HomeMy WebLinkAboutNorth Crossing, LLC-Master Development Agmnt - RECORDED-10/10/20161111
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Doc ID: 007509810002 Type GEN
Recorded: 12/12/2016 at 01:43:05 PM
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Black Hawk County Iowa
SANDIE L. SMITH RECORDER
File2017-00010850
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Prepared by Christopher S. Wendland, P.O. Box 596, Waterloo, IA 50703. 319-234-5701
AMENDMENT TO MASTER DEVELOPMENT AGREEMENT
This Amendment to Master Development Agreement (the "Amendment") is entered into
as of (be-1-tAD \ t' , 2016, by and between the City of Waterloo, Iowa ("City") and North
Crossing, LLC ("Company").
RECITALS
A. Company and City are parties to that certain Master Development Agreement
dated January 25, 2016 (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 March 15, 2016 as Doc. No. 2016-15582.
B. Due to changes in plans and circumstances, 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. Paragraphs A, B, C and D of Section 1 are stricken in their entirety, and the
following new paragraphs are substituted in place thereof, as follows:
A. Project 1. A medical facility consisting of at least 7,000 square feet.
Project 1 Improvements will have an assessed value upon completion of no less than
$1,500,000.
B. Project 2. A medical facility consisting of not less than 22,000 square
feet. Project 2 Improvements will have an assessed value upon completion of no less
than $4,500,000.
C. Project 3. hnproveinents to an existing building at 2160 Logan Avenue,
of no less than $500,000.
D. Project 4. A convenience store, retail, or other medical facility having an
assessed value upon completion of no less than $2,000,000.
1m (l) c
E. Project 5. A full-service restaurant, retail or other medical facility having
an assessed value upon completion of no less than $1,000,000.
2. The Project completion schedules set forth in Section 5 are stricken in their
entirety, and new schedules are substituted in place thereof, as follows:
Project 1 deadline:
Project 2 deadline:
Project 3 deadline:
Project 4 deadline:
Project 5 deadline:
Complete by 6/30/2017
Complete by 10/31/2017
Complete by 10/31/2017
Complete by 12/31/2018
Complete by 12/31/2019
3. Except as modified herein, the Agreement shall continue unmodified in full force
and effect. Capitalized terms used herein that are not defined in this Amendment shall have the
meaning attributed to them in the Agreement. The Agreement and this Amendment shall inure
to the benefit of and be binding upon the parties and their respective successors and assigns.
IN WITNESS WHEREOF, the parties have executed this Amendment to Master
Development Agreement by their duly authorized representatives as of the date first set forth
above.
:r: min tr. h, Manager
2
CITY OF WATERLOO, IOWA
By:
Quentin Hart, Mayor
Attest: P.ei
Kelley Fel lei City Clerk