HomeMy WebLinkAbout2025-500-09.02.2025.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. 2025-500
RESOLUTION APPROVING A COLLATERAL ASSIGNMENT
OF THE DEVELOPMENT AGREEMENT BETWEEN
WATERLOO CROSSROADS DEVELOPMENT, LLC, CITY OF
WATERLOO, IOWA AND HOME STATE BANK, AND
AUTHORIZING THE MAYOR TO SIGN SAID DOCUMENT.
WHEREAS, the City of Waterloo (the "City") has entered into a Development
Agreement with Waterloo Crossroads Development, LLC (the "Developer"), to support and
promote economic development within the City; and
WHEREAS, as part of the financial structuring of the project, Home State Bank has
agreed to provide financing to the Developer, for which a Collateral Assignment of the
Development Agreement is required to secure the obligations; and
WHEREAS, the Collateral Assignment of the Development Agreement is a necessary
step to ensure the Developer has the requisite financial backing to achieve the objectives outlined
in the original agreement, thereby promoting economic growth and development goals of the
City; and
WHEREAS, the terms and conditions of the Collateral Assignment have been reviewed
and deemed acceptable by the City, ensuring that the City's interests are protected while enabling
the Developer to access necessary funding.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. That the Collateral Assignment of the Development Agreement between Waterloo
Crossroads Development, LLC, the City of Waterloo, and Home State Bank is hereby approved.
2. The Mayor is 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:
Katy fat
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Kelley Felchle, City Clerk
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Quentin Hart, Mayor
DocuSigned by: