HomeMy WebLinkAboutPrairie Legacy Ventures, LLC Amendment to Dev Agmnt - 5.3.2021 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
May 3 , 2021, by and between the City of Waterloo, Iowa ("City") and Prairie
Legacy Ventures, LLC ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated
September 14, 2015 (the "Agreement") concerning the development of property as
described in the Agreement. The Agreement was filed in the records of the Black
Hawk County Recorder on July 25, 2016 as Doc. No. 2017-1518 and refiled on
July 24, 2019 as Doc. No. 2020-1446.
B. The parties desire to amend the Agreement 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. The parties acknowledge that Company was unable to complete Phase 2
Improvements as contemplated by the Agreement. City has notified Company that it must
effectuate a reverter of title with respect to the Phase 2 Parcel, and Company has notified City
that it desires to exercise its option to purchase pursuant to Section 6 of the Agreement.
2. The parties agree that Phase 2 Parcel purchase price is $209,088. Company
shall deliver said sum in full to City in guaranteed funds no later than May 16, 2021, and upon
delivery and acceptance of such payment Company shall be released from all obligations
arising under the Agreement with respect to Phase 2 Improvements and the Phase 2 Parcel.
3. Except as modified herein, the Agreement shall continue unmodified in full force
and effect. Capitalized terms used herein that are not defined in this Amendment shall have the
meaning attributed to them in the Agreement. The Agreement 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.
PRAIRIE LEGACY VENTURES, LLC CITY OF WATERLOO, IOWA
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By; By:
Steven L. Tjoss Quentin Hart, Mayor
Managing Mem er
Attest: Kel�er� �elch�e
Kelley Felchle, City Clerk
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