HomeMy WebLinkAboutNorth Crossing, LLC - Dev Agmnt (RECORDED) 111111111 H liii! ,ii iii i II II HO II
Doc ID: 011967490003 Type: GEN
Recorded: 06/29/2023 at 11:24:03 AM
Fee Amt: $17.00 Page 1 of 3
Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2023-00017593
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*** Proof of Publication ***
State of Iowa
Black Hawk County
Waterloo, City of-Legals
Accounts Payable
715 MULBERRY ST.
WATERLOO IA 50703
ORDER NUMBER 223699
The undersigned, being duly sworn, on oath, do depose and say that I
am an authorized employee of the Waterloo Cedar Falls Courier,that
The Waterloo Cedar Falls Courier is a weekly newspaper regularly
published and printed in the English language in the City of Waterloo,
Black Hawk County, Iowa,and has a general circulation in the said city
and county; and that I personally know that the notice,a true copy of
which is hereto affixed,was published in the Waterloo Cedar Falls
Courier on the following days, to-wit:
Section: Legals
Category: 950 Legal Notice
PUBLISHED ON: 05/05/2023
TOTAL AD COST: 149.40
FILED ON: 5/5/2023
That the issues of said paper containing said notice were duly
circulated in the regular manner.
dirkt_00,11— 4ielryidi Led—
(2
�s-"`SF ANNE FOX
Notary Public' d for Said County Z Commission Number 807163
_ 'K My Commission Expires
'0"'p October 24, 2023
(,7)
5
*** Proof of Publication
NOTICE OF PUBLIC HEARING
Notice is hereby given That on the 15th
day of May 2023,at 5:30 pm., in the
Harold E. Getty Council Chambers, in
City Hal:in the City of Waterloo.Iowa,a
public hearing will be held by the Council
of the City of Waterloo,Iowa,to approve
the request for an Infrastructure Develop-
ment Agreement with North Crossing,
LLC for the master buildoul of North
Crossing retail and medical district,with a
land exchange,and authorizing the sale
and conveyance of City owned property,
legally described as follows!
DESCRIPTION OF COMPANY PROPER.
TY
PARCEL 8913-12-376-020: NORTH
699.2 FEET OF THE EAST 769 FEET OF
THE WEST 802 FEET OF THE SE 1/4
OF THE SW 1/4 OF SECTION 12.
TOWNSHIP 89 NORTH, RANGE 13
WEST OF THE 5TH P.M.,BLACK HAWK
COUNTY,IOWA.EXCEPT THE SOUTH
102 FEET THEREOF.
PARCEL 8913-12-351-027: TRACT A,
NORTH CROSSING ADDITION.
PARCEL 8913-12-351-030: LOT 1,
NORTH CROSSING 2ND ADDITION.
DESCRIPTION OF CITY PROPERTY
PARCEL 8913-12-326-003:PARCEL'G'
OF PLAT OF SURVEY DOC. N2008-1-
0309 OF PART OF THE NEN SW14 OF
SECTION 12, TOWNSHIP 89 NORTH,
RANGE 13 WEST OF THE 5TH P.M.,
BLACK HAWK COUNTY.IOWA.
PARCEL 8913-12-301-009: ALL THAT
PART OF THE NORTHWEST QUARTER
OF THE SOUTHWEST QUARTER OF
SECTION 12, TOWNSHIP 89 NORTH.
RANGE 13 WEST OF THE 5TH F.M..
BLACK HAWK COUNTY, IOWA.LYING
SOUTH OF THE RALSTON ROAD AS
ESTABLISHED BY 420 DEEDS 475
EXCEPT THE NORTH 120 FEET OF
THE SOUTH 136 FEET OF THE WEST
363 FEET THEREOF AND EXCEPT THE
EAST 33 FEET THEREOF AND EXCEPT
THAT PART THEREOF CONVEYED TO
THE STATE OF IOWA IN 547 LD 447
AND FURTHER EXCEPT PARCEL'D'
OF PLAT OF SURVEY DOC.42003-054
89 AND FURTHER EXCEPT THAT PART
LYING WITHIN NORTH CROSSING
ADDITION IN THE CITY OF WATER-
LOO.BLACK HAWK COUNTY,IOWA.
AND
LOT 1,MENARD-LOGAN PLAZA MINOR
PLAT, BLACK HAWK COUNTY, IOWA
RECORDED IN DOC.
42008-07262 AND BEING A PART OF
THE SOUTHWEST QUARTER OF THE
SOUTHWEST QUARTER OF SECTION
12,TOWNSHIP 89 NORTH,RANGE 13
WEST OF THE 5TH P.M.,BLACK HAWK
COUNTY, IOWA,EXCEPT THAT PART
LYING WITHIN NORTH CROSSING
ADDITION IN THE CITY OF WATER-
LOO,BLACK HAWK COUNTY,IOWA.
INTER-PARTY CONVEYANCES
PLANNED CONVEYANCES FROM
COMPANY TO CITY THAT PART OF
FUTURE TRACT C TO BE PLATTED IN
NORTH CROSSING 3RD ADDITION,
LYING SOUTH OF THE NORTH LINE
OF THE SE 1r4 OF THE SW 1/4 OF
SECTION 12, TOWNSHIP 89 NORTH.
RANGE 13 WEST OF THE 5TH P.M.,
BLACK HAWK COUNTY, IOWA, CON-
TAINING APPROXIMATELY 4.92
ACRES.
AN AREA DESCRIBED APPROXIMATE-
LY AS THE EAST 73 FEET OF THE
NORTH 547.65 FEET OF LOT 1,NORTH
CROSSING 2ND ADDITION, EXCEPT
THE NORTH 70 FEET THEREOF,
CONTAINING APPROXIMATELY 0.798
ACRES.THIS AREA IS IDENTIFIED AS
THE WESTERLY 73 FEET OF LOTS 6
AND 9 ON THE SITE MAP ATTACHED
TO THE AGREEMENT AS EXHIBIT'IT.
PLANNED CONVEYANCES FROM CITY
TO COMPANY AN AREA DESCRIBED
APPROXIMATELY AS THE NORTH 895
FEET OF THE WEST 520 FEET OF
THAT PART OF THE NW 1/4 OF THE
SW 1/4 SECTION 12, TOWNSHIP 89
NORTH,RANGE 13 WEST OF THE 5TH
P.M.. BLACK HAWK COUNTY,IOWA,
LYING SOUTH OF RALSTON ROAD.
