HomeMy WebLinkAboutProsper Farm - Termination of DA - 4.3.2023Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50704. Phone (319) 234-5701
Return to Community Planning & Development, 715 Mulberry Street, Waterloo, IA 50703.
TERMINATION OF DEVELOPMENT AGREEMENT
WHEREAS, the City of Waterloo, Iowa ("City") and Prosper Farm Network LLC
("Company") entered into a certain Development Agreement (the "Agreement") and Minimum
Assessment Agreement (the "MAA"), each dated May 6, 2019 and recorded July 3, 2019 as Doc. No.
2020-278, concerning real property legally described in said documents (the "Property"); and
WHEREAS, Company has failed to undertake the Project, City did not convey the Property to
Company, and City desires to terminate the Agreement.
NOW, THEREFORE, City does hereby terminate the Agreement and the MAA.
Any term in this instrument that is capitalized but not defined has the same meaning that is
ascribed to it in the Agreement.
Dated April 3 , 2023
CITY OF WATERLOO, IOWA
By: Quertun 141-1
Quentin Hart, Mayor
Attest: ACT F'eCcfCe
Kelley Felchle, City Clerk