The URL can be used to link to this page

Home My WebLink AboutDeer Acres, LLC - First Amendment to Dev Agmnt - 6.6.2020(RECORDED) ftftlftlIftlllllLft aO Doc ID: 011837740002 Type: GEN Recorded: 09/22/2022 at 03:49:44 PM Fee Amt: $12.00 Page 1 of 2 Black Hawk County Iowa SANDIE L. SMITH RECORDER File2023-00005056 ccAu., of lJ1/45(6o" `Oa Prepared by: Adrienne Miller 715 Mulberry Street Waterloo, Iowa (319)291-4366 FIRST AMENDMENT TO DEVELOPMENT AGREEMENT This Amendment to Development Agreement (the "Amendment") is entered into as of , 2022, by and between the City of Waterloo, Iowa ("City") and Deer Acres, LLC. ("Company"). RECITALS A. Company and City are parties to that certain Development Agreement dated January 13, 2020 (the "Agreement") concerning the development of property as described in the Agreement. The Agreement was filed in the records of the Black Hawk County Recorder on April 30, 2020 as Doc. No. 2020-18889. B. The parties desire to amend the Agreement 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. Recital B of the Agreement is amended to strike the paragraph thereof in its entirety and to substitute a new paragraph in its place, as follows: B. Developer is willing and able to finance and reconstruct two residential units and related improvements on property located at 1427-1429 W 3rd Street in Waterloo, generally described as parcel 8913-26-355-021, legally described as set forth on Exhibit"A" attached hereto (the "Property"). 2. Section 2 of the Agreement is amended to strike the first unnumbered paragraph thereof in its entirety and to substitute a new paragraph in its place, as follows: a. Construction. Developer must begin construction of the Improvements within six (6) months (the "Start Deadline") after the date of this Agreement and must substantially complete the Improvements by June 30, 2023 (the "Completion Deadline"). If Developer has not obtained a building permit and in good faith begun construction of the Improvements by the Start Deadline, then at City's option this agreement will be voided, but if construction is imminent the City Council may, but shall not be required to, consent to an extension of time to e05 begin construction or, if appropriate, to complete construction, and if an extension is granted but construction has not been commenced or substantially completed, as applicable, within such extended period, then the agreement shall be voided after the end of said extended period. C. Except as amended herein, the Agreement shall continue unmodified in full force and effect. Terms capitalized in this Amendment but not defined herein shall have the meaning ascribed to them in the Agreement. This Amendment is binding on the parties and the respective successors, assigns, transferees and legal representatives of each. 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 First Amendment to Development Agreement as of the date first set forth above. DEER ACRES, LLC CITY OF WATERLOO, IOWA By: By: ` 1 �--=�-- _ Rebecca Curran Quentin M. Hart, ayor By: �. Kelley Felchl City Clerk 2 UI II I III III IIIII OII I II INI IPP IIIII IIII IN 111111 II Doc ID: 011837730001 Type: GEN Recorded: 09/22/2022 at 03:47:11 PM Fee Amt: $7.00 Page 1 of 1 Black Hawk County Iowa SANDIE L. SMITH RECORDER File2023_00005055 V Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703, (319) 291-4323. RESOLUTION NO. 2022-344 RESOLUTION APPROVING THE FIRST AMENDMENT TO THE DEVELOPMENT AGREEMENT WITH DEER ACRES, LLC, LOCATED AT 1427-1429 W. 3RD STREET AND 405 BAYARD STREET, BY EXTENDING THE COMPLETION DATE TO JUNE 30, 2023 AND REDUCING THE NUMBER OF UNITS TO TWO, AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE SAID DOCUMENTNT. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO, IOWA that the first amendment to the Development Agreement dated June 6, 2022, between Deer Acres, LLC and the City of Waterloo, Iowa, to an agreement originally executed on January 13, 2020, for the rehabilitation of three residential units, located at 1427-1429 W. 3rd Street and 405 Bayard Street, to extend the completion date to June 30, 2023, is hereby approved, and the Mayor and City Clerk are authorized and directed to execute said documents on behalf of the City of Waterloo, Iowa. PASSED AND ADOPTED this 6th day of June 2022. Quertlin HIViIf SIGHED • Quentin Hart, Mayor ATTEST: S(GtaED LeAnn M. Even, CMC, IaCMC Deputy City Clerk CERTIFICATE I, LeAnn M. Even, Deputy City Clerk of the City of Waterloo, Iowa, do hereby certify that the preceding is a true and complete copy of Resolution No. 2022-344 as passed and adopted by the City Council of the City of Waterloo, Iowa, on the 6th day of June 2022. Witness my hand and seal of office this 6`h day of June 2022. e � aveiv SIND OH�II SEAL LeAnn M. Even, Deputy City Clerk I pi 0-1 sOWP. I C1) Prepared by: Adrienne Miller 715 Mulberry Street Waterloo, Iowa (319)291-4366 FIRST AMENDMENT TO DEVELOPMENT AGREEMENT This Amendment to Development Agreement (the "Amendment") is entered into as of \)max'-e_ (o , 2022, by and between the City of Waterloo, Iowa ("City") and Deer Acres, LLC. ("Company"). RECITALS A. Company and City are parties to that certain Development Agreement dated January 13, 2020 (the "Agreement") concerning the development of property as described in the Agreement. The Agreement was filed in the records of the Black Hawk County Recorder on April 30, 2020 as Doc. No. 2020-18889. B. The parties desire to amend the Agreement 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. Recital B of the Agreement is amended to strike the paragraph thereof in its entirety and to substitute a new paragraph in its place, as follows: B. Developer is willing and able to finance and reconstruct two residential units and related improvements on property located at 1427-1429 W 3`d Street in Waterloo, generally described as parcel 8913-26-355-021, legally described as set forth on Exhibit "A" attached hereto (the "Property"). 2. Section 2 of the Agreement is amended to strike the first unnumbered paragraph thereof in its entirety and to substitute a new paragraph in its place, as follows: a. Construction. Developer must begin construction of the Improvements within six (6) months (the "Start Deadline") after the date of this Agreement and must substantially complete the Improvements by June 30, 2023 (the "Completion Deadline"). If Developer has not obtained a building permit and in good faith begun construction of the Improvements by the Start Deadline, then at City's option this agreement will be voided, but if construction is imminent the City Council may, but shall not be required to, consent to an extension of time to begin construction or, if appropriate, to complete construction, and if an extension is granted but construction has not been commenced or substantially completed, as applicable, within such extended period, then the agreement shall be voided after the end of said extended period. C. Except as amended herein, the Agreement shall continue unmodified in full force and effect. Terms capitalized in this Amendment but not defined herein shall have the meaning ascribed to them in the Agreement. This Amendment is binding on the parties and the respective successors, assigns, transferees and legal representatives of each. 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 First Amendment to Development Agreement as of the date first set forth above. DEER ACRES, LLC CITY OF WATERLOO, IOWA By: VS V„VI .C{ . __ By: Rebecca Curran Quentin M. Hart, ayor By: 2 elley Felchly City Clerk