CONTAINING APPROXIMATELY 9.11
ACRES,THIS AREA IS IDENTIFIED AS
LOTS 13-20 ON THE SITE MAP
ATTACHED TO THE AGREEMENT AS
EXHIBIT"D'.
THAT PART OF FUTURE LOT 2 TO BE
PLATTED IN NORTH CROSSING 3RD
ADDITION, LYING NORTH OF THE
NORTH LINE OF THE SE 1i4 OF THE
SW 1/4 OF SECTION 12,TOWNSHIP 89
NORTH,RANGE 13 WEST OF THE 5TH
P.M., BLACK HAWK COUNTY, IOWA,
CONTAINING APPROXIMATELY 0.472
ACRES VIRDEN CREEK PROJECT
PROPERTY
PARCEL 8913-12-151-027:A PART OF
THE SW 1'4 NW 1/4 SECTION 12,
T-89-N,R-13-W OF THE FIFTH PRINCI-
PAL MERIDIAN.BLACK HAWK COUNTY
*** Proof of Publication ***
or.mu mvnC null❑.ULl/Ncr UCD4Mr-
BED AS FOLLOWS'
COMMENCING AT THE SE COR.SW 1
/4 NW 1/4 CORNER OF SAID SECTION
12;THENCE NOO'48'3TW,ALONG THE
EAST LINE OF THE SW 1/4 NW 1/4 OF
SAID SECTION,997.69 FEET TO THE
POINT OF BEGINNING. THENCE
589'44'18'W, 987.60 FEET THENCE
N00'43'12'W, 100.00 FEET THENCE
S89'45'02'W, 130.00 FEET THENCE
S89'56'55'W, 110.17 FEET TO THE
EAST RIGHT OF WAY LINE OF LOGAN
AVENUE/U.S. HIGHWAY 63: THENCE
N2518'44'W,ALONG SAID RIGHT OF
WAY, 54.74 FEET: THENCE N89°44'-
21"E,1250.30 FEET TO THE SAID EAST
LINE SW 1/4 NW 1/4;THENCE S00'48'-
37.E,ALONG SAID EAST LINE, 150.01
FEET TO THE POINT OF BEGINNING.
PARCEL 8913-12-176.005:A PART OF
THE SE 14 NW 14 AND NE 14 SW N
SECTION 12, TOWNSHIP 89 NORTH,
RANGE 13 WEST OF THE FIFTH
PRINCIPAL MERIDIAN, BLACK HAWK
COUNTY,BEING MORE PARTICULAR-
LY DESCRIBED AS FOLLOWS:BEGIN-
NING AT THE SW CORNER,SE 14 NW
N OF SAID SECTION 12;THENCE N
00"483TW, ALONG THE WEST LINE
SE Y. NW 14 OF SAID SECTION,
1147.69 FEET; THENCE N89'44'21*E,
233.01 FEET; THENCE SOO'4E37"E,
1699.87 FEET; THENCE N89°6'501N,
198.88 FEET: THENCE N00'55'4514/,
550.97 FEET TO THE NORTH LINE NE
N SW N OF SAID SECTION;THENCE
389'57'56'W, ALONG SAID NORTH
LINE.33.00 FEET TO THE POINT OF
BEGINNING,
PARCEL 8913-12-326-005:A PART OF
THE NE14 SW% SECTION 12,TOWN-
SHIP 89 NORTH.RANGE 13 WEST OF
THE FIFTH PRINCIPAL MERIDIAN,
BLACK HAWK COUNTY,BEING MORE
PARTICULARLY DESCRIBED AS FOL-
LOWS: COMMENCING AT THE SN
CORNER OF SAID SECTION 12:
THENCE N00'53'50'W ALONG THE
EAST LINE OF SW% OF THE SAID
SECTION 12. 1846.97 FEET TO THE
POINT OF BEGINNING; THENCE
N65°38'15"W, 294.10 FEET; THENCE
N89°56'50-W TO THE EAST RIGHT OF
WAY OF E. 4TH STREET. 1032.27
FEET, THENCE NO0'55'451W, ALONG
SAID EAST RIGHT OF WAY, 100.01
FEET: THENCE S89'56'50-E, TO THE
EAST LINE OF THE NEN SW%OF SAID
SECTION, 1298.33 FEET; THENCE
S00'53'50'E.ALONG SAID EAST LINE,
221.10 FEET TO THE POINT OF
BEGINNING,
PARCEL 8913-12-401-002: A PERMA-
NENT EASEMENT OVER AND UPON
THE FOLLOWING PROPERTY OWNED
BY ALCORN:A PART OF THE WEST 15
ACRES OF THE S14 OF THE NW14 OF
THE SE'4 OF SECTION 12,TOWNSHIP
89 NORTH,RANGE 13 WEST OF THE
5TH P.M., BLACK HAWK COUNTY,
IOWA. BEING MORE PARTICULARLY
DESCRIBED AS FOLLOWS: COM-
MENCING AT THE S'= CORNER OF
SAID SECTION 12;THENCE N 00°53'5-
0"W ALONG THE WEST LINE OF THE
SE% OF SAID SECTION 12, 1835.74
FEET TO THE POINT OF BEGINNING;
THENCE N 00`53'50'W CONTINUING
ALONG SAID WEST LINE,99.69 FEET;
THENCE S 65'38'15" E, 96.54 FEET;
THENCE S 89'53'58' E. 910.27 FEET
TO A POINT ON THE EAST LINE OF
THE WEST 15 ACRES OF THE SN OF
THE NW% OF THE SE% OF SAID
SECTION; THENCE S 00'52'33" E
ALONG SAID EAST LINE.60.01 FEET:
THENCE N 89'53'58"W. 997.57 FEET
TO THE POINT OF BEGINNING.
PARCEL IDENTIFIED AS TRACT D ON
SITE MAP.
Anyone who is interested may appear at
said lime and place and be heard or may
file written objection with the City Clerk.
City Hall,Waterloo,Iowa,before the date
set for said hearing.
By order of the Council of the Cif/ 01
Waterloo this 1st day of May,2023.
City of Waterloo,Iowa
Kelley Felchle,City Clerk
111111111111111111 II 0111111
Doc ID: 011967520022 Type: GEN
• Recorded: 06/29/2023 at 11:25:31 AM
Fee Amt: $112.00 Page 1 of 22
• Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2023-00017596
�e?CL� OTC \k/90i
Prepared by Christopher S.Wendland, P.O. Box 596,Waterloo,IA 50704 Phone(319)234-5701
INFRASTRUCTURE DEVELOPMENT AGREEMENT
This Infrastructure Development Agreement (the "Agreement") is entered into as
of May 15 , 2023, by and between North Crossing, LLC (the "Company")
and the City of Waterloo, Iowa (the "City").
