterloo, Iowa, be and the same
is hereby approved, and the Mayor authorized to execute the same
in behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 9th day of January, 2006.
Pim Hurley, Mayo
ATTEST:
Nancy\ Eck , CMC
City Cler'