HomeMy WebLinkAboutWaterloo Development Corporation - Project MOU - 10.17.2022pdfPROJECT FUNDING MEMORANDUM OF AGREEMENT
This Project Funding Memorandum of Agreement (the "MOU") is entered into as of
Odo(, , 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
projects to make certain enhancements for revitalization and impiovement of the
Downtown Waterloo area.
B. The parties now desire to cooperate in pursuit of funding and execution of a project to
develop a whitewater course in the Cedar River (the "Project") and enter into this
MOU for that purpose.
AGREhMI-i;NT
NOW, THEREFORE, the parties state their mutual understanding as follows:
1. WDC Responsibility. WDC will commit to contributing funds of up to $5.1
million as a local match in connection with City's grant application to the Iowa Economic
Development Authority ("IFDA"). Contribution will be on a schedule that is mutually agreeable
to the parties and in a manner to optimize Project execution. WDC's commitment is expressly
made contingent upon an awaid of funds by IEDA and upon completion of the Project by
December 31, 2026. WDC will, upon request, provide a commitment letter to City for use in
connection with the grant application.
2. City Responsibility. City will timely complete and submit the giant application
to IF,DA. City will obtain additional local match funding foi no less than $3.8 million. All local
match funds cormnitted from other sources will, dollar for dollar, reduce the total funds to be
contributed by WDC. If such local match funds are less than $3.8 million, then City will pay to
WDC any amount that WDC is asked or requiied to contribute to the Project that exceeds $1.3
mullion (such amount is the ` Overage"). WDC will have no ultimate liability for the Project that
exceeds $1.3 million. City shall complete the Project by December 31, 2026 and, with respect to
each instance in which an Overage arises, shall pay such Overage to WDC in full no later than
180 days thereafter.
3. Miscellaneous Provisions. This MOU is binding upon and shall inure to the
benefit of the parties and their respective successors and assigns. This MOU is the entire
understanding 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. This
MOU may not be modified except by the mutual written agreement of both parties. Time is of the
essence of this MOU.
WATERLOO DEVELOPMENT
CON
Title: V e, e
3
CITY OF WATERLOO, IOWA
I3Y ti°�tn laxt
Quentin Hart, Mayor
Attest 7(efCey TeCcfite
96XE0
Kelley Felchle, City Cleric