HomeMy WebLinkAboutContemporary Urban Development, LLC-Development Agreement-12.08.2008 • e- 6 k
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DEVELOPMENT AGREEMENT
This Agreement is made and entered into this day of OG 2008, by
and between Contemporary Urban Development L.L.C. hereafter called Developer, and the City
of Waterloo, Iowa, hereinafter called City.
WHEREAS, City considers development within the City a benefit to the community and is
willing for the total good and welfare of the community to sell city-owned property not needed for
current or future public purposes so as to encourage that goal, and
WHEREAS, Developer is willing and able to build a parking lot on property, legally
described on attached Exhibit"A", and
WHEREAS, said building of parking lot shall be completed within a 1-year period by
Developer, and
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS
HEREINAFTER CONTAINED, Developer and City agree as follows:
1. The City agrees to transfer property, as legally described, for $3,600 plus costs. The
City shall convey, or cause to be conveyed, the property by Quit Claim Deed.
2. Developer builds a�parkin lot, on th property to be conveyed, and take out
necessary permits s '84herio t. Said
parking lot shall be constructed in accordance with all applicable City, State, and
Federal building codes and be in compliance with all applicable city ordinances.
3. Developer must obtain a building permit and •
and be completed within twelve (12) months to meet
requirements If, after transfer of the property by the City to developer, construction is
not commencing in accordance with the attached schedule as described, the title to
the real estate will revert to City of Waterloo, free of any liens, encumbrances, etc.
against said property. Developer agrees to sign all necessary documents for said
reversion. if con ;
, 'ity cou e
rng Cot. Partial
start of development, not in accordance with the requirement to construct a parking
lot within a one-year period will also initiate the above requirement for reversion of
land or full payment, as previously described.
4. After Developer's completion of parking lot, as previously described, any and all
reversion rights granted to City, relating to any or all of the property described in
Exhibit"A" shall terminate.
5. NOTICE: All notices, request, and other communication permitted or required herein
shall be in writing and hall be effective when delivered to the addressee in person or
when sent to such address by United States registered or certified mail, return receipt
requited, postage prepaid, or by hand delivery, or fax, addressed as follows:
For the City:
Mayor Tim Hurley
City Hall
715 Mulberry Street
Waterloo, Iowa 50703
With copy to City Planner
For Developer:
Roosevelt Roby/DBA-Contemporary Urban Development
1509 Commercial Street
Waterloo, Iowa 50702
6. SUCCESSORS AND ASSIGNS: This Agreement shall be binding upon the
successors and assigns of Developer.
7. IN WITNESS WHEREOF, the parties have executed this Agreement the date and
^year written above.
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By: �vn..�e.,� 7 C
oosevelt Roby Date
Contemporary Urban Development
CITY OF WATERLOO, IOWA
By: /.2 - - O '
Tim Hurley, Mayor Date
ATTEST:
/ 0
Nancy cke ity Clerk Date
City of Waterloo Planning&Zoning Department
715 Mulberry Street,Waterloo,Iowa 50703
(319)291-4366
0 Offer to Vacate and Purchase City Right-of-Way
❑ le of Request to Vacate Easement or Encroachment A reeme
Ul-Sc City-Owned Property Agreement
Applicant: — Q 0 41
'address: � j (� � Phone No.:
General Description of Property to Vacated(i.e.-alley between A St.&B St.,South of C St.):
Legal description of area to be conveyed, vacated,or encroached:
1. A non-refundable filing fee(s)shall be made as follows(checks payable to City of Watrlo
• Right-of-way vacation-One Hundred Dollar($100.00)Filing Fee °)
• Easement vacation or Encroachment-Fifty Dollar($50.00)Filing Fee
• Sale of city-owned property not required to be vacated-No Fee
• Any request not meeting the Sale of Property Policy-One Hundred Dollar($100.00)Fee
2. Offer Price*[Note:If the offer price meets the Sale of Pro
required to be reviewed by the Building&Grounds Committee.]Policy(see attached)the request will not be
• Asking price(see attached Sale of Prop
erty Policy for how calculated): 3 6,o�
• Deductions
• May decrease price by 50%for area located within an easement:
• May decrease price for the City tax that will be collected on
the land within 5 yrs(8 yrs inside of the CURA):
• Costs(surveying&misc.,demolition,remove of curbs,etc):
Asking price-Deductions=Value of Property:
Offer Price for Entire eArea:
Note: The above information is a summary of the Sale of Property Policy(see attached). All requests to vacate and purchase
City right-of-way must be accompanied by a signed"Intent to Vacate"form for each abutting P Y
Any request that fails to meet the Sale of Property Policy shall not be forwarded to the Building and Grounds Committee or City
Council.Any such applicant shall need to request review to Building and Grounds through a City Council member.
3. Publication and Recording Fees*: At the time a buyer(s)has been selected, all publication costs and
recording fees must be paid by the applicant. Applicant shall be responsible for collecting from other bu
4. Easement*: The following easement shall be retained: yers.
t
8. Other: Please provide a site plan and/or aerial photo of the area to be vacated if the r
additional construction as the reason for the request. equest involves
Applicant ( V / - ��.
e ll Date
* cv--1r
_- -_,....
Not required for easement vacates or Encroachment Agree nts
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