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HomeMy WebLinkAboutLincoln Savings & HCC - Williston Field 2nd Amendment to DA - 12.6.2021 Preparer Information: Christopher S.Wendland, PO Boz 596,Waterloo, lnwa ,50704 Q19)234.5701 Name Address City Phone SECOND AMENDMENT TO DEVELOPMENT AGREEMENT This Second Amendment to Development Agreement (the "Amendment") is entered into as of 12/6/2021 by and among Lincoln Savings Bank ("LSB"), the City of Waterloo, Iowa ("City") and Hawkeye Community College Foundation ("HCCF")`. RECITALS A. City is an original party to a certain Development Agreement filed October 19, 2012 as Doc. No. 2013-8061 (the "Agreement"), providing for development of certain properties as described therein, and LSB is a party to the Agreement by amendment filed April 19, 2019 as Doc. No, 2019- 15571 (as so amended, the Agreement is referred to as the "Amended DA" B. HCCF and LSB have entered an agreement for HCCF`s purchase of certain of the Bank Properties, and the parties desire that HCCF be added as a party to the Amended DA.to undertake the development duties with respect to the Bank Properties that HCCF is acquiring. C. The parties desire to further amend the Agreement on the terms set forth herein. AGREEMENT NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the parties agree as follows. 1. Regarding any provision of the Amended DA in which LSB is required to take any action upon or in respect of any of the Bank Properties designated in the Amended DA as Williston.Field (the "Williston Lots"), the Amended DA is hereby amended to provide that such actions shall be performed by HCCF. LSB shall have no further obligations of performance under the Amended DA hereafter with respect to the. Williston Lots. SECOND AMENDMENT TO DEVELOPMENT AGREEMENT Page 2 2. Section 5 of the Amended DA is amended to strike the text thereof in its entirety, and the following new text is substituted. in its place: "Indemnity. BHCD, LSB, GMJ2 and HCCF, each for itself, agrees that it shall indemnify City and hold it harmless with respect to any demand, claim, cause of action, .damage, injury, cost, expense or liability, including but not limited to reasonable attorney fees and expenses, made, suffered, or incurred as a result of or in connection with (a) the Project on its respective Properties, (b) its failure to carry on or complete same, or (c) any lien, claim, charge, or encumbrance on or against its respective Properties of any type or nature whatsoever that attaches to the Properties by virtue of such indemnitor's ownership of same. Notwithstanding the foregoing, GMJ2 shall not be liable to indemnify City for its failure to carry on or complete a Project on any of its Property. If City files suit to enforce the terms of this Agreement and prevails in such suit, then City shall be entitled to recovery of its legal costs and expenses, including but not limited to reasonable attorneys' fees. The duties of indemnity set forth in this Section shall survive the expiration, termination or cancellation of this Agreement for any reason." 3: Section 6.D of the Amended DA is stricken in its entirety, and a new Section 6.D is substituted in its place,.as follows: "D. Development Grant. Upon completion of each new home and all related Housing Improvements, as evidenced by issuance of a certificate of occupancy, City will make to the developer party a one-time grant of$5,000.00 for each completed home, in accordance with City policy. Unless otherwise: designated to City in writing, it shall be assumed that the owner of the property is the developer party entitled to payment of the grant." 4. HCCF hereby makes to City each of the representations and warranties set forth in Section 11 of the Amended DA. .5. Section 14 of the Amended DA is amended to add the following notice information: (e) if to HCCF, at P.O. Box 8015, Waterloo, Iowa, 50704, Attn: Executive Directors. 6. Exhibit A-1" of the Amended DA is stricken in its entirety and. replaced by the new Exhibit "A-1" attached hereto. 7. Exhibit "B" of the Amended DA is hereby amended to strike numbered paragraph 2 and to substitute in its place the following new paragraph 2: 2 Williston. HCCF shall commence construction of Housing Improvements, or cause such construction to commence, on each separately platted lot in Williston Field Addition on the schedules set forth below, and substantially complete such improvements by the stated date. SECOND AMENDMENT TO DEVELOPMENT AGREEMENT Page 3 Lot 1: Start by October 1, 2022 and complete by May 1, 2024 Lot 2: Start by October 1, 2023 and complete by May 1, 2025 Lot 3_ Start by October 1, 2024 and complete by May 1, 2026 Lot 4: Start by October 1, 2025 and complete by May 1, 2027 Lot 5: Start by October 1, 2026 and complete by May 1, 2028 8. Except as modified herein, the.Amended 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 Amended DA. The Amended DA and this Amendment shall inure to the benefit of and be binding upon the parties and their respective successors and assigns. 9: This Amendment may be signed in any number of counterparts, each of which, including signed counterparts transmitted by facsimile or other electronic.means, shall be deemed an original and all of which together shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties have executed this Second Amendment to Development Agreement by their duly authorized representatives as of the date first set forth above. [signatures on next page] SECOND AMENDMENT TO DEVELOPMENT AGREEMENT Page 4 CITY OF WATERLOO, IOWA LINCOLN SAVI NK By. Ga-"4' H-4 By: Quentin Hart, Mayor Title: .. Attest: Kelley Felchle, City Clerk HAWKEYE COMMUNITY COLLEGE FOUNDATION By.- Title. y:Title. EXHIBIT "A-1" Properties of Each Developer Party (as of 0110112022) GMJ2 Property Orio C. Miller Addition, all of Lot 1 except the West 30 feet, Lot 2, and all that part of the Southerly one-half of Byron Avenue in the City of Waterloo, Iowa, lying East of.a Northerly extension of the West line of Lot No. 1 in Orlo C. Miller Addition, and West of a line that is 156 feet West of the West line of Baltimore Street. Also, all that part of Denver Street in the City of Waterloo, Iowa, lying South of the South line of Byron Avenue and North of the North line of Eureka Street, all in the City of Waterloo, Black Hawk County, Iowa. (part of Baltimore Field) BHCD Properties Lots 2 and 4, Hawthorne:Estates First Addition, City of Waterloo., Iowa. (part of Baltimore Field) Lot.No. 5, except the East 156 feet thereof in Auditor Francis' Reitzel Plat and except that part thereof platted as Hawthorne Estate First Addition, City of Waterloo, Iowa. (part of Baltimore Field) Lot No. 3, except for the Northerly 20 feet in even width thereof, Lots 4 and 5, and the Northerly 15 feet of Lot 6, all in Block 19 in Linden.Place, in the City of Waterloo, Black Hawk County, Iowa. (part of former Lafayette School site) LSB Properties Lots 14, Baltimore Field 15t Addition, City of Waterloo, Iowa. (part of Baltimore Field) HCCF Properties Lots 1-5, Williston Field Addition; City of Waterloo, Iowa. (Williston Field)