HomeMy WebLinkAboutMartin Flats, LLC - Amendment to DA -(RECORDED) 12.15.2025 Docusign Envelope ID: E34EFEFE-BC09-410C-B60C-8BE932E5F543
2025-18920
RECORDED: 12/29/2025 10:01:13 AM
RECORDING FEE: $7.00
REVENUE TAX: $
COMBINED FEE: $7.00
SANDIE L. SMITH, RECORDER
BLACK HAWK COUNTY, IOWA
09krIC-0
Pre a�d t byLeAn
n M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-731
RESOLUTION APPROVING AN AMENDMENT TO A
DEVELOPMENT AGREEMENT ORIGINALLY APPROVED
NOVEMBER 20, 2023, WITH MARTIN FLATS, LLC, FOR THE
REHABILITATION OF 319 E. 4TH STREET INTO
COMMERCIAL AND RESIDENTIAL SPACE, CHANGING
THE COMPLETION DATE TO MARCH 6, 2026, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo, Iowa, previously approved a Development Agreement
on November 20, 2023, with Martin Flats, LLC, for the rehabilitation of 319 E. 4th Street into
commercial and residential space; and
WHEREAS, due to unforeseen circumstances, an amendment is required to extend the
completion date of the project to March 6, 2026; and
WHEREAS, the City Council has reviewed the proposed amendment and finds it in
alignment with city goals for urban development and revitalization.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1 . The amendment to the Development Agreement with The Martin Flats, LLC, changing
the project completion date to March 6, 2026, 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 15th day of December 2025.
,►--DocuSigned by:
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Quentin Iart, Mayor
ATTEST:
,—Signed by:
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kiffe" cln,FFy BGFeic City Clerk
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2025-18921
RECORDED:12/29/2025 10:01:14 AM
_, RECORDING FEE:$12.00
REVENUE TAX:§
COMBINED FEE:$12.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
aL/11 U Y b)c4e o
Prepafed 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
2L l ,2025,by and between the City of Waterloo,Iowa("City")and Martin Flats LLC
("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated November
20,2023(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 December 1,2023,as
Doc.No.2024-00007214.
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. Subparagraph(a)of Section 4 of the Agreement is hereby stricken in its entirety and
substituted with an amended subparagraph(a)as follows:
a. Construction.Company must obtain a building permit and begin construction of
the Improvements within 12 months after the date company acquires title to the
Property and must Substantially Complete construction within 15 months
thereafter ( the " Completion Deadline"). For purposes of this Agreement, "
Substantially Complete"means the date on which the Improvements have been
completed pursuant to the Plans or Modified Plans to the extent necessary for City
to issue a certificate of occupancy relating thereto and City has also verified that
any Project element for which no permit was necessary has been Substantially
Completed. All deadlines are subject to Unavoidable Delays as defined in
paragraph B below.
2. 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.
Martin Flats LLC CITY OF WATERLOO, IOWA
By: "InA i1, z/aOa,5 By:
0A-A-1A4>4- 7/V—
Cierra Newman,Managing Member Quentin M. Hart, Mayor
B •
el ey Felc e, ity Clerk
2
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
ec_ l , 2025, by and between the City of Waterloo, Iowa ("City") and Martin Flats LLC
("Company").
RECITALS
A. Company and City are parties to that certain Development Agreement dated November
20, 2023 (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 December 1,2023, as
Doc. No. 2024-00007214.
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. Subparagraph (a) of Section 4 of the Agreement is hereby stricken in its entirety and
substituted with an amended subparagraph(a)as follows:
a. Construction. Company must obtain a building permit and begin construction of
the Improvements within 12 months after the date company acquires title to the
Property and must Substantially Complete construction within 15 months
thereafter ( the " Completion Deadline"). For purposes of this Agreement, "
Substantially Complete" means the date on which the Improvements have been
completed pursuant to the Plans or Modified Plans to the extent necessary for City
to issue a certificate of occupancy relating thereto and City has also verified that
any Project element for which no permit was necessary has been Substantially
Completed. All deadlines are subject to Unavoidable Delays as defined in
paragraph B below.
2. 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.
Martin Flats LLC CITY OF WATERLOO,IOWA
By: 4/4fA rzf) 2/aCa.5 By: � �
Cierra Newman, Managing Member Quentin M. Hart, Mayor
B •
el ey Felc e, ity Clerk
2