RECITALS
A. In furtherance of the objectives of Chapter 403 of the Code of Iowa, 2015,
as amended (the "Urban Renewal Act"), City is engaged in carrying out
urban renewal project activities in an area known as the East Waterloo
Unified Urban Renewal and Redevelopment Plan Area, formerly known as
the Logan Plaza Urban Renewal and Redevelopment Plan Area ("Urban
Renewal Area").
B. Company is willing and able to finance and construct various infrastructure
improvements to facilitate and serve future development in the Urban
Renewal Area by Company itself or by third parties. Said development
activities (the "Economic Development Projects") are generally described
on Exhibit "F" attached hereto.
C. City considers economic development within the City a benefit to the
community and is willing for the overall good and welfare of the community
to provide financial incentives so as to encourage that goal, and the City
further believes that the project is in the vital and best interests of the City
and that the project and such incentives are in accordance with the public
purposes and provisions of applicable State and local laws and
requirements under which the project has been undertaken and is being
assisted.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. Identification of Properties; Project Overview. Company is the owner
of real property described on Exhibit "A" attached hereto (the "Company Property").
City is the owner of real property described on Exhibit "B" attached hereto (the "City
Property"). The parties agree that in connection with infrastructure development and
future subdivision and platting of the Company Property and City Property, each party
may convey to the other party (the "Grantee") certain areas generally described on
Exhibit"C" attached hereto. Conveyance in any instance shall be by special warranty
deed, free and clear of all encumbrances arising by or through the conveying party (a
"Grantor"), except: (a) easements, servitudes, conditions and restrictions of record; (b)
general utility and right-of-way easements serving the property to be conveyed; and (c)
restrictions imposed by city zoning ordinances and other applicable law. The Grantor
shall, at its own expense, prepare an updated abstract of title for review by Grantee, or
Grantee may obtain at its own expense whatever other form of title evidence it desires.
Grantee shall identify any matters that make title unmarketable or otherwise not
acceptable to Grantee, and Grantor shall remedy or remove any such matters. In
addition to such conveyances, the parties intend to make dedications of land for streets
and easements for public infrastructure facilities as contemplated by mutually agreeable
plans for development of the project area. The "Project" includes all site preparation
and improvements described in this Agreement for purposes facilitating development
upon the Company Property and the City Property and all storm water improvements
that may be done upon the Drainage Property (described in Section 3).
2. Phased Development. Company will, for itself and on behalf of City,
undertake a series of infrastructure improvements as described below. Unless
otherwise mutually agreed, Company will, subject to Unavoidable Delays, continuously
perform the improvement work in the order set forth below until completion of same as
evidenced by City's acceptance of the work. The parties may make adjustments to the
phased development plan as mutually agreed from time to time between Company and
City's Community Planning and Development Director, who shall act in consultation with
the Mayor and City Engineer, as such modifications are deemed necessary or advisable
in coordination with the Economic Development Projects or otherwise.
A. Phase 1. Reconstruct that part of E. 4th Street lying between
Donald Street and a new street designated as Heath Street.
B. Phase 2. Construct a new street, designated as Phillip Caldwell
Drive on the site map attached as Exhibit "D", from Heath Street
south to connection with a new street designated as Buckhart
Street on Exhibit "D", construct Buckhart Street and construct
Heath Street from Logan Avenue to Phillip Caldwell Drive.
C. Phase 3. Remove Logan Street frontage road in its entirety and
close access from Logan Street that lies between McDonald's and
car wash sites.
D. Phase 4. Construct remainder of Heath Street to connection with
E. 4th Street.
2
E. Phase 5. Construct Phillip Caldwell Drive from Heath Street to
Ralston Road and reconstruct Ralston Road from Logan Avenue to
Phillip Caldwell Drive.
F. Phase 6. Construct remainder of Phillip Caldwell Drive from
Buckhart Street to E. 4th Street.
G. Phase 7 (optional). Reconstruct Ralston Road from Phillip Caldwell
Drive to E. 4th Street.
In addition to and concurrently with the phases described above, Company shall
undertake all earthwork, new construction and other improvements required by City for
the Virden Creek drainage project, over and upon lands described on Exhibit "E"
attached hereto (the Drainage Property"). The parties intend the Virden Creek project
to provide additional dirt that Company may use to support development activity in the
Project area. The Company Property, the City Property and the Drainage Property are
collectively referred to as the "Project Property."
3. Improvements by Company. Company shall construct the
improvements described in Section 2 above on the Project Property, including related
water lines, fire hydrants, sanitary sewers, storm sewers, utilities, grading, fill, and earth
work (collectively, the "Improvements"). Company agrees that the Improvements shall
be constructed in accordance with the terms of this Agreement, the Urban Renewal
Plan, and all applicable City, state, and federal building codes and shall comply with all
applicable City ordinances and other applicable law. For each phase, City may require
that Company submit specific designs and site plans for City review and approval.
Company will use its best efforts to obtain, or cause to be obtained, in a timely mariner,
all required permits, licenses and approvals, and will meet, in a timely manner, all
requirements of all applicable local, state, and federal laws and regulations which must
be obtained or met before the Improvements may be lawfully constructed. The parties
agree that the aggregate cost to be incurred by Company in connection with the Project
shall not exceed $12,242,700 (the "Maximum Project Cost"), which the parties have
determined with reference to engineering estimates and other pertinent information.
The City Engineer may authorize changes to the Maximum Project Cost that do not
exceed $100,000 with respect to any given change order that does not require a
modification of the Plans (defined below) and further provided that such change orders
do not increase the Maximum Project Cost by more than $500,000 in the aggregate. In
connection with completion of each phase of Improvements, or if the Plans are modified
as set forth in Section 4, the parties agree to amend this Agreement to adjust the
Maximum Project Cost and, if appropriate, the schedule of Grant payments set forth in
Section 6, to account for all approved change orders or Plan modifications.
4. Construction Plans. Company agrees that it will cause each phase of
the Improvements to be constructed on the Project Property in conformance with
construction plans (the "Plans") that have been submitted to the City. Company agrees
that the scope and scale of the Improvements to be constructed shall not be
3
significantly less than the scope and scale of the Improvements as detailed and outlined
in the Plans.
