HomeMy WebLinkAboutIPE1031 REV279,LLC (Cardinal) DA 4th amendment 02.01.2021 (RECORDED) llIl II 0 Ill 01110 IIl l 1101 0II 1111110101
Doc ID: 010460210002 Type: GEN
Recorded: 05/20/2022 at 01:49:13 PM
Fee Amt: $12.00 Page 1 of 2
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2022-00022680
Prepared by Christopher S.Wendland, P.O. Box 596,Waterloo, IA 50703. 319-234-5701
Return to Waterloo Planning Dept, 715 Mulberry Street,Waterloo, IA 50703
FOURTH AMENDMENT TO DEVELOPMENT AGREEMENT
and AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Fourth Amendment to Development Agreement and Amendment to Minimum
Assessment Agreement (the "Amendment") is entered into as of February 1 , 2021, by
and between the City of Waterloo, Iowa ("City") and IPE1031 REV279, LLC ("Assignee").
RECITALS
A. Assignee is assignee and successor-in-interest to Cardinal Construction, Inc.
("Cardinal") in connection with that certain Development Agreement dated August
7, 2017, as previously amended by amendments dated February 24, 2018, April 2,
2018 and September 4, 2018 (collectively, the "Agreement"), concerning the
development of property as described in the Agreement. The original agreement
and first and second amendments were filed in the county land records as Doc.
Nos. 2018-16599, 2018-16600 and 2018-16603, respectively. The third
amendment has not yet been filed. City and Assignee, as assignee and
successor-in-interest to Cardinal, are parties to that certain Minimum Assessment
Agreement dated August 7, 2017 (the "MAA") pertaining to the Property.
B. The parties desire to amend the Agreement and the MAA on the terms set forth
herein.
NOW, THEREFORE, in consideration of the premises and of other consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereby agree to amend the
Agreement as follows:
1. The Agreement is amended to add the following new terms:
A. City will convey to Assignee, for the sum of$1.00, the real property
described as "The North 150 feet of Lots 2 and 3 and the North 150 feet of Tract A,
Brock Third Addition, Waterloo, Iowa," on the same terms as set forth in Section 1 of the
Agreement. Said conveyance shall occur within 60 days after the date of this
Amendment. Upon conveyance, said real estate shall be included as part of the
"Property" under the Agreement.
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B. By May 28, 2020, Assignee will construct upon the expanded Property an
enlargement of the detention basin currently existing on Lot 1 of Brock Third Addition.
Assignee agrees that the enlarged basin will receive surface water drainage from Lots 2
and 3, and Assignee agrees to design and construction the basin in accordance with all
applicable requirements and to negotiate a shared-basin agreement with the owner(s) of
Lots 2 and 3.
C. If City acquires the parcel identified as 1318 Martin Road, then Assignee
and/or Cardinal will have a right of first refusal to purchase said parcel and Tract B of
Brock Third Addition. Said right shall exist for a term of five (5) years from when City
purchases 1318 Martin Road and shall be exercisable within twenty (20) days after City
notifies Assignee and Cardinal of a proposal from a third party unaffiliated with Assignee
or Cardinal to undertake a development project on said property. To exercise said right,
Assignee or Cardinal must notify City in writing that it will undertake a project on the
property that at least matches the project terms of the third-party proposal. Promptly
following timely exercise of the right, the parties will negotiate and enter into a new
development agreement and related minimum assessment agreement that specifies
project terms and any related City incentives.
2. Section 5 of the Agreement is amended to add five (5) additional years of rebates
at 50% for each year, for a total of ten (10) years of rebates.
3. Section 2 of the MAA is amended to strike "December 31, 2030" therefrom and to
substitute "December 31, 2038" in its place.
4. Except as modified herein, the Agreement and the MAA shall continue
unmodified in full force and effect. Capitalized terms used herein that are not defined in this
Amendment shall have the meaning attributed to them in the Agreement. The Agreement and
this Amendment shall inure to the benefit of and be binding upon the parties and their respective
successors and assigns. This Amendment may be executed in counterparts, each of which
shall be deemed an original and all of which, when taken together, shall constitute a single
instrument.
IN WITNESS WHEREOF, the parties have executed this Fourth Amendment to
Development Agreement and Amendment to Minimum Assessment Agreement by their duly
authorized representatives as of the date first set forth above.
IPE1031 REV279, LLC CITY OF WATERLOO, IOWA
By: ion By:
Quentin M. Hart, Mayor
Title: Kas
Attest: Kcl/c// �Kchle
Kelley Felchle, City Clerk
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