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HomeMy WebLinkAboutDeer Creek Development - Amendment No. 6 to Dev Agmnt (RECORDED)- 11.6.20231111 i 1111 i i i Doc ID. 012043060002 Type GEN Recorded: 12/01/2023 at 03:24:31 PM Fee Amt: $12.00 Pape 1 of 2 Black Hawk County Iowa SANDIE L. SMITH RECORDER Fi1e2024-00007212 Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50704 Phone (319) 234-5701 SIXTH AMENDMENT TO DEVELOPMENT AGREEMENT This Sixth Amendment to Development Agreement (the "Amendment') is entered into as of 1\J f , 2023, by and between the City of Waterloo, Iowa ("City") and Deer Creek Development, LLC ("Company"). RECITALS A. Company and City are parties to a certain Development Agreement entered into as of October 13, 2006 and recorded October 2, 2015 as Doc. No. 2016-6465, subsequently amended by amendments dated as of July 7, 2008, March 14, 2011, August 15, 2016, February 12, 2018 and August 7, 2023 (collectively, the "Agreement"). The Agreement provided for certain grants to be made by City to Company from specific tax revenues generated by the Property in connection with specified development activities. B. The parties desire to include among the grant payments under the Agreement an amount to cover the purchase of an area identified as parcel no. 8813-06-401-009 and legally described as Lot 4, Greenbelt Centre Plat No. 7, City of Waterloo, Iowa (the "Property"). The purchase price for the Property is $4.00 per square foot, yielding a price of $286,148.00 (the "Lot 4 Purchase Price"). By this Amendment, City is paying said sum to Company as an incentive for potential future development. The parties desire to further amend the Agreement on the terms set forth herein. NOW, THEREFORE, in consideration of the mutual promises set forth herein, the parties hereby agree to amend the Agreement as follows: 1. Section 3 of the Agreement is hereby amended to provide that, in addition to any other amounts that may be payable under the Agreement, City shall pay Company the total sum of $286,148.00 (i.e., the Lot 4 Purchase Price) in semi-annual development grant payments as set forth in Paragraph 3.A, until said sum has been paid in full. 2. Concurrently with execution of this Amendment, the parties shall enter into a Real Estate Purchase Agreement that prescribes the terms and conditions with respect to Company's sale of the Property to City. 3. Except as modified herein, the Agreement shall continue in full force and effect. The Agreement, as amended by all prior amendments and this Amendment, shall inure to the benefit of and be binding upon the parties and their respective successors and assigns. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement. IN WITNESS WHEREOF, the parties have executed this Sixth Amendment to Development Agreement by their duly authorized representatives as of the date first set forth above. Deer Creek Development, LLC City of Waterloo, Iowa By: Harold lut, Manager 2 By: Quetz z Quentin Hart, Mayor By: Kelley Eelch[e Kelley Felchle, City Clerk Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50704 Phone (319) 234-5701 SIXTH AMENDMENT TO DEVELOPMENT AGREEMENT This Sixth Amendment to Development Agreement (the "Amendment") is entered into as of Nor , 2023, by and between the City of Waterloo, Iowa ("City") and Deer Creek Development, LLC ("Company"). RECITALS A. Company and City are parties to a certain Development Agreement entered into as of October 13, 2006 and recorded October 2, 2015 as Doc. No. 2016-6465, subsequently amended by amendments dated as of July 7, 2008, March 14, 2011, August 15, 2016, February 12, 2018 and August 7, 2023 (collectively, the "Agreement"). The Agreement provided for certain grants to be made by City to Company from specific tax revenues generated by the Property in connection with specified development activities. B. The parties desire to include among the grant payments under the Agreement an amount to cover the purchase of an area identified as parcel no. 8813-06-401-009 and legally described as Lot 4, Greenbelt Centre Plat No. 7, City of Waterloo, Iowa (the "Property"). The purchase price for the Property is $4.00 per square foot, yielding a price of $286,148.00 (the "Lot 4 Purchase Price"). By this Amendment, City is paying said sum to Company as an incentive for potential future development. C. The parties desire to further amend the Agreement on the terms set forth herein. NOW, THEREFORE, in consideration of the mutual promises set forth herein, the parties hereby agree to amend the Agreement as follows: 1. Section 3 of the Agreement is hereby amended to provide that, in addition to any other amounts that may be payable under the Agreement, City shall pay Company the total sum of $286,148.00 (i.e., the Lot 4 Purchase Price) in semi-annual development grant payments as set forth in Paragraph 3.A, until said sum has been paid in full. 1 2. Concurrently with execution of this Amendment, the parties shall enter into a Real Estate Purchase Agreement that prescribes the terms and conditions with respect to Company's sale of the Property to City. 3. Except as modified herein, the Agreement shall continue in full force and effect. The Agreement, as amended by all prior amendments and this Amendment, shall inure to the benefit of and be binding upon the parties and their respective successors and assigns. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement. IN WITNESS WHEREOF, the parties have executed this Sixth Amendment to Development Agreement by their duly authorized representatives as of the date first set forth above. Deer Creek Development, LLC By: J/ , Harold L. lut, Manager 2 City of Waterloo, Iowa 62ttet iiz Sri By: si�NEo Quentin Hart, Mayor By: Kerley rFelch[e sIGNEO Kelley Felchle, City Clerk