If any material modification in the scope, scale or nature of the Plans is
proposed, Company shall submit modified Plans (the "Modified Plans") to the City for
review. Modified Plans shall be subject to approval by the City as provided in this
Section. City shall approve the modified Plans in writing if: (a) the Modified Plans
conform to the terms and conditions of this Agreement; (b) the Modified Plans conform
to the terms and conditions of the urban renewal plan; (c) the Modified Plans conform to
all applicable federal, state and local laws, ordinances, rules and regulations and City
permit and design review requirements; (d) the Modified Plans are adequate for
purposes of this Agreement to provide for the construction of the Improvements, and (e)
no Event of Default under the terms of this Agreement has occurred; provided, however,
that any such approval of the Plans or Modified Plans pursuant to this Section shall
constitute approval for the purposes of this Agreement only and shall not be deemed to
constitute approval or waiver by the City with respect to any building, fire, zoning or
other ordinances or regulations of the City, and shall not be deemed to be sufficient
plans to serve as the basis for the issuance of a building permit if the Plans or Modified
Plans are not as detailed or complete as the plans otherwise required for the issuance
of a building permit.
The Modified Plans must be rejected in writing by City within thirty (30) days of
submission or shall be deemed to have been approved by the City. If City rejects the
Modified Plans in whole or in part, Company shall submit new or corrected Modified
Plans within thirty (30) days after receipt by Company of written notification of the
rejection, accomplished by a written statement of the City specifying the respects in
which Company's Modified Plans fail to conform to the requirements of this Section.
The provisions of this Section relating to approval, rejection and resubmission of
corrected Modified Plans shall continue to apply until the Modified Plans have been
approved by the City; provided, however, that in any event Company shall submit
Modified Plans which are approved by City prior to commencement of construction of
the additional or modified Improvements.
Approval of the Plans or Modified Plans by the City shall not relieve Company of
any obligation to comply with the terms and provisions of this Agreement, or the
provision of applicable federal, state and local laws, ordinances and regulations, nor
shall approval of the Plans or Modified Plans by City be deemed to constitute a waiver
of any Event of Default. Approval of Plans or Modified Plans hereunder is solely for
purposes of this Agreement and shall not constitute approval for any other City purpose
nor subject the City to any liability for the Improvements as constructed.
5. Timeliness. Promptly following the parties' execution of this Agreement,
bids shall be obtained and thereafter Company shall enter into contracts (the "Project
Contracts") for the Project work with the lowest responsible bidders, and Company or its
contractors shall commence construction of Improvements within six (6) months after
the date of this Agreement. Company and its contractors shall proceed with the Project
work through its various phases until completion, without suspension, cessation or delay
4
for any reason other than Unavoidable Delay. An "Unavoidable Delay" is any stoppage
or delay of work resulting from an act of God, war, civil disturbance, public health crisis,
government-mandated shutdown, court order, labor dispute, fire, or other cause beyond
the reasonable control of Company. Company shall promptly report to City in writing
the occurrence of any Unavoidable Delay event, including a good-faith estimate of the
anticipated period of Unavoidable Delay. Work shall resume as promptly as practicable
after end of the Unavoidable Delay period.
Inter-party conveyances of property as contemplated by Section 1 shall be made
within sixty (60) days after recording of a subdivision plat that encompasses such real
estate, or otherwise within sixty (60) days after written request from one party to the
other.
6. Grant Payments. Subject to the terms and limitations of this Section, City
shall make to Company series of annual payments (each such payment is a "Grant") as
follows: (a) two payments of$1,000,000.00 each on or before July 1, 2023 and July 1,
2024, and (b) payments of$1,605,000.00 each on or before July 1 of each year starting
July 1, 2025 for a number of years equal to the amortized Actual Project Cost (defined
below) plus interest, divided by $1,605,000.00 and rounded down to the nearest whole
number. After payment of Grants for such number of years, City shall make to
Company a final payment equal to the amortized Actual Project Cost plus interest,
minus the cumulative total of previous Grant payments. The "Actual Project Cost"
means the total documented costs actually incurred by Company under the Project
Contracts, up to and including but not exceeding the Maximum Project Cost. The
parties agree that said payments include interest at the rate stated in Company's
Project financing note with its lender, not to exceed 7.25%. The parties shall amend
this Agreement as required to provide for Grant payments over an amortization period
of approximately 10 years. . Notwithstanding any contrary provision of this Section 6, a
Grant payment shall be subject to downward adjustment to ensure that the total of
payments to Company under this Section 6 does not, as of the date of payment, exceed
the Actual Project Cost as of such date. If, following any such adjustment, the Actual
Project Cost as of the date of the next subsequent payment date exceeds the total of all
Grant payments made prior to and including the Grant payment to be made on or about
such date, the Grant payment for the then-current year may be increased to include any
portion of a Grant payment previously deferred, but not to exceed the Actual Project
Cost as of such date.
7. Limitations on Payment of Grants.
A. Each payment of a Grant is subject to annual appropriation by the
city council each fiscal year. City has no obligation to make any payments to
Company as contemplated under this Agreement until the city council annually
appropriates the funds necessary to make such payments. The right of non-
appropriation reserved to City in this paragraph is intended by the parties, and
shall be construed at all times, so as to ensure that City's obligation to make
future payments of Grants shall not constitute a legal indebtedness of City within
the meaning of any applicable constitutional or statutory debt limitation prior to
5
1.'
the adoption of a budget which appropriates funds for the payment of that
installment or amount. In the event that any of the provisions of this Agreement
are determined by a court of competent jurisdiction or by City's bond counsel to
create, or result in the creation of, such a legal indebtedness of City, the
enforcement of the said provision shall be suspended, and the Agreement shall
at all times be construed and applied in such a manner as will preserve the
foregoing intent of the parties, and no Event of Default by City shall be deemed
to have occurred as a result thereof. If any provision of this Agreement or the
application thereof to any circumstance is so suspended, the suspension shall
not affect other provisions of this Agreement which can be given effect without
the suspended provision. To this end the provisions of this Agreement are
severable.
