HomeMy WebLinkAboutAdvanced Heat Treat Corp. - Amendment to Dev Agmnt - 1/9/2006 /, 9-0 �-
AMENDMENT TO DEVELOPMENT AGREEMENT
his Amen ent to Development Agreement(the"Amendment") is entered into as of
�9�ter�,2096 by and between Advanced Heat Treat Corp. ("AHT") and the City of
Waterloo,Iowa("City").
WHEREAS, AHT and City are parties to a Development Agreement dated March 10,
1998 (the"Agreement");
WHEREAS,pursuant to the Agreement AHT has constructed an industrial building on
property described in the Agreement; and
WHEREAS,AHT has not built a 19,000 square foot expansion pursuant to the
Agreement, and by December 31, 2005 will not have such expansion substantially completed or
have replaced the temporary wall with a permanent wall; and
WHEREAS, AHT is willing and able to construct said expansion and is furthermore
willing to pay the purchase price of$35,000 due pursuant to the Agreement to eliminate the
City's right of reversion as set forth in the Agreement.
NOW, THEREFORE, in consideration of the mutual promises exchanged herein, the
parties agree as follows:
1. AHT shall pay to City the sum of$35,000.00 within thirty (30) days of the date
that this Amendment is approved by the Waterloo City Council. Following receipt of said sum
and confirmation that funds are good, City shall file a document in the land records of Black
Hawk County confirming receipt of said sum and extinguishment of the right of reversion.
2. Paragraph 1(c) of the Agreement is hereby amended to extend the date of
completion of improvements to December 31, 2008. AHT agrees that it shall, on or before said
date, substantially complete construction of the additional improvements contemplated by the
Agreement or complete conversion of the temporary wall to a permanent wall that is similar in
appearance and construction to other exterior walls.
3. This Amendment is subject to approval by the Waterloo City Council, and it shall
not be legally binding without such approval. Upon such approval,this Amendment and the
Agreement shall inure to the benefit of and be binding upon the parties and their successors and
assigns.
4. Time is of the essence in the performance of this Amendment and the Agreement.
Except as modified by this Amendment, the Agreement shall continue unmodified in full force
and effect.
ADVANCED HEAT TREAT CORP. CITY OF WATERLOO, IOWA
By: By:
G arp, President Timothy J. H , Mayor
Atte
s '
Nanc Ecke ity Clerk
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Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50704. 319-234-5701
After recording, return to Donald Temeyer, City of Waterloo, 715 Mulberry Street, Waterloo, IA, 50703.
RELEASE AND TERMINATION OF REVERSION RIGHTS
Reference is made to a Development Agreement (the "Agreement") dated March 10,
1998 by and between Advanced Heat Treat Corp. and the City of Waterloo, Iowa ("City"), filed
June 1, 1998 in 330 Misc. 226. The Agreement set forth the rights and duties of the parties with
respect to real property (the"Property") described as follows: That part of Tract`B", MidPort
America Park Plat No. 1, City of Waterloo, Black Hawk County, Iowa, lying North of a line
which begins at a point on the East line of road Tract`B" at a point which is 420 feet South of
the Northeast corner of said Tract`B"; thence N 90100'00" W 790 feet to the West line of said
Tract`B" and point of termination.
For consideration received, the receipt and sufficiency of which is hereby acknowledged,
City does hereby release the Property from the reversion rights in favor of City as set forth in the
Agreement, and City does hereby terminate said reversion rights.
IN WITNESS WHEREOF, the undersigned have executed this Release and Termination
of Reversion Rights as of the date set forth below.
Date , 2006
CITY OF WATERLOO, IOWA
By:
Timothy J. I u y,, Mayor
Attest: CtiY
Nancy tckert, !y Clerk
STATE OF IOWA )
ss.
BLACK HAWK COUNTY )
This instrument was acknowledged before me on 2006, by
Timothy J. Hurley and Nancy Eckert, as Mayor and City C rk, respe4tively, of the City of
Waterloo, Iowa.
Nota Public
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