HomeMy WebLinkAboutDeer Creek Development - Third Amendment to Dev Agmnt-8/15/2016Prepared by and return to: Michael D. Youngblut, 315 5th St., P.O. Box 476, Hudson, IA 50643; (319) 988-3011
THIRD AMENDMENT TO DEVELOPMENT AGREEMENT
This Third Amendment to Development Agreement (the "Third Amendment") is entered into as
of .4_ u t--1 ST2016, by and between the City of Waterloo, IA ("City") and Deer Creek
Develop ent, LLC ("Company").
RECITALS
A. Company and City are parties to a certain Development Agreement entered into as of
October 13, 2006 (the "Agreement"). The Agreement provided for certain grants to be
made by City to Company from specific tax revenues generated by the Property in
connection with specified development activities. The Agreement was previously
amended by an Amendment to Development Agreement entered into as of July 7, 2008
(the "First Amendment"), and a Second Amendment to Development Agreement entered
into as of March 14, 2011 (the "Second Amendment").
B. The parties desire to further amend the Agreement on the terms set forth herein.
NOW, THEREFORE, in consideration of the mutual promises set forth herein, the parties hereby
agree to amend the Agreement as follows:
1. The Agreement is hereby amended to strike Section 2 in its entirety and to add a new
Section 2 as follows:
"2. Timeliness of Construction. Company must begin construction of the Street
hnprovements within nine (9) months from the date of this Agreement and complete construction
of the Street Improvements within eleven (11) years thereafter. Street Improvements not
completed within eleven (11) years will not be eligible for the incentives provided in this
Agreement."
2. Except as modified herein, the Agreement shall continue in full force and effect. The
Agreement, as amended by the First Amendment, Second Amendment and this Third Amendment, shall
inure to the benefit of and be binding upon the parties and their respective successors and assigns.
Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement.
IN WITNESS WHEREOF, the parties have executed this Third Amendment to Development
Agreement by their duly authorized representatives as of the date first set forth above,
DEER CREEK DEVELOPMENT, LLC
By: ` �t�(�
Harold Y
CITY OF WATERLOO, IA
By:
gbJ President Quentin Hart, Mayor
By:
Suzy Scha> s, City Clerk
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