HomeMy WebLinkAboutStokes, Keith R.-Development Agreement-02.19.2007 kpo
DEVELOPMENT AGREEMENT
COME NOW the parties to this Agreement,namely the City of Waterloo, Iowa,
hereinafter referred to as "City", and R. Keith Stokes, hereinafter referred to as "Stokes", and
hereby agree to the following:
1. That the City has filed an action pursuant to Iowa Code Section 657A.10A against
property known as 526 Denver Street in Waterloo, Iowa, legally described as:
Lot 8 in Block 1 in Cole's Addition to Waterloo, Iowa. This action is based upon
the fact that the property is fire-damaged and has been vacant for an extended
period of time.
2. Stokes desires to purchase this property and to rehabilitate it so that it will be
habitable. If the City goes through with the 657A action, the property will be torn
down and title would revert to the City.
3. Both parties agree that this property can be sufficiently rehabilitated. The parties
further agree that it is presently abandoned and it qualifies for demolition and title
transfer pursuant to Iowa Code Section 657A.10A.
4. The City hereby agrees that it will hold off on the 657A action provided Stokes
takes certain steps in a timely fashion. Failure by Stokes to complete the tasks
enumerated in this Agreement shall result in the City's going through with the
657A action, including demolishing the structure and obtaining title to it free of
all liens and encumbrances.
5. Stokes agrees that once he obtains title to this property he will consent to the
City's amending of its 657A petition to add him as a party to the action and he
will accept service of process and consent to the jurisdiction of the Court.
6. Stokes shall complete the following tasks on or before June 30, 2007:
a. Complete a partial demolition of the property and clean out the structure to
facilitate the proper inspection of all the affected parts of the structure.
Following this, he would complete the following:
b. Rewire as directed by the Waterloo City inspectors
c. Replace all missing glass and screens as needed
d. Remove, replace and repair the plaster throughout as needed
e. Prime and paint the entire interior
f. Repair and/or replace missing and fire-damaged flooring and sub-flooring
as needed
g. Paint the exterior, including the trim
h. Trim the trees which interfere with the structure or neighboring parcels
i. Repair the garage to make it up to Code
j. Dismantle all gas pipes and re-connect according to Code
k. Replace the missing banister
1. Repair the basement walls
m. Repair and/or replace the plumbing as needed
n. Complete repairs to the two baths and one kitchen so that they pass
inspection and are functioning
o. Make all changes necessary to convert this property from a duplex back to
a single-family residence
p. Make any and all other changes required by the City inspectors, which
may or may not be known as of the date of the execution of this document
7. The parties agree that this time frame may be extended upon good cause by either
party. "Good cause" does not include being too busy to complete the project,but
can include such things as weather, acts of God, misconduct of sub-contractors,
etc.
8. Stokes agrees that he will allow City inspectors to come on to the property at any
time to make their inspections, and he will comply with their requests and
recommendations.
9. Both parties agree that this document is not valid until it is approved by the
Waterloo City Council.
Dated this /9 day of �e G'tlLaCy , 200 7
R. Keith Stokes
CITY OF WATERLOO, IOWA
By:
Timothy J. H y, Mayorr-
ATTEST: 1�11111111
Nancy kert, 'ty Clerk
STATE OF IOWA )
ss.
BLACK HAWK COUNTY )
On this 19 day of ,G rtt,cc y y , 2007, before me, the undersigned, a
Notary Public in and for the State of Iowa, personally appeared Timothy J. Hurley and Nancy
Eckert, to me personally known, and who, being by me duly sworn, did say that they are the
Mayor and City Clerk, respectively, of the City of Waterloo, Iowa; that the seal affixed to the
foregoing instrument is the corporate seal of the corporation, and that the instrument was
signed and sealed on behalf of the corporation by authority of its City Council as contained in
the Resolution adopted by the City Council, under Council Action No. / 4'g3 of
the City Council on the JAI 11` day of Fe&-rczc ,t , , 2007, and that Timothy J. Hurley
and Nancy Eckert acknowledged the execution of the instrument to be their voluntary act and
deed and the voluntary act and deed of the corporation, by it voluntarily executed.
tar bli and f r the Stat of Iowa
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