HomeMy WebLinkAboutBarrett pledge agreement - 2.6.2023Charitable Pledge Agreement
AGREEMENT made as of the 20th day of January, 2023, by and between the City of
Waterloo, Black I-lawk County, Iowa (hereinafter referred to as the "City"), the Pauline R. Barrett
Charitable Foundation, Waterloo, Iowa (hereinafter referred to as the "Foundation") for the
purpose of providing funding to the City of Waterloo Leisure Services for establishment of an
inclusive playground at Gates Park to be named the "Pauline R. Barrett Inclusive Playground at
Gates Park" as follows:
WHEREAS, the Foundation wishes to irrevocably pledge and assign the sum of Five
Hundred Thousand and no/100 Dollars ($500,000.00) to the City to be used to establish the
Pauline R. Barrett Inclusive Playground at Gates Park; and
WHEREAS, the City is in agreement and is prepared to establish and maintain said
Pauline R. Barrett Inclusive Playground at Gates Park; and
NOW, THEREFORE, in consideration of the mutual promises and obligations
contained herein, and for other good and valuable consideration, the parties agree as follows:
1. The City shall establish the Pauline R. Barrett Inclusive Playground at Gates Park which name
shall not be changed for a period of no less than twenty (20) years from the date of completion of
said inclusive park.
2. The gift of $500,000.00 shall be distributed as follows:
a. $100,000.00 of the pledge shall be paid at the date of execution of this
Agreement.
b. The remaining pledge amount shall be paid in four further installments of
$100,000.00 each on February 1, 2024, February 1, 2025, February 1, 2026, and
February 1, 2027 provided that construction of said inclusive park be at or near
completion as verified by the City. Said further payments shall commence at such
date of near completion should the City fail to have achieved the near
construction of same by February 1, 2024.
3. Not less frequently than annually, the City shall provide a written report to the Foundation on
the status of the completion and signage of said inclusive park.
4. This document constitutes a "gift instrument" within the meaning of and governed by the
Uniform Prudent Management of Institutional Funds Act, Iowa Code, §§ 540.A.101-540A.109
and this gift instrument and the Fund shall be governed by the laws of the State of Iowa .
IN WITNESS WHEREOF, the City has caused this Agreement to be signed in its name
by one of its officers duly authorized to do so, and the Foundation has executed this Agreement,
as of the date first written above, by its Trustee.
City of Waterloo, Black Hawk County, Iowa
By:
Ouvr!uc Nan
Quentin M. Hart, Mayor, City of Waterloo, Iowa
Regions Bank, Trustee of the
Pauline R. Barrett Charb1e Found tion
By: David J. Amend, Vice President and Trust Advisor