B. Notwithstanding the provisions of Section 6 hereof, City shall have
no obligation to make a payment of a Grant to Company if at any time during the
term hereof City fails to appropriate funds for payment; City receives an opinion
from its legal counsel to the effect that the use of Tax Increments resulting from
the Project Property and future taxable improvements upon the Project Property
or from other properties in the Urban Renewal Area to fund a Grant payment to
Company, as contemplated under Section 6 above, is not, based on a change in
applicable law or its interpretation since the date of this Agreement, authorized or
otherwise an appropriate urban renewal activity permitted to be undertaken by
City under the Urban Renewal Act or other applicable provisions of the Code, as
then constituted or under controlling decision of any Iowa court having jurisdiction
over the subject matter hereof; or City's ability to collect Tax Increment from the
Project Property and future taxable improvements upon the Project Property or
from other properties in the Urban Renewal Area is precluded or terminated by
legislative changes to Iowa Code Chapter 403. Upon occurrence of any of the
foregoing circumstances, City shall promptly forward notice of the same to
Company. If the circumstances continue for a period during which two (2) annual
Grant payments would otherwise have been paid to Company under the terms of
Section 6, then either party may terminate this Agreement, without penalty or
other liability, by written notice to the other party, and the parties shall then
negotiate a different arrangement to provide for City's payment of development
costs to Company.
C. For purposes of this Agreement, "Tax Increments" shall mean the
property tax revenues on (i) the Project Property and future taxable
improvements thereon and (ii) other properties in the Urban Renewal Area that
are received by and made available to City for deposit in an account maintained
under this Agreement, the provisions of Iowa Code § 403,19 and the ordinance
governing the Urban Renewal Plan.
8. Additional Covenants of Company. In addition to the other promises,
covenants and agreements of Company as provided elsewhere in this Agreement,
Company agrees as follows with respect to each phase of Improvements:
6
A. Company agrees during construction of the Improvements to
maintain builder's risk, property damage, and liability insurance coverages with
respect to the Improvements in such amounts as are customarily carried by like
organizations engaged in activities of comparable size and liability exposure, and
shall provide evidence of such coverages to the City upon request.
B. Until the Improvements are substantially completed, Company shall
make such reports to City, in such detail and at such times as may be reasonably
requested by City, as to the actual progress of Company with respect to
construction of the Improvements.
C. Company will cooperate fully with the City in resolution of any
traffic, parking, trash removal or public safety problems which may arise in
connection with the construction and operation of the Improvements.
D. Company will comply with all applicable land development laws and
•
City and county ordinances, and all laws, rules and regulations relating to its
businesses, other than laws, rules and regulations where the failure to comply
with the same or the sanctions and penalties resulting therefrom, would not have
a material adverse effect on the business, property, operations, or condition,
financial or otherwise, of Company.
E. Company will remain in regular contact with third-party developers
of the Economic Development Projects to advise about the course, status and
plans for construction of the Improvements and will, to the extent feasible,
coordinate Project activities to optimize opportunities for such developer or their
successors to carry on, complete and operate the Economic Development
Projects.
9. Conditions to City Funding.
A. The complete or initial funding of the Grants by City shall be
deemed an agreement of the parties that the applicable conditions to
disbursement of funds shall, as of the date of such funding, have been satisfied
or waived. If the conditions set forth in this Section are not satisfied at a Grant
disbursement date, this Agreement shall terminate unless a new disbursement
date is established by amendment to this Agreement. The termination of this
Agreement shall be the sole remedy available to City or Company if, for whatever
reason, a condition set forth in this Section is not satisfied at a Grant payment
date, it being understood that each party shall nonetheless incur costs and
liabilities prior thereto for which they alone are responsible. City and Company
each expressly assumes all responsibility for the costs and liabilities they may
each so incur prior to a Grant payment date and agree to indemnify and hold
each other harmless therefrom.
B. It is recognized and agreed that the ability of the City to perform the
obligations described in this Agreement, including but not limited to the Grant
7
payments, is subject to completion and satisfaction of certain separate city
council actions and required legal proceedings relating to the creation or
amendment of a tax increment financing (TIF) district, including the holding of
public hearings on the same. Further, all the obligations of City under this
Agreement are subject to fulfillment, on or before each Grant payment date, of
each of the following conditions precedent:
(i) The representations and warranties made by Company in
Section 11 shall be true and correct as of the Grant disbursement date
with the same force and effect as if made at such date.
(ii) Company shall be in material compliance with all the terms
and provisions of this Agreement.
(iii) There has not been, as of the Grant disbursement date, a
substantial change for the worse in the financial resources and ability of
Company, or a substantial decrease in the financing commitments
secured by Company for construction of the improvements, which
change(s) makes it likely, in the reasonable judgment of the City, that
Company will be unable to fulfill its covenants and obligations under this
Agreement.
10. Representations and Warranties of City. City hereby represents and
warrants as follows:
A. City is not prohibited from consummating the transaction
contemplated in this Agreement by any law, regulation, agreement, instrument,
restriction, order or judgment.
B. Each person who executes and delivers this Agreement and all
documents to be delivered hereunder is and shall be authorized to do so on
behalf of City.
11. Representations and Warranties of Company. Company hereby
represents and warrants as follows:
A. Company is not prohibited from consummating the transaction
contemplated in this Agreement by any law, regulation, agreement, instrument,
restriction, order or judgment.
B. Company is duly organized, validly existing, and in good standing
under the laws of the state of its organization and is duly qualified and in good
standing under the laws of the State of Iowa.
C. Company has full right, title, and authority to execute and perform
this Agreement and to consummate all of the transactions contemplated herein,
and each person who executes and delivers this Agreement and all documents
8
to be delivered to City hereunder is and shall be authorized to do so on behalf of
•
Company.
D. The execution and delivery of this Agreement, the consummation of
the transactions contemplated hereby, and the fulfillment of or compliance with
the terms and conditions of this Agreement are not prevented by, limited by, in
conflict with, or result in a violation or breach of, the terms, conditions or
provisions of the articles of organization or bylaws of Company or of any
contractual restriction, evidence of indebtedness, agreement or instrument of
whatever nature to which Company is now a party or by which it or its property is
bound, nor do they constitute a default under any of the foregoing.
E. Assuming due authorization, execution and delivery by the other
parties hereto, this Agreement is in full force and effect and is a valid and legally
binding instrument of Company that is enforceable in accordance with its terms,
except as the same may be limited by bankruptcy, insolvency, reorganization or
other laws relating to or affecting creditors' rights generally.
F. There are no actions, suits or proceedings pending or threatened
against or affecting Company in any court or before any arbitrator or before or by
any governmental body in which there is a reasonable possibility of an adverse
decision which could materially adversely affect the business (present or
prospective), financial position, or results of operations of Company or which in
any manner raises any questions affecting the validity of the Agreement or
Company's ability to perform its obligations under this Agreement.
