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HomeMy WebLinkAboutDeer Creek DevelopmentAmendment to Development Agreement-07.07.2008 (ui,,(2,e ) : 2-?- 8' AMENDMENT TO DEVELOPMENT AGREEMENT This Amendment to Development Agreement (the "Amendment") is entered into as of `] , 2008, by and between the City of Waterloo, Iowa ("City") and Deer CreekODevelopment, LLC ("Company"). RECITALS A. Company and City are parties to a certain Development Agreement entered into as of , 2006 (the "Agreement"). The Agreement provided for certain grants to be made by City to Company from specific tax revenues generated by the Property (as defined in the Agreement). B. Due to special circumstances, the parties desire to amend the Agreement to make an exception for a specific project, such that no grant will be made to Company from tax revenues generated by the part of the Property on which such project will be carried out. NOW, THEREFORE, in consideration of the mutual promises set forth herein, the parties hereby agree as follows: 1. The parties hereby agree that the project for development of a new facility for Craft-Cochran (Corstang Enterprises L.L.C.) in the Property area, on land that Craft- Cochran will purchase from Company (the "CC Parcel"), will constitute an exception to the provisions of Section 3 of the Agreement. Company will have no right or entitlement, and Company hereby expressly waives and releases same, to claim or receive any share of tax revenues produced by the CC Parcel at any time. 2. Except as modified herein, the Agreement shall continue in full force and effect. The Agreement 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. Deer Creek Development, LLC City of Waterloo, Iowa By: Harold L. Y n lut, Manager Timothy J. ur y, Mayor B : Nancy Eckert, City Clerk Legal Description: Craft Cochran Lot No. 2 of Greenbelt Centre Plat No. 2, all in the City of Waterloo, Black Hawk County, Iowa.