HomeMy WebLinkAboutCentral Property Holdings, LLC - Amendment No. 5 to Development Agreement - 10.28.2021pdf Preparer
Information: Christopher S.Wendland, PO Box 596,Waterloo, Iowa 50704 (319)234.5701
Name Address City Phone
SPACE ABOVE THIS LINE
FOR RECORDER
AMENDMENT NO. 5 TO DEVELOPMENT AGREEMENT
This Amendment No. 5 to Development Agreement (the "Amendment") is
entered into as of October 18 , 2021, by and between Central Property Holdings,
LLC (the "Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated August 7, 2017, as later amended (collectively, the "DA"),
concerning the development of land (the "Property") described on Exhibit
"A" to the DA. The DA has been filed in the land records of Black Hawk
County, Iowa, as Doc. No. 2018-7765, Doc. No. 2019-2747, Doc. No.
2019-13537, Doc. No. 2019-13538 and Doc. No. 2021-12976.
B. 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. Section 3 of the DA is hereby stricken from the Agreement in its entirety,
and a new Section 3 is substituted in its place, as follows:
3. Timeliness of Construction. The parties agree that Company's
commitment to cause the Project to be undertaken and the Improvements to be
constructed 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. Company must begin construction
of Improvements on the Property no later than November 30, 2021, and
construction of Improvements must be completed by December 31, 2022 (the
.'Project Completion Date"). If Company has not begun in good faith the
construction of the Improvements on the schedule set forth above, this Agreement
may be cancelled at the sole option of City. If development has commenced but is
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stopped and/or delayed as a result of an act of God, war, civil disturbance, court
order, labor dispute, fire, or other cause beyond the reasonable control of
Company, the requirement that construction is to be completed by the Project
Completion Date shall be tolled for a period of time equal to the period of such
stoppage or delay, and thereafter if construction is not completed within the allowed
period of extension the City may terminate this Agreement following the failure of
Company to diligently undertake construction within thirty (30) days following written
notice of default from City to Company. If at any time Company fails to diligently
undertake construction and other activities necessary for completion of the Project,
then City may terminate this Agreement following the failure of Company to resume
and diligently carry on construction within thirty (30) days following written notice of
default from City to Company.
2. 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 No. 5 to
Development Agreement by their duly authorized representatives as of the date first set
forth above.
CITY OF WATERLOO, IOWA CENTRAL PROPERTY HOLDINGS,
LLC /
By: �,��� H��� E By:
Quentin Hart, Mayor Rodne� A. Anderson
Managing Member
Attest:
Kelley Felchle, City Clerk