HomeMy WebLinkAboutParamount Investments, LLC - Amendment to Development Agreement - 9.20.2021 Preparer
Information: Christopher S.Wendland, PO Box 596,Waterloo, Iowa 50704 (319)234-5701
Name Address City Phone
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into
September 20
as of , 2021, by and between Paramount Investments, LLC
("Paramount") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Black Hawk Contracting & Development, Co. ("BHCD") and City are
parties to that certain Development Agreement dated February 17, 2014
and filed April 24, 2014 as Doc. No. 2014-18869 (the "DA"), concerning
the development of land (the "Property") described therein.
B. BHCD has sold the Property to Paramount, and the parties desire to
substitute Paramount for BHCD as "Company" under the DA.
C. After completion of the Improvements, Company had the benefit of both
three years of CURA property tax abatement and property tax rebates. It
was not the intention of the DA that Company would utilize both benefits,
and it is the established policy of the City that development projects will
not simultaneously receive both forms of incentive at the same time.
D. The parties desire to amend the DA to modify the terms thereof as set
forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows-
1.
ollows:1. Paramount does hereby assume, all rights, duties and privileges of
"Company" under the DA, effective upon approval of this Amendment by the Waterloo
City Council. City hereby consents to such assignment and assumption and hereby
releases John R. Rooff, III from liability under the personal guaranty set forth in the DA.
2. Section 8 of the DA is amended to modify the rebates for Year One, Year
Two and Year Three to read as follows:
Page 2
Year One 0% rebate
Year Two 0% rebate
Year Three 0% rebate
3. Section 13 of the DA is amended to strike paragraph (b) therefrom and to
substitute the following new paragraph (b):
"(b) if to Company, to Paramount Investments, LLC, 59 River Ridge
Road, Cedar Falls, Iowa 50613, Attn: Martin VanZee
4. The parties acknowledge that the Property has been platted as St.
Joseph's Square and is now described as Lots 1-8, St. Joseph's Square, in the City of
Waterloo, Black Hawk County, Iowa, also identified as parcel nos. 8913-24-353-009
through 8913-24-353-016, inclusive, and locally known as 301, 303, 305, 307, 309, and
311 E. 3rd Street, Waterloo, Iowa.
5. 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.
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 PARAMOUNT INVESTMENTS, LLC
By: 0„e1141*11 "14 By:
Quentin Hart, Mayor Martin S. VanZee
Managing Member
Attest: 24q F4,,,e
Kelley Felchle, City Clerk
r
Page 2
Year One 0% rebate
Year Two 0% rebate
Year Three 0% rebate
3. Section 13 of the DA is amended to strike paragraph (b) therefrom and to
substitute the following new paragraph (b):
"(b) if to Company, to Paramount Investments, LLC, 59 River Ridge
Road, Cedar Falls, Iowa 50613, Attn: Martin VanZee
4. The parties acknowledge that the Property has been platted as St.
Joseph's Square and is now described as Lots 1-8, St. Joseph's Square, in the City of
Waterloo, Black Hawk County, Iowa, also identified as parcel nos. 8913-24-353-009
through 8913-24-353-016, inclusive, and locally known as 301, 303, 305, 307, 309, and
311 E. 3rd Street, Waterloo, Iowa.
5. 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.
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 PARAMOUNT INVESTMENTS, LLC
Quentin Hart, Mayor Martin S. VanZee
Managing Member
Attest:
Kelley Felchle, City Clerk