HomeMy WebLinkAboutAntioch Baptist Church-Development Agreement-12.14.2009 DEVELOPMENT AGREEMENT
This Agreement is made and entered into this day of 'by
and between Antioch Baptist Church 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 2-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 $ t'"j?O,dO plus
costs. The City shall convey, or cause to be conveyed, the property by Quit Claim
Deed.
2. Developer builds a parking lot, on the property to be conveyed, and take out
necessary permits within a six-month period, from the date of this agreement. 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 begin construction within six () months
of the date of transfer 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 construction is not begun, at the end of six (6) months, but the
development of the project is still imminent, the City Council may but shall not be
required to grant an extension of time for the construction of the parking lot. 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 grantee 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:
Antioch Baptist Church
426 Sumner Street
Waterloo, Iowa 50703
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.
By:
Michael Cook Date
Antioch Baptist Church
CITY OF WATERLOO, IOWA
By: ita-e—r )L t
Tim Hurley, Mayor Date
ATTEST:
061)146Le' F-aL . btceffriber )4,
Carol Failor, Deputy City Clerk Date
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