HomeMy WebLinkAboutWaterloo Development Corp - Amendment to Development Agreement - 4.1.2024Prepared by Christopher S. Wendland, P.O. Box 596. Waterloo, IA 50703. 319-234-5701
AMENDMENT TO DEVELOPMENT AGREEMENT
Thiz primp ondment to Development Agreement (the "Amendment") is entered into
as of , 2024 by and between Waterloo Development Corporation (the
"Company") and the City of Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to that certain Development Agreement
dated September 5, 2023 (the "DA"), concerning the development of
property as described in the Agreement, filed in the land records of Black
Hawk County as Doc. No. 2024-11174.
B. The parties desire to 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. The first paragraph of Section 6 of the Agreement is hereby amended to
strike $2,895,704.00 as the figure for the anticipated budget and to substitute
$3,163,958.50 in its place. Said paragraph is further amended to strike $2,695,704.00
as the Grant maximum and to substitute $2,963,958.50 in its place. The parties agree
that the amended figures are derived from a spreadsheet from Peters Construction
Corporation dated 3/7/2024 that itemizes additional costs and cost adjustments.
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.
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.
Page 2
CITY OF WATERLOO, IOWA
By: 62CCe%th z 914rt
Quentin M. Hart, Mayor
Attest: �2lley Felchle
Kelley Felchle, City Clerk
WATERLQ.. DEVELOPMENT
CO RAT ON
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