12. Indemnification and Releases.
A. Company hereby releases City, its elected officials, officers,
employees, and agents (collectively, the "indemnified parties") from, covenants
and agrees that the indemnified parties shall not be liable for, and agrees to
indemnify, defend and hold harmless the indemnified parties against, any loss or
damage to property or any injury to or death of any person occurring at or about
the Project Property in connection with the Project work or resulting from any
defect in the Improvements. The indemnified parties shall not be liable for any
damage or injury to the persons or property of Company or its directors, officers,
employees, contractors or agents, or any other person who may be about the
Project Property or the Improvements, due to any act of negligence or willful
misconduct of any person, other than any act of negligence or willful misconduct
on the part of any such indemnified party or its officers, employees or agents.
B. Except for any willful misrepresentation, any willful misconduct, or
any unlawful act of the indemnified parties, Company agrees to protect and
defend the indemnified parties, now or forever, and further agrees to hold the
indemnified parties harmless, from any claim, demand, suit, action or other
proceedings or any type or nature whatsoever by any person or entity
whatsoever that arises or purportedly arises from (1) any violation of any
9
agreement or condition of this Agreement (except with respect to any suit, action,
demand or other proceeding brought by Company against the City to enforce its
rights under this Agreement), or (2) the acquisition and condition of the Project
Property and the construction, installation, ownership, and operation of the
Improvements, or (3) any hazardous substance or environmental contamination
located in or on the Project Property, but only to the extent such liability has not
been previously transferred to and accepted by the City in writing.
C. The provisions of this Section shall survive the expiration or
termination of this Agreement.
13. Obligations Contingent. Each and every obligation of City under this
Agreement is expressly made subject to and contingent upon City's completion of all
procedures, hearings and approvals deemed necessary by City or its legal counsel for
amendment of the urban renewal plan applicable to the Project Property and/or project
area, all of which must be completed within 120 days from the date this Agreement is
approved by the City council. If such completion does not occur, then any conveyance,
benefit or incentive of any type provided by City hereunder within said 120-day period is
subject to reverter of title, revocation, repayment or other appropriate action to restore
such property, benefit or incentive to City, and Company agrees to cooperate diligently
and in good faith with any reasonable request by City to effectuate the restoration of
same, or failing such restoration Company agrees to be liable for same or for the fair
value thereof, plus interest on any sums owing at the rate of 5% per annum
commencing with the date of demand for payment, if said payment is not remitted to
City within 30 days.
14. No Assignment or Conveyance. Company agrees that it will not sell,
convey, assign or otherwise transfer its interest in the Project Property prior to
completion of the Project, whether in whole or in part, to any other person or entity
without the prior written consent of City. Reasonable grounds for the City to withhold its
consent shall include but are not limited to the inability of the proposed transferee to
demonstrate to the City's satisfaction that it has the financial ability to observe all of the
terms to be performed by Company under this Agreement. Notwithstanding the
foregoing, Company may assign, for security or otherwise, its right to receive grant
payments to a lender providing financing for the Project.
15. Default. The following shall be "Events of Default" under this Agreement,
and the term "Event of Default" shall mean any one or more of the following events that
continues beyond any applicable cure periods:
A. Failure by Company to cause the construction of the Improvements
to be commenced and completed pursuant to the terms, conditions and
limitations of this Agreement;
B. Transfer by Company of any interest (either directly or indirectly) in
the Improvements, any part of the Project Property, or this Agreement, without
the prior written consent of City, except that Company may convey to a third-
10
a
party developer any of the lots indicated as a numbered lot on the site map
attached here to as Exhibit "D", except any portion thereof that is or may be the
subject of a required conveyance to City under this Agreement;
C. Failure by Company to pay, before delinquency, all ad valorem
property taxes levied on or against any of the Project Property;
D. Failure by any party hereto to substantially observe or perform any
covenant, condition, obligation or agreement on its part to be observed or
performed under this Agreement;
E. Company (1) files any petition in bankruptcy or for any
reorganization, arrangement, composition, readjustment, liquidation, dissolution,
or similar relief under the federal bankruptcy law or any similar state law; (2)
makes an assignment for the benefit of its creditors; (3) admits in writing its
inability to pay its debts generally as they become due; (4) is adjudicated a
bankrupt or insolvent; or if a petition or answer proposing the adjudication of
Company as a bankrupt or its reorganization under any present or future federal
bankruptcy act or any similar federal or state law shall be filed in any court and
such petition or answer shall not be discharged or denied within ninety (90) days
after the filing thereof; or a receiver, trustee or liquidator of Company, or part
thereof, shall be appointed in any proceedings brought against Company and
shall not be discharged within ninety (90) days after such appointment, or if
Company shall consent to or acquiesce in such appointment; or (5) defaults
under any mortgage applicable to any of Project Property.
F. Any representation or warranty made by Company in this
Agreement, or made by Company in any written statement or certificate furnished
by Company pursuant to this Agreement, shall prove to have been incorrect,
incomplete or misleading in any material respect on or as of the date of the
issuance or making thereof.
16. Remedies.
A. Default by Company. Whenever any Event of Default in respect of
Company occurs and is continuing, the City may terminate this Agreement.
Before exercising such remedy, City shall give 30 days' written notice to
Company of the Event of Default, provided that by the conclusion of such period
the Event of Default shall not have been cured, or the Event of Default cannot
reasonably be cured within 30 days and Company shall not have provided
assurances reasonably satisfactory to the City that the Event of Default will be
cured as soon as reasonably possible. Upon termination, City may exercise any
and all remedies available at law, equity, contract or otherwise for recovery of
any sums paid by City to Company before the date of termination or to recover
ownership of the Project Property or portion thereof as set forth in this
Agreement.
11
B. Default by City. Whenever any Event of Default in respect of
Company occurs and is continuing, Company may take such action against City
to require it to specifically perform its obligations hereunder. Before exercising
such remedy, Company shall give 30 days' written notice to City of the Event of
Default, provided that by the conclusion of such period the Event of Default shall
not have been cured, or if the Event of Default cannot reasonably be cured within
30 days and City shall not have provided assurances reasonably satisfactory to
the Company that the Event of Default will be cured as soon as reasonably
possible.
C. Remedies under this Agreement shall be cumulative and in addition
to any other right or remedy given under this Agreement or existing at law or in
equity or by statute. Waiver as to any particular default, or delay or omission in
exercising any right or power accruing upon any default, shall not be construed
as a waiver of any other or any subsequent default and shall not impair any such
right or power.
