HomeMy WebLinkAboutJohnson, Bertha - Amended Development Agreement - 5.2.2022prepared by Christopher S. Wendland. P.Q. Box 596. Waterloo. IA 50703. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into
as of May 2 , 2022 by and between Bertha Johnson (the "Company") and the
City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated Sec voy'23 , (the "DA") concerning the development of
property as described in the Agreement, with an address of 1420 Byron
Avenue. The DA has not been filed in the land records of Black Hawk
County.
B. The parties desire to amend the DA to modify the terms as set forth in this
Amendment.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Section 8 of the DA is stricken in its entirety, and a new Section 8 is
substituted in its place, as follows:
8. Additional City Incentives. In addition to the other incentives provided
by City to Company under this Agreement, City agrees to provide the following
assistance to facilitate the Project:
A. purchase Price Refund. Within thirty (30) days after Company has
Substantially Completed the Improvements and has obtain final inspection on all
permits obtained for the Project, or within thirty (30) days after approval of this
instrument by City, whichever is later, City will refund the Purchase Price to
Company.
B. Rehabilitation Grant. Concurrently with refund of the Purchase
Price pursuant to paragraph A above, City will make a $5,000.00 rehabilitation
grant to Company.
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2. lExcept as modified herein, the DA shall continue unmodified in full force
and effect. Terms in this Amendment that are capitalized but not defined herein 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 COMPANY
Quet 'z 9ar'�
By:
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Quentin Hart, Mayor Bertha Johnson
KeCCey Fefcfife s°NE`o
Attest:
Kelley Felchle, City Clerk