HomeMy WebLinkAboutFareway Stores - Project Funding Agmnt-12/16/2013PROJECT FUNDING AGREEMENT
This Project Funding Agreement (the "Agreement") is entered into as of December 16, 2013, by
and between the City of Waterloo, Iowa (the "City") and Fareway Stores, Inc. ("Fareway").
WHEREAS, a project of improvements to W. San Marnan Drive has been proposed (the
"Project"), including construction of a left -turn lane from the eastbound lane of said street onto Pheasant
Lane; and
WHEREAS, Fareway has a store located at 40 W. San Marnan Drive that would be beneficially
impacted by completion of the Project and accordingly desires to make a financial contribution to assist
the City in defraying Project costs.
NOW, THEREFORE, the parties agree as follows:
1. Fareway agrees to make a payment of $10,000 to City within 30 days of the date of this
Agreement, which City may apply toward its costs for design, engineering, consulting, construction or
other Project costs and expenses.
2. To the extent permitted by applicable law, City agrees to indemnify, defend and hold
harmless Fareway from and against any and all liability, claims, damages, expenses (including reasonable
attorneys' fees and reasonable attorneys' fees on any appeal), judgments, proceedings and causes of
action, for injury to or death of any person or damage to or destruction of any property resulting from the
Project.
3. City agrees that the Project shall be completed no later than November 1, 2014, or shall
refund Fareway $10,000 paid pursuant to Section 1 above; provided, however, that City shall be allowed
a one-year extension of the completion date if City encounters delays in connection with efforts to obtain
necessary right-of-way from adjoining landowners that would not allow Project commencement until
2015, or if City otherwise experiences delays from factors beyond the reasonable control of City.
4. This Agreement is the entire agreement between the parties concerning the subject matter
hereof and is binding upon and shall inure to the benefit of the parties and their respective successors and
assigns. It may be modified only in a written instrument signed by both parties. This Agreement may be
executed in multiple counterparts.
IN WITNESS WHEREOF, the parties have executed this Project Funding Agreement by their
duly authorized representatives as of the date first set forth above.
CITY OF WATERLOO, IOWA
By:
Ernest G. Clark, Mayor
Attest:
Suzy Scares, City Clerk
FAREWAY STORES, INC.
By:
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