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HomeMy WebLinkAboutMidwest Development Co. - First Amendment to DA (RECORDED) - 8/4/2025 2025-13357 RECORDED:09/11/2025 02:41:03 PM RECORDING FEE:$17.00 REVENUE TAX:$ COMBINED FEE:$17.00 SANDIE L.SMITH,RECORDER BLACK HAWK COUNTY,IOWA 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 2-1l A , US1' } , 2025, by and between the City of Waterloo, Iowa ("City") and Midwest Dev lopment 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 Black Hawk County Recorder on February 19,2021, as Doc.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 1 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 17 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 o. CITY OF WATERLOO,IOWA By: By Hunter Skogman, resident Land Acquisition Quentin M. Hart, Mayor By: e ley Felc , City lerk 2 EXHIBIT"A" Legal Description of Property Lots 1-24 of Lincolnshire Addition,City of Waterloo, Black Hawk County,Iowa. 3 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 Ajoikt6� , 2025, by and between the City of Waterloo, Iowa ("City") and Midwest Dev lopment 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 Black Hawk County Recorder on February 19,2021, as Doc.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 1 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 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 notobtained 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 o. CITY OF WATERLOO,IOWA By: By:C). /(:)// _ Hunter Skogman, resident Land Acquisition Quentin M. Hart,Mayor By: e ley Felc ,City lerk 2