HomeMy WebLinkAboutCedar Valley Techworks-Cooperative Development Agreement-08.06.2007 (ry,e4P g-G- o1
COOPERATIVE DEVELOPMENT AGREEMENT
This Cooperative Development Agreement (the "Agreement") is entered into as of
/9z . sT C , 2007, by and between Cedar Valley Tech Works, Inc. ("CVTW") and the
City�f Waterloo, Iowa("City").
RECITALS
A. CVTW is the owner of a tract of real property in the City of Waterloo that is
intended for and currently undergoing significant redevelopment, including but
not limited to demolition and clearing of former manufacturing facilities and
repurposing of the area for a business incubator and development campus.
B. The redevelopment project contemplates the relocation of part of an existing
street and construction of a new street, as well as related public infrastructure
improvements.
C. The parties desire to cooperate for mutual advantage on the terms set forth herein,
to achieve their respective development objectives.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises exchanged herein, and for
other consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
agree as follows:
1. CVTW Responsibility. CVTW agrees to pay to City the sum of$1,425,000, to be
used by City to defray the costs of reasonable and necessary public infrastructure improvements
in the area bounded by and lying within the area platted by CVTW as TechWorks Addition, a
subdivision of the City of Waterloo, Iowa. Said improvements are contemplated to include, but
are not necessarily limited to, a stormwater pumping station, storm sewer conduit and related
facilities, and public streets. CVTW will make said payment to City in a lump sum or in
installments within thirty (30) days following written request from City, although City shall use
best efforts, as reasonable in the circumstances, to inform CVTW of expected payment needs and
timing as early as possible. If the grant described in Section 2 below is not approved, then this
donation will be terminated unless other terms are negotiated between the parties.
2. City Responsibility. City agrees to diligently cooperate with CVTW in
connection with a project grant from the Economic Development Administration of the U.S.
Department of Commerce ("EDA"). CVTW will use the EDA grant in the amount of
$1,600,000 to defray the costs of rehabilitating and repurposing a structure on the TechWorks
campus known to the parties as the "R building".
3. Notices. Any notice under this Agreement shall be in writing and shall be
delivered in person or by United States registered or certified mail,postage prepaid and
addressed:
CVTW CITY
Cedar Valley Tech Works, Inc. City of Waterloo, Iowa
10 W. 4th Street, Suite 310 715 Mulberry Street
Waterloo, Iowa 50701 Waterloo, Iowa 50703
Attn: Steven J. Dust Attn: Donald J. Temeyer
Delivery of notice shall be deemed to occur (i) on the date of delivery when delivered in person,
or (ii) three (3) business days following the date of deposit if mailed by United States registered
or certified mail, postage prepaid.
4. Miscellaneous Provisions. This Agreement is binding upon and shall inure to the
benefit of the parties and their respective successors and assigns. This Agreement is the entire
agreement between the parties pertaining to the subject matter hereof and supersedes all prior
understandings or agreements relating to the subject matter hereof, whether oral or written, and this
Agreement may not be modified except by the mutual written agreement of both parties. Time is
of the essence of this Agreement.
IN WITNESS WHEREOF, the parties have executed this Cooperative Development
Agreement by their duly authorized representatives as of the date first set forth above.
CEDAR VALLEY TECH WORKS, INC. CITY OF WATERLOO, IOWA
By: j?,.... ) By:Steven J. ust, President TimothyJ. e Ma
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Atte . raCtj-
Nancy Eckert 'ty Clerk
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