HomeMy WebLinkAboutLincoln Savings Bank - Dev Agmnt - 2.6.2023 (RECORDED) II II II II II II I II 1111 I II II II 11 I I II
Doc ID: 011967350002 Type: GEN
Recorded: 06/29/2023 at 11:15:13 AM
Fee Amt: $12.00 Page 1 of 2
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2023-00017579
V5t; it Y tVU
repared by Christopher S.Wendland, P.O. Box 596,Waterloo, IA 50703. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into
as of February 6 , 2023 by and between Lincoln Savings Bank (the "Company")
and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated October 7, 2019 (the "DA"), as amended thereafter on November 4,
2019 and April 5, 2021, concerning the development of property as
described in the Agreement. Company and City are also parties to that
certain Minimum Assessment Agreement (the "MAA") pertaining to said
property, dated as of the same date as the original DA. The DA and MAA
have been filed in the land records of Black Hawk County as Doc. No.
2020-10730, and the prior amendments have been filed as Doc. No. 2020-
10732 and Doc. No. 2023-11528 .
B. The par
ties desire to further amend the DA to modify the terms as set forth
in this Amendment.`
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Paragraph C of Section 3 of the Agreement is hereby amended to provide
that the grant payment may be repaid by funds from the Downtown Waterloo Urban
Renewal and Redevelopment Area tax increment financing (TIF) district, in addition to
funds from IRD receipts or City-issued bonds.
2. 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. This Amendment may be
executed in multiple counterparts. The DA and this Amendment shall inure to the
benefit of and be binding upon the parties and their respective successors and assigns.
Page 2
IN WITNESS WHEREOF, the parties have executed this Amendment to
Development Agreement by their duly authorized representatives as of the date first set
forth above.
CITY OF WATERLOO, IOWA LINCOLN SAVINGS BANK
By: Quen-tuz 3-(art jSA
By: ?,�JI
Quentin M. Hart, Mayor Erik Skovgard, P ident/CEO
Attest: 21ef[ey Tetchre
Kelley Felchle, City Clerk