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Home My WebLink AboutHurst Holding Co., Inc.-Development Agreement-09.08.2009 9415. IZc® 44-0. ddl' ' i9 ' DEVELOPMENT AGREEMENT This Development Agreement (the "Agreement") is entered into as of Se).ier..Ger , 2009, by and between Hurst Holding Company Inc. (the "Company") and the City of Waterloo, Iowa (the "City"). RECITALS A. City considers economic development within the City a benefit to the community and is willing for the overall good and welfare of the community to provide financial incentives so as to encourage that goal. B. Company is the owner of real property as described and set forth on Exhibit A, attached hereto, located within the corporate limits of the City of Waterloo, Iowa (the "Property"). C. Company is willing and able to finance and construct the installation of roads, related infrastructure, and other improvements (collectively, the "Project") on the Property, which is located in the San Marnan urban renewal area. D. In view of the Company's investment in assembling the Project and its commitment to develop the Property, the City desires to provide certain incentives to encourage the Company to facilitate timely development of the Property. AGREEMENT NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the parties agree as follows: 1. Improvements by Company. Company shall construct, or cause to be constructed, a street connection to San Marnan Drive, shown on a plat as Hurst Drive, at the mile point along San Marnan Drive, between Kimball Avenue and Ansborough Avenue. Said Project shall include necessary improvements to San Marnan Drive including acceleration, deceleration, and turning lane improvements to median on San Marnan Drive, as determined by the City of Waterloo. The Project shall be constructed in accordance with all applicable City, state, and federal building codes and shall comply with all applicable City ordinances and other applicable law. 2. Timeliness of Construction. Company must begin construction of the Street Improvements within nine (9) months from the date of this Agreement and complete construction of the Street Improvements within 1 year from that start date thereafter. 3. Grants to Company. As an inducement for Company to undertake the Project in connection with development of the Property, the City agrees to make a one- time grant in the amount of $80,000.00, payable within thirty (30) days of Company's submission of documentation to City showing, to City's reasonable satisfaction, Street Improvement costs incurred by Company. 4. Representations and Warranties of City. City hereby represents and warrants as follows: A. City is not prohibited from consummating the transaction contemplated in this Agreement by any law, regulation, agreement, instrument, restriction, order or judgment. B. Each person who executes and delivers this Agreement and all documents to be delivered hereunder is and shall be authorized to do so on behalf of City. 5. Representations and Warranties of Company. Company hereby represents and warrants as follows: A. Company is not prohibited from consummating the transaction contemplated in this Agreement by any law, regulation, agreement, instrument, restriction, order or judgment. B. Company is duly organized, validly existing, and in good standing under the laws of the State of Iowa. C. Company has full right, title, and authority to execute and perform this Agreement and to consummate all of the transactions contemplated herein, and each person who executes and delivers this Agreement and all documents to be delivered to City hereunder is and shall be authorized to do so on behalf of Company. 6. Notices. Any notice under this Agreement shall be in writing and shall be delivered in person, by overnight air courier service, by United States registered or certified mail, postage prepaid, or by facsimile (with an additional copy delivered by one of the foregoing means), and addressed: (a) if to City, at 715 Mulberry Street, Waterloo, Iowa 50703, facsimile number 319-291-4571, Attention: Mayor, with copies to the City Attorney and the Community Planning and Development Director. (b) if to Company, to Hurst Holding Company Inc., 621 Grant Avenue, Waterloo, Iowa 50702, facsimile number ,3S L1 , Attention: Doti f R S I Delivery of notice shall be deemed to occur (i) on the date of delivery when delivered in person, (ii) one (1) business day following deposit for overnight delivery to an overnight 7 air courier service which guarantees next day delivery, (iii) three (3) business days following the date of deposit if mailed by United States registered or certified mail, postage prepaid, or (iv) when transmitted by facsimile so long as the sender obtains written electronic confirmation from the sending facsimile machine that such transmission was successful. 7. No Joint Venture. Nothing in this Agreement shall, or shall be deemed or construed to, create or constitute any joint venture, partnership, agency, employment, or any other relationship between the City and Company nor to create any liability for one party with respect to the liabilities or obligations of the other party or any other person. 8. Amendment, Modification, and Waiver. No amendment, modification, or waiver of any condition, provision, or term of this Agreement shall be valid or of any effect unless made in writing, signed by the party or parties to be bound or by the duly authorized representative of same, and specifying with particularity the extent and nature of the amendment, modification, or waiver. Any waiver by any party of any default by another party shall not affect or impair any rights arising from any subsequent default. 9. Severability. Each provision, section, sentence, clause, phrase, and word of this Agreement is intended to be severable. If any portion of this Agreement shall be deemed invalid or unenforceable, whether in whole or in part, the offending provision or part thereof shall be deemed severed from this Agreement and the remaining provisions of this Agreement shall not be affected thereby and shall continue in full force and effect. If, for any reason, a court finds that any portion of this Agreement is invalid or unenforceable as written, but that by limiting such provision or porticn thereof it would become valid and enforceable, then such provision or portion thereof shall be deemed to be written, and shall be construed and enforced, as so limited. 10. Captions. All captions, headings, or titles in the paragraphs or sections of this Agreement are inserted only as a matter of convenience and/or reference, and they shall in no way be construed as limiting, extending, or describing either the scope or intent of this Agreement or of any provisions hereof. 11. Binding Effect. Th s Agreement shall be binding and shall inure to the benefit of the parties and their respective successors, assigns, grantees or transferees, and legal representatives. 12. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument. 13. Entire Agreement. This Agreement constitutes the entire agreement of the parties and supersedes all prior or contemporaneous negotiations, discussions, understandings, or agreements, whether oral or written, with respect to the subject matter hereof. 14. Time of Essence. Time is of the essence of this Agreement. IN WITNESS WHEREOF, the parties have executed this Development Agreement as of the date first set forth above. CITY OF WATERLOO, IOWA HURST HOLDING COMPANY INC. By: B ,_ :1L . ,• Timothy J. Hurldy-or Title:�/, ,p V/ 7� ae.-Vyy" , Att : ('Ci,-,2-,14 Nanc Ec City Clerk 4 EXHIBIT "A" Legal Description of Property to be Improved F