HomeMy WebLinkAboutMidwest_Development_Co_-_DA_1st_Amendment_Lincolnshire_-_8.4.2025Docusign Envelope ID: 55842E20-D4D1-4961-8912-6E73E09D88F6
Prepared by: Lexi Schneider 715 Mulberry Street, Waterloo, Iowa (319)291-4366
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This Amendment to Development Agreement (the "Amendment") is entered into as of
August 4 , 2025, by and between the City of Waterloo, Iowa ("City") and Midwest
Development Co. ("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated January
19, 2021 (the "Agreement") concerning the development of property as described in the Agreement.
The Agreement was filed in the records of the B lack Hawk County Recorder on February 19, 2021, as
Doe. No. 2021-00017512.
B. The parties desire to amend the Agreement on the terms set forth herein.
NOW, THEREFORE, in consideration of the premises and of other consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereby agree to amend the Agreement as
follows:
1. Paragraph B of the Recitals is hereby stricken in its entirety and substituted with an
amended Paragraph B as follows:
B. Developer is willing and able to finance and construct 13 single-family dwellings
and 5 duplexes (23 total units) and related improvements on property located
throughout the City of Waterloo, legally described as set forth on Exhibit "A"
attached hereto (the "Property").
2. Section I of the Agreement is hereby stricken in its entirety and substituted with an
amended Section 1 as follows:
1. Improvements by Developer. Developer will construct 13 single- family
dwellings and 5 duplexes (total of 23 units), valued at over $ 150, 000 each. The
dwellings shall be completed to a finished state, including installation of driveway,
removal of all construction debris, proper leveling or shaping of groundscape, and
grassing and/ or landscaping and sidewalks constructed (home construction and
Docusign Envelope ID: 55842E20-D4D1-4961-8912-6E73E09D88F6
finishing as so described are referred to as the " Improvements"). The Property, the
Improvements, and all site preparation and development - related work to make the
Property usable for Developer's purposes as contemplated by this Agreement are
collectively referred to as the " Project". All Improvements 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.
3. Subparagraph (a) of Section 2 of the Agreement is hereby stricken in its entirety and
substituted with an amended subparagraph (a) as follows:
a. Construction. Developer must begin construction of the Improvements within six
(6) months (the "Start Deadline") after the date of this Amended Agreement and
must substantially complete the Improvements within fourteen (14) months
thereafter (the "Completion Deadline"). If Developer has not obtained a building
permit and in good faith begun construction of the Improvements by the Start
Deadline, then at City' s option this Agreement will be voided, but if construction
is imminent the City Council may, but shall not be required to, consent to an
extension of time to begin construction or, if appropriate, to complete construction,
and if an extension is granted but construction has not been commenced or
substantially completed, as applicable, within such extended period, then the
Agreement shall be voided after the end of said extended period.
4. Except as amended herein, the Agreement shall continue unmodified in full force and
effect. Terms capitalized in this Amendment but not defined herein shall have the meaning ascribed
to them in the Agreement. This Amendment is binding on the parties and the respective successors,
assigns, transferees and legal representatives of each. This Amendment may be executed in
counterparts, each of which shall be deemed an original and all of which, when taken together, shall
constitute a single instrument.
IN WITNESS WHEREOF, the parties have executed this First Amendment to Development
Agreement as of the date first set forth above.
Midwest Dev opment Co.
By: yx�
Hunter Skogman, 6resident Land Acquisition
2
CITY OF WATERLOO, IOWA
DocuSigned by:
By Cwt lti{ty� RO'kf
ueriin''c'art, Mayor
Signed by:
By:
Kell-ey Felc e, City Clerk