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HomeMy WebLinkAboutCentral Property Holdings - Amendment #7 - 12.19.2022Prepare' Information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704 Name Address City (319) 234.5701 Phone SPACE ABOVE THIS LINE FOR RECORDER AMENDMENT NO. 7 TO DEVELOPMENT AGREEMENT This Amendment No. 7 to Development Agreement (the "Amendment") is entered into as of 12/19/2022 , by and between Central Property Holdings, LLC (the "Company") and the City of Waterloo, Iowa (the "City"). RECITALS A. Company and City are parties to that certain Development Agreement dated August 7, 2017, as later amended (collectively, the "DA"), concerning the development of land (the "Property") described on Exhibit r'A" to the DA. The DA as amended has been filed in the land records of Black Hawk County, Iowa, as Doc. No. 2018-7765, Doc. No. 2019-2747, Doc. No. 2019-13537, Doc. No. 2019-13538, Doc. No. 2021-12976, Doc. No. 2022-13516 and Doc. No. 2023- B. The parties desire to amend the DA to modify the terms thereof as set forth in this Amendment. NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the parties agree as follows: 1. Section 3 is amended to state that the Project Completion Date is October 31st, 2023. 2. In addition to other incentives provided for in the DA, City agrees to make to Company an additional development grant of up to $136,983.05, payable within 30 days after Company provides to City reasonable documentation showing costs and expenses actually incurred by Company to remove subsurface obstructions and debris unexpectedly found on the site during construction. The contingent repayment provisions stated in Section 4 of the DA shall apply to the additional grant. Page 2 parcel no. 8913-24--305-008, legally described as set forth in Amendment Exhibit A attached hereto (the "Development Lot"). "Closing" shall occur at the earliest practicable date within sixty (60) days after approval of this Amendment by the Waterloo City Council, but in any event after the approval of title to the Development Lot by City and satisfaction or waiver of contingencies, if any. At Closing, Company shall convey fee simple title of the Development Lot to City by special warranty claim deed, free and clear of all encumbrances arising by or through Company except: (a) easements, servitudes, conditions and restrictions of record; and (b) general utility and right-of-way easements serving the Development Lot. City may, at its own expense, prepare an updated abstract of title. If title is unmarketable or subject to matters not acceptable to City, Company shall remedy or remove such objectionable matters in timely fashion following written notice of such objections from City. Company shall provide any title documents it has in its possession, including any abstracts, to assist in title review. Conveyance of the Development Lot shall be made in an "AS -IS" condition. 4. Except as modified herein, the DA shall continue unmodified in full force and effect Terms in this Amendment that are capitalized but not defined 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 No. 7 to Development Agreement by their duly authorized representatives as of the date first set forth above. CITY OF WATERLOO, IOWA CENTRAL PROPERTY HOLDINGS, LLC By: 2aert-/ r 12/19/2022 By: Quentin Hart, Mayor Rodney . Anderson Managing Member Attest: ReiTey Eefchie 12/19/2022 Kelley Felchle, City Clerk AMENDMENT EXHIBIT A Legal Description of Development Lot Lot 3, Waterloo Rx First & Franklin Subdivision, City of Waterloo, Iowa.