HomeMy WebLinkAboutET Enterprises - Assignment and Assumption of Development Agreement - 5.18.2026Prepared by Austin J. McMahon, Lange & McMahon, PLC, Independence, IA 50644 319-334-4488
Return To: ATTN: Community Planning & Development, City of Waterloo, 715 Mulberry Street, Waterloo, IA 50703.
ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT AGREEMENT
AND MINIMUM ASSESSMENT AGREEMENT
This Assignment and Assumption of Development Agreement (the "Agreement")
is entered into as of , 2026, by and between ET Enterprises
Corporation ("Assignor"), St. John's Development, LLC ("Assignee"), and the City of
Waterloo, Iowa ("City").
RECITALS
A. On or about January 20, 2026, Assignor and City entered into a
Development Agreement ("DA") and Minimum Assessment Agreement ("MAA"), recorded
on January 28, 2026, with the Black Hawk County Recorder as Doc. No. 2026-01240.
B. Assignor desires to assign its rights and obligations under the DA and MAA
to Assignee, and Assignee desires to accept such assignment and to adhere to the terms
and provisions of the DA and MAA as though it was an original party thereto in the place
of Assignor.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the
parties agree as follows:
1. Assignment and Acceptance; Assumption of Rights and Obligations.
ET Enterprises Corporation, Assignor, hereby assigns and transfers its right and
obligations under the DA and MAA to St. John's Development, LLC, Assignee. Assignee
accepts said assignment, and furthermore acknowledges and agrees that it is assuming
the obligations of Assignor as set forth in the DA and MAA and that it shall be bound by
the terms and provisions of the DA and MAA, including the rights and obligations set forth
therein, as though it was the original party to the DA and MAA in the place of Assignor.
2. Voluntary Relinquishment of Rights, Incentives, and/or Benefits.
Assignor acknowledges and agrees that it is voluntarily waiving and relinquishing any and
all rights, incentives, and/or benefits set forth in the DA, including but not limited to, any
grants, rebates, and tax abatement(s).
3. Consent by City. City hereby consents to and approves this Agreement
and the terms herein.
4. Notice to Assignor. For purposes of Section 15 of the DA (titled "Notices"),
the contact information for Assignee with respect to the delivery or transmittal of notices
under the DA shall be:
JOHN A. RICHTER, 620 Lafayette Street, Suite 300, Waterloo, Iowa 50703
5. Counterparts. This Agreement may be executed in multiple counterparts,
each of which shall be deemed an original and all of which, taken together, shall constitute
one and the same instrument.
6. Entire Agreement. This Agreement, together with the exhibits attached
hereto, constitutes the entire agreement of the parties and supersedes all prior or
contemporaneous negotiations, discussions, understandings, or agreements, whether
oral or written, with respect to the subject matter hereof.
[signatures on next page]
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IN WITNESS WHEREOF, the parties have executed this Assignment and
Assumption of Development Agreement by their duly authorized representatives as of the
date set forth above.
CITY OF WATERLOO, IOWA ET ENTERPRISES CORPORATION
(Assignor)
By:
.‘,„—
David Boesen, Mayor
Attest:
Kelley Felc»Fe, City Clerk
ST JOHN'S DEVELOPMENT, LLC (Assignee)
lkJ,--,
By:
Name:
Title:
Apham Nnaji
CEO
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del,
By:
Name:
Apham Nnaji
Title: President and CEO