HomeMy WebLinkAboutWaterloo Development Corporation - Project Funding Agreement - Recreation Facility - 7.19.2021 PROJECT FUNDING AGREEMENT
This Project Funding Agreement (the "Agreement ") is entered into effective as of June
235 20215 by and between Waterloo Development Corporation ("WDC ") and the City of
Waterloo , Iowa (" City") .
RECITALS
A . WDC and City plan to work together to study the feasibility of the construction of a
sports and recreation facility .
B . The parties desire to enter this Agreement to express their continued desire to
work together for advancement of the Project on the terms set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises exchanged herein, and for
other consideration, the receipt and sufficiency of which is hereby acknowledged , the parties
agree as follows :
1 . City Responsibility. City will work with Ballard * King Associates to perform a
feasibility study that will include a market analysis, preliminary construction costs, etc . for a
sports and recreation facility . The Waterloo Development Corporation will reimburse the City
100% of the costs of this study up to $ 29 , 950 . 00 . The City will oversee all Project activities, will
review and approve all requests for payment from Project contractors , consultants, or others, and
will issue payment to the requestor in timely fashion (subject to any contractual or other rights to
audit , protest , or deny payment) .
2 . WDC Responsibility. WDC has reviewed and approved the scope of Services
from Ballard * King & Associates . WDC agrees to dedicate to payment of the Purchase Contract
the sum of $ 29 , 950 . 00 (the "Dedicated Sum") from the funds that it receives or is awarded from
the Black Hawk County Gaming Association . Within thirty (30) days of receipt of any payment
request that it receives from the City, certifying that the City has made disbursements for
payment of the Design Contracts in an amount at least equal to the request , WDC will remit
payment to the City in the amount requested , provided that cumulative payments made to the
City shall not , in the aggregate , exceed the Dedicated Sum. WDC agrees to cooperate with City
in good faith on all future decisions regarding Project design and specifications .
3 . Notices . Any notice under this Agreement shall be in writing and shall be
delivered in person or by United States registered or certified mail, postage prepaid and
addressed :
WDC CITY
Waterloo Development Corp. City of Waterloo, Iowa
360 Westfield Ave. Ste 200 715 Mulberry Street
Waterloo, Iowa 50701 Waterloo, Iowa 50703
Attn: Jim Miller Attn: Mayor
Delivery of notice shall be deemed to occur (i) on the date of delivery when delivered in person,
or(ii) three (3) business days following the date of deposit if mailed by United States registered
or certified mail, postage prepaid.
4. Miscellaneous Provisions. This Agreement is binding upon and shall inure to the
benefit of the parties and their respective successors and assigns. This Agreement is the entire
agreement between the parties pertaining to the subject matter hereof and supersedes all prior
understandings or agreements relating to the subject matter hereof,whether oral or written,and this
Agreement may not be modified except by the mutual written agreement of both parties. Time is
of the essence of this Agreement.
IN WITNESS WHEREOF,the parties have executed this Project Funding Agreement
by their duly authorized representatives as of the date first set forth above.
=Robert
LO T CITY OF WATERLOO,IOWA
✓ J
Vice President Quentin Hart,Mayor
Attest: Kelley �elchle
Kelly Felchle, City Clerk
2