17. Materiality of Company's Promises, Covenants, Representations,
and Warranties. Each and every promise, covenant, representation, and warranty set
forth in this Agreement on the part of Company to be performed is a material term of
this Agreement, and each and every such promise, covenant, representation, and
warranty constitutes a material inducement for City to enter this Agreement. Company
acknowledges that without such promises, covenants, representations, and warranties,
City would not have entered this Agreement. Upon breach of any promise or covenant,
or in the event of the incorrectness or falsity of any representation or warranty, City
may, at its sole option and in addition to any other right or remedy available to it,
terminate this Agreement and declare it null and void.
18. Performance by City. Company acknowledges and agrees that all of the
obligations of City under this Agreement shall be subject to, and performed by City in
accordance with, all applicable statutory, common law or constitutional provisions and
procedures consistent with City's lawful authority. All covenants, stipulations, promises,
agreements and obligations of City contained in this Agreement shall be deemed to be
the covenants, stipulations, promises, agreements and obligations of City and not of any
governing body member, officer, employee or agent of City in the individual capacity of
such person.
19. No Third-Party Beneficiaries. No rights or privileges of any party hereto
shall inure to the benefit of any contractor, subcontractor, material supplier, or any other
person or entity, and no such contractor, subcontractor, material supplier, or other
person or entity shall be deemed to be a third-party beneficiary of any of the provisions
of this Agreement.
20. Notices. Any notice under this Agreement shall be in writing and shall be
delivered in person, by overnight air courier service, by United States registered or
certified mail, postage prepaid, or by facsimile (with an additional copy delivered by one
of the foregoing means), and addressed:
12
(a) if to City, at 715 Mulberry Street, Waterloo, Iowa 50703, facsimile
number 319-291-4571, Attention: Mayor, with copies to the City Attorney and the
Community Planning and Development Director.
(b) if to Company, at 808 Dearborn Avenue, Waterloo, IA, 50703,
Attention: Benjamin Stroh, with copy to Eric Johnson, Beecher Law Firm, 620
Lafayette Street, Waterloo, Iowa 50703.
Delivery of notice shall be deemed to occur (i) on the date of delivery when delivered in
person, (ii) one (1) business day following deposit for overnight delivery to an overnight
air courier service which guarantees next day delivery, (iii) three (3) business days
following the date of deposit if mailed by United States registered or certified mail,
postage prepaid, or (iv) when transmitted by facsimile so long as the sender obtains
written electronic confirmation from the sending facsimile machine that such
transmission was successful. A party may change the address for giving notice by any
method set forth in this Section.
21. No Joint Venture. Nothing in this Agreement shall, or shall be deemed or
construed to, create or constitute any joint venture, partnership, agency, employment, or
any other relationship between the City and Company nor to create any liability for one
party with respect to the liabilities or obligations of the other party or any other person.
22. Amendment, Modification, and Waiver. No amendment, modification,
or waiver of any condition, provision, or term of this Agreement shall be valid or of any
effect unless made in writing, signed by the party or parties to be bound or by the duly
authorized representative of same, and specifying with particularity the extent and
nature of the amendment, modification, or waiver. Any waiver by any party of any
default by another party shall not affect or impair any rights arising from any subsequent
default.
23. Severability; Reformation. Each provision, section, sentence, clause,
phrase, and word of this Agreement is intended to be severable. If any portion of this
Agreement shall be deemed invalid or unenforceable, whether in whole or in part, the
• offending provision or part thereof shall be deemed severed from this Agreement and
the remaining provisions of this Agreement shall not be affected thereby and shall
continue in full force and effect. If, for any reason, a court finds that any portion of this
Agreement is invalid or unenforceable as written, but that by limiting such provision or
portion thereof it would become valid and enforceable, then such provision or portion
thereof shall be deemed to be written, and shall be construed and enforced, as so
limited.
24. Captions. All captions, headings, or titles in the paragraphs or sections of
this Agreement are inserted only as a matter of convenience and/or reference, and they
shall in no way be construed as limiting, extending, or describing either the scope or
intent of this Agreement or of any provisions hereof.
13
25. Interpretation. This Agreement shall not be construed more strictly
against one party than against the other merely by virtue of the fact that it may have
been prepared by counsel for one of the parties, it being recognized that the parties
hereto and their respective attorneys have contributed substantially and materially to the
preparation of each and every provision of this Agreement.
26. Binding Effect. This Agreement shall be binding and shall inure to the
benefit of the parties and their respective successors, assigns, and legal
representatives.
27. Counterparts. This Agreement may be executed in multiple counterparts,
each of which shall be deemed an original and all of which, taken together, shall
constitute one and the same instrument.
28. Entire Agreement. This Agreement, together with the exhibits attached
hereto, constitutes the entire agreement of the parties and supersedes all prior or
contemporaneous negotiations, discussions, understandings, or agreements, whether
oral or written, with respect to the subject matter hereof.
29. Time of Essence. Time is of the essence of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Infrastructure
Development Agreement by their duly authorized representatives as of the date first set
forth above.
CITY OF WATERLOO, IOWA NORTH OSSI „ L
By: � � By: ! �---
Quentin M. Hart, Mayor enjami f . Stroh, Manager
Attest: Kelkey ‘Fe[chte
Kelley Felchle, City Clerk
14
EXHIBIT "A"
Description of Company Property
Parcel 8913-12-376-020: North 699.2 feet of the East 769 feet of the West 802 feet of the SE
1/4 of the SW 1/4 of Section 12, Township 89 North, Range 13 West of the 5th P.M., Black
Hawk County, Iowa, except the South 102 feet thereof.
Parcel 8913-12-351-027: Tract A, North Crossing Addition.
Parcel 8913-12-351-030: Lot 1, North Crossing 2"1 Addition.
EXHIBIT "B"
Description of City Property
Parcel 8913-12-326-003: Parcel "G" of Plat of Survey Doc. #2008-10309 of part of the NE'/
SW%% of Section 12, Township 89 North, Range 13 West of the 5th P.M., Black Hawk County,
Iowa.
Parcel 8913-12-301-009: All that part of the Northwest Quarter of the Southwest Quarter of
Section 12, Township 89 North, Range 13 West of the 5th P. M., Black Hawk County, Iowa,
lying South of the Ralston Road as established by 420 Deeds 475 except the North 120 feet of
the South 136 feet of the West 363 feet thereof and except the East 33 feet thereof and except
that part thereof conveyed to the State of Iowa in 547 LD 447 and further except Parcel "D" of
Plat of Survey Doc. #2003-05489 and further except that part lying within North Crossing
Addition in the City of Waterloo, Black Hawk County, Iowa.
AND
Lot 1, Menard-Logan Plaza Minor Plat, Black Hawk County, Iowa recorded in Doc.
#2008-07262 and being a part of the Southwest Quarter of the Southwest Quarter of Section
12, Township 89 North, Range 13 West of the 5th P.M., Black Hawk County, Iowa, except that
part lying within North Crossing Addition in the City of Waterloo, Black Hawk County, Iowa.
EXHIBIT"C"
Inter-Party Conveyances
Planned Conveyances from Company to City:
1. That part of future Tract C to be platted in North Crossing 3rd Addition, lying south of the
north line of the SE 1/4 of the SW 1/4 of Section 12, Township 89 North, Range 13 West of
the 5th P.M., Black Hawk County, Iowa, containing approximately 4.92 acres.
2. An area described approximately as the east 73 feet of the north 547.65 feet of Lot 1, North
Crossing 2dd Addition, except the north 70 feet thereof, containing approximately 0.798
acres. This area is identified as the westerly 73 feet of Lots 6 and 9 on the site map
attached to the Agreement as Exhibit"D".
Planned Conveyances from City to Company:
1. An area described approximately as the north 895 feet of the west 520 feet of that part of
the NW 1/4 of the SW 1/4 Section 12, Township 89 North, Range 13 West of the 5th P. M.,
Black Hawk County, Iowa, lying South of Ralston Road, containing approximately 9.11
acres. This area is identified as Lots 13-20 on the site map attached to the Agreement as
Exhibit "D",
2. That part of future Lot 2 to be platted in North Crossing 3rd Addition, lying north of the north
line of the SE 1/4 of the SW 1/4 of Section 12, Township 89 North, Range 13 West of the
5th P.M., Black Hawk County, Iowa, containing approximately 0.472 acres
•
EXHIBIT "D"
Site Map
See attachment.
•
•
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EXHIBIT "E"
Virden Creek Project Property
Parcel 8913-12-151-027: A part of the SW 1/4 NW 1/4 Section 12, T-89-N, R-13-W of the Fifth
Principal Meridian, Black Hawk County being more particularly described as follows:
Commencing at the SE cor. SW 1/4 NW 1/4 corner of said Section 12; thence N00°48'37"W,
along the East line of the SW 1/4 NW 1/4 of said Section, 997.69 feet to the point of beginning.
Thence S89°44'18"W, 987.60 feet; thence N00°43'12"W, 100.00 feet; thence S89°45'02"W,
130.00 feet; thence S89°56'55"W, 110.17 feet; to the East right of way line of Logan
Avenue/U.S. Highway 63; thence N25°18'44"W, along said right of way, 54.74 feet; thence
N89°44'21"E, 1250.30 feet to the said East line SW 1/4 NW 1/4; thence S00°48'37"E, along said
East line, 150.01 feet to the point of beginning.
Parcel 8913-12-176-005: A part of the SE %4 NW V4 and NE '/4 SW' Section 12, Township
89 North, Range 13 West of the Fifth Principal Meridian, Black Hawk County, being more
particularly described as follows: Beginning at the SW corner, SE %4 NW '/4 of said Section 12;
thence N 00°48'37"W, along the West line SE '/4 NW%of said Section, 1147.69 feet; thence
N89°44'21" E, 233.01 feet; thence S00°48`37"E, 1699.87 feet; thence N89°6'50"W, 198.88 feet;
thence NOO°55'45"W, 550.97 feet to the North line NE '/ SW' of said Section; thence
S89°57'56"W, along said North Line, 33.00 feet to the point of beginning.
Parcel 8913-12-326-005: A part of the NE' SW%4 Section 12, Township 89 North, Range 13
West of the Fifth Principal Meridian, Black Hawk County, being more particularly described as
follows: Commencing at the S% corner of said Section 12; thence N00°53'50"W along the East
line of SW% of the said Section 12, 1846.97 feet to the point of beginning; thence N65°38'15"W,
294.10 feet; thence N89°56'50"W to the East Right of Way of E. 4th Street, 1032.27 feet, thence
N00°55'45"W, along said East Right of Way, 100.01 feet; thence S89°56'50"E, to the East line
of the NE' SW%4 of said Section, 1298,33 feet; thence S00°53'S0"E, along said East line,
221.10 feet to the point of beginning.
Parcel 8913-12-401-002: A permanent easement over and upon the following property owned
by Alcorn: A part of the West 15 acres of the S1/2 of the NW%of the SE% of Section 12,
Township 89 North, Range 13 West of the 5th P.M., Black Hawk County, Iowa, being more
particularly described as follows: Commencing at the S% corner of said Section 12; thence N
00°53'50"W along the West line of the SE' of said Section 12, 1835.74 feet to the point of
beginning; thence N 00°53'50" W continuing along said West line, 99.69 feet; thence S
65°38'15" E, 96.54 feet; thence S 89°53'58" E, 910.27 feet to a point on the East line of the
West 15 acres of the S%of the NW'/ of the SE%of said Section; thence S 00°52'33" E along
said East line, 60.01 feet; thence N 89°53'58"W, 997.57 feet to the point of beginning.
Parcel identified as Tract D on site map.
EXHIBIT "F"
Economic Development Projects
The public infrastructure improvements are proposed for construction in support of
several planned development project and for additional future projects not yet identified.
As of the date of the Agreement, development projects planned and proposed for the
project area include the following elements:
A. More than $37 million in expected investment costs
B. Over 98,000 square feet of new residential and commercial business space
C. At least 100 new jobs are estimated to be created by the projects after
commencement of operations, in an area that is economically depressed and in
need of new investment and opportunities
D. Proposed subdivisions will create 20 new buildable lots to be served by new
infrastructure or improvements to existing infrastructure.
Development projects anticipated for the project area, as of the date of the Agreement,
include the following, all of which would materially benefit from the public improvements
to be constructed pursuant to the Agreement:
1. Childcare facility of approximately 15,000 square feet on 2.76 acres, with
estimated investment cost of$2.4 million, to be completed by December 2023.
2. Senior activity center of approximately 9,000 square feet on 3.36 acre, with
estimated investment cost of$1.7 million, to be completed by December 2024.
3. 180-unit residential complex of over 74,000 square feet on 10.78 acres, with
estimated investment cost of$33 million, to be completed by December 2024.
4.