HomeMy WebLinkAbout2025-10-06 Resolution 2025-376_Third Amendment and Assignment of Development Agreement, Farmers State BankTHE CITY OF WAUKEE, IOWA
RESOLUTION 2025-376
RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF A THIRD
AMENDMENT TO AND RESTATED AGREEMENT FOR PRIVATE DEVELOPMENT
BY AND BETWEEN CITY OF WAUKEE AND FARMERS STATE BANK
WHEREAS, the City and Kettleview, L.L.C. ("Original Developer") previously
executed an Agreement for Private Development dated May 20, 2019 ("Original Agreement"),
a Memorandum of which is recorded with the County Recorder of Dallas County, Iowa in
Book 2019 at Page 10540, which Original Agreement was replaced in its entirety by the
Amended and Restated Agreement; and
WHEREAS, a Memorandum of the Amended and Restated Agreement was recorded with
the County Recorder of Dallas County, Iowa in Book 2019 at Page 22770; and
WHEREAS, the City and Original Developer executed an Amendment to the Amended
and Restated Agreement ("First Amendment") dated June 15, 2020, recorded with the County
Recorder of Dallas County, Iowa in Book 2020 at Page 20550, pursuant to which the parties made
a number of changes to the terms of the Amended and Restated Agreement; and
WHEREAS, the City, Original Developer, and Bank executed a Second Amendment to
and Assignment of the Amended and Restated Agreement ("Second Amendment") dated March
21, 2024, pursuant to which the parties made a number of changes to the terms of the Amended
and Restated Agreement and assigned the Original Developer's rights and obligations under the
Amended and Restated Agreement to the Bank; and
WHEREAS, a Second Amendment to Memorandum of Agreement for Private
Development referencing the Second Amendment was recorded with the County Recorder of
Dallas County, Iowa in Book 2024 at Page 03964; and
WHEREAS, the parties desