HomeMy WebLinkAboutWarren Transport - Second Amendment to Dev Agmnt - 5.17.2021 Prepared by Christopher S.Wendland P.O Box 596 Waterloo IA 50703 319-234-5701
SECOND AMENDMENT TO DEVELOPMENT AGREEMENT and
SECOND AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Second Amendment to Development Agreement and Second Amendment to
Minimum Assessment Agreement (the "Amendment") is entered into as of Nit k-
202 11 by and between the City of Waterloo, Iowa ("City") and Warren Transport, Inb.
("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. The Agreement and MAA were amended by amendment adopted
September 14, 2020.
B. The parties desire to further 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 October 15, 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 November 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 "October 31, 2022" in its place.
3. Section 2 of the MAA is amended to strike "December 31, 2044" therefrom and to
substitute "December 31, 2045" in its place.
4. 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 Second Amendment to
Development Agreement and Second Amendment to Minimum Assessment Agreement as of
the date first set forth above.
WARREN TRANSPORT, INC. CITY OF WATERLOO, IOWA
BY �' By: LLl�t
t Ful er. VP Finance Quentin M. Hart, Mayor
By: )Wi,244
Kelley FelcMe City Clerk
STATE OF MINNESOTA )
) ss.
STEARNS COUNTY )
Acknowledged before me on i' 5.-/ - lr 2021 by Scott Fuller as Vice President of
Finance of Warren Transport, Inc.
LI-S------- PATRICIAA. ASMUS lL77,1'n^
NOTARY PUBLIC-ANHNESOTA Notary Public
My Comm.Exp.Jan.91,202,9
2
STATE OF IOWA )
) ss.
BLACK HAWK COUNTY )
Acknowledged before me on 2021 by Quentin M. Hart and Kelley Felchle,
as Mayor and City Clerk, respectively, of the City of Waterloo, Iowa.
Nota Public
" NANCY HIGBY
COMMISSION NO.788229
" MY O ISS N I ES
OM"
3