HomeMy WebLinkAboutWDC Funding Agmt Downtown Lighting Impr Study - 6.20.2022PROJECT FUNDING AGREEMENT
This Project Funding Agreement (the "Agreement") is entered into effective as of June 1,
2022, by and between Waterloo Development Corporation ("WDC") and the City of Waterloo,
Iowa ("City").
RECITALS
A. WDC and City have worked together, and intend to continue working together, on a
project to study and determine improvements for downtown lighting (the "Project").
In connection with undertaking the Project, the WDC will enter into certain contracts
for a study of existing lighting and proposed improvements.
B. The parties desire to enter this Agreement to express their continued desire to work
together for advancement of the Project on the terms set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises exchanged herein, and for
other consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
agree as follows:
1. WDC Responsibility. The WDC has a professional services agreement for the
downtown lighting study that the City is to administer. The Waterloo Development Corporation
will reimburse the City l00% of the costs up to $36,980 for the study using funds allocated to it
from the Black Hawk County Gaming Association. The WDC will comply with all other laws or
regulations which may apply to its activities in carrying out the Project; and will comply with all
terms, covenants, and conditions of the Purchase Contracts. WDC agrees to cooperate with the
City in good faith on all future decisions regarding Project design and specifications and to
consult with City from time to time regarding Project status. The WDC will oversee all Project
activities, will review and approve all requests for payment from Project contractors, consultants,
or others. Within thirty (30) days of receipt of any payment request that it receives from the City,
certifying that the City has made disbursements for payment of the Design Contracts in an
amount at least equal to the request, WDC will remit payment to the City in the amount
requested, provided that cumulative payments made to the City in connection with the Design
Contracts shall not, in the aggregate, exceed the Dedicated Sum.
2. City Responsibility. City agrees to cooperate with WDC in good faith on all
future decisions regarding Project design and specifications and to consult with WDC from time
to time regarding Project status. City agrees to make all payments required under the contract in
timely fashion (subject to any contractual or other rights to audit, protest, or deny payment).
3. Notices Any notice under this Agreement shall be in writing and shall be
delivered in person or by United States registered or certified mail, postage prepaid and
addressed:
WDC
Waterloo Development Corp.
360 Westfield Ave. Ste. 200
Waterloo, Iowa 50701
Attn: Jim Miller
CITY
City of Waterloo, Iowa
715 Mulberry Street
Waterloo, Iowa 50703
Attn: Mayor
Delivery of notice shall be deemed to occur (i) on the date of delivery when delivered in person,
or (ii) three (3) business days following the date of deposit if mailed by United States registered
or certified mail, postage prepaid.
4. Miscellaneous Provisions. This Agreement is binding upon and shall inure to the
benefit of the parties and their respective successors and assigns. This Agreement is the entire
agreement between the parties pertaining to the subject matter hereof and supersedes all prior
understandings or agreements relating to the subject matter hereof, whether oral or written, and this
Agreement may not be modified except by the mutual written agreement of both parties. Time is of
the essence of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Project Funding Agreement
by their duly authorized representatives as of the date first set forth above.
WATERLOO DEVELOPMENT
CO ' ., f2A9= ON
CITY OF WATERLOO, IOWA
Qttert a 3-far(
By:
obert W Petersen, Vice President Quentin Hart, Mayor
Kerrey 'Fe[chCe
Attest:
Kelley Felchle, City Clerk
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