HomeMy WebLinkAbout2025-637-11.03.2025.docDocusign Envelope ID: 1AA01DEC-56A7-41BA-8480-C42A884085C3
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-637
RESOLUTION APPROVING A SUBORDINATION
AGREEMENT WITH FDP WTC, LLC AND STATE BANK OF
CHERRY, IN CONJUNCTION WITH THE COURTYARD BY
MARRIOT AT TECHWORKS, LOCATED AT 250 WESTFIELD
AVENUE, AND AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo, Iowa has previously supported redevelopment
activities at the TechWorks Campus to promote downtown revitalization and economic
development; and
WHEREAS, FDP WTC, LLC is the owner/developer of the Courtyard by Marriott at
TechWorks located at 250 Westfield Avenue, and
WHEREAS, State Bank of Cherry (the "Lender") has required a Subordination
Agreement in connection with financing for the Property, pursuant to which certain interests of
the City, if any, in or against the Property under existing agreements, covenants, or instruments
related to the project will be subordinated to the Lender's mortgage and related security
instruments, all as specifically set forth in the Subordination Agreement; and
WHEREAS, City staff has reviewed the proposed Subordination Agreement and
recommends approval to facilitate the project's fmancing while preserving the City's rights as
provided therein.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The Subordination Agreement by and among the City, FDP WTC, LLC, and State
Bank of Cherry 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 3r° day of November 2025.
DocuSigned by:
LD05,25D78AAC8449
Quentin Hart Mayor
ATTEST:
"—Signed by:
f
Keliey j� e c e
F3 rCril 4A,tity Clerk
SEAL