HomeMy WebLinkAboutSDC Real Estate - 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 SDC Real Estate, L.L.C. ("Company")
entered into a certain Development Agreement (the "Agreement") and Minimum Assessment
Agreement (the "MAA"), each dated November 20, 2017 and recorded October 9, 2018 as Doc. No.
2019-5883, as later amended, 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: QuermmUi Sri °N6
Quentin Hart, Mayor
Attest: xe(Cey Fe(ch(e
Kelley Felchle, City Clerk