HomeMy WebLinkAboutGearhart Moore Holdings - Amendment to DA - 6.3.2024Preparer
Information: Christopher S. Wendland, PO Box 596, Waterloo, Iowa 50704 (319) 234.5701
Name Address City Phone
SPACE ABOVE THIS LINE
FOR RECORDER
AMENDMENT TO DEVELOPMENT AGREEMENT
AND AMENDMENT TO MINIMUM ASSESSMENT AGREEMENT
This Amendment to Development Agreement and Amendmpt to Minkum
Assessment Agreement (the "Amendment') is entered into as of M , 2024,
by and between Gearhart Moore Holdings, LLC (the "Company") and t e City of
Waterloo, Iowa (the "City").
RECITALS
A. Company and City are parties to a certain Development Agreement dated
April 15, 2024 (the "DA"), concerning the development of land (the
"Property") described on Exhibit "A" to the DA. Company and City are
also parties to that certain Minimum Assessment Agreement (the "MAA")
pertaining to the Property, dated as of the same date as the original DA.
B. The DA contemplated that Company might assign its interest in the DA
and the MAA to a different entity for project purposes, and Company
desires to make an assignment in connection with an application for low-
income housing tax credits.
C. The parties desire to amend the DA and the MAA to modify the terms
thereof as set forth in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties agree as follows:
1. The DA and the MAA are hereby amended to substitute 1515 Sycamore,
LLC as "Company" in lieu of Gearhart Moore Holdings, LLC. 1515 Sycamore, LLC does
hereby agree to all terms, conditions, and covenants of Company under the DA and the
MAA as though 1515 Sycamore, LLC were an original party thereto, and 1515
Sycamore does hereby assume all duties of Company thereunder. Gearhart Moore
Holdings, LLC is hereby released from further obligation under the DA and the MAA and
hereby waives any and all right, title, interest or claim in or to the Property or any benefit
flowing to Company under the DA or the MAA. City does hereby consent to the
foregoing assignment and assumption.
2. Except as modified herein, the DA and MAA 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 or MAA, as
applicable. The DA, MAA, 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 and Amendment to Minimum Assessment Agreement by their
duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA GEARHART MOORE HOLDINGS, LLC
By: Quetz- uz 9ir
Quentin Hart, Mayor
Approved by council 6/3/2024
Attest: N1elley Felchle
Kelly Felchle, City Clerk
By:
Charles Moore, Manager
1515 SYCA ,S 'fir , LLC
By:
Sam ��f'son, Manager