HomeMy WebLinkAbout2025-499-09.02.2025.docDocusign Envelope ID: C4978F2E-82F2-46F0-871A-D36AF8715D03
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-499
RESOLUTION TO APPROVE THE FIRST AMENDMENT TO
THE DEVELOPMENT AGREEMENT BETWEEN THE CITY
OF WATERLOO AND WATERLOO CROSSROADS
DEVELOPMENT, LLC, TO INCREASE THE MAXIMUM
AMOUNT PAYABLE TO THE DEVELOPER BY $4,000,000.00
AND AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID AMENDMENT.
WHEREAS, the City of Waterloo previously entered into a Development Agreement
with Waterloo Crossroads Development, LLC, for the purpose of advancing the development
initiatives within the city; and
WHEREAS, it has been determined that additional funding is required to accommodate
the possibility of a full demolition of the mall and acquisition of additional property (Tires Plus)
to ensure successful completion of the development as initially envisioned; and
WHEREAS, the proposed First Amendment to the Development Agreement provides for
an increase in the maximum amount payable to the developer by $4,000,000.00, enabling the
developer to continue progress on the project; and
WHEREAS, this amendment is considered necessary to maintain the momentum of
development efforts and align with the strategic economic objectives of the City.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. That the First Amendment to the Development Agreement between the City of
Waterloo and Waterloo Crossroads Development, LLC, which increases the maximum amount
payable to the developer by $4,000,000.00, is hereby approved.
2. The Mayor and City Clerk are authorized and directed to execute said documents on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 2nd day of September 2025.
ATTEST:
Signed by:
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Kelley Felchle, City Clerk
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