HomeMy WebLinkAbout2021-333-05.17.2021 (RECORDED) IIII 0II M III III0IIIII01101 III0111IIIIIII II 1II11III
Doc ID: 011802130001 Type: GEN
Recorded: 07/28/2022 at 02:24:08 PM
Fee Amt: $7.00 Page 1 of 1
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File023-00001605
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Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2022-333
RESOLUTION APPROVING AN AMENDMENT TO THE
DEVELOPMENT AGREEMENT WITH NET WORTH
INVESTMENTS, LLC, ORIGINALLY EXECUTED ON APRIL
27, 2020, TO PAY THE REMAINING $28,000.00 DUE FOR
THE INFILL HOUSING POLICY INCENTIVE OF $5,000.00
PER UNIT, AND AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE SAID DOCUMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WATERLOO,
IOWA, that the Amendment to the Development Agreement dated June 6, 2022, between Net
Worth Investments, LLC and the City of Waterloo, Iowa, to an agreement originally executed on
April 27, 2020, to pay the remaining $28,000.00 due for the Infill Housing Policy incentive of
$5,000.00 per unit, is hereby approved, and the Mayor and City Clerk are authorized and directed
to execute said document on behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 6`h day of June 2022.
UC ue i u L• 9 UM slum
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Quentin Hart, Mayor
ATTEST:
HMV
SIGNED
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 2022-333, as passed and adopted by the
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.
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SEAL LeAnn M. Even, Deputy City Clerk
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Doc ID: 011802140001 Type: GEN
Recorded: 07/28/2022 at 02:25:19 PM
Fee Amt: $7.00 Pape 1 of 1
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
Fi1e2023-00001606
Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50703. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT
T)'j4 AmendrnAnt to Development Agreement (the "Amendment") is entered into
as of NE _, 2022 by and between Net Worth Investments, LLC (the
"Company") nd the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated April 27, 2020 and recorded July 31, 2020 as Doc. No. 2021-2427
(the "DA") concerning the development of property as described in the
Agreement.
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 4.B of the DA is hereby modified to provide that the remaining
$28,000.00 that is payable under the DA after the date of this Amendment shall be paid
within thirty (30) days after approval of this Amendment by the Waterloo City Council.
Company hereby acknowledges that it has, prior hereto, receive all sums payable by
City under the DA, and that upon receipt from City of the remaining $28,000.00, all
payment obligations of City under the DA shall have been satisfied in full.
2. Except 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 NET WORTH INVESTMENTS, LLC
By: By: /
Quentin Hart, Mayor Y / ndrea McGeough
okivr-bk 1o;-1 62.:u )(L1' b/u/zoZZ Managing Member
Attest: IWILit �o
Kelley Fel hle, City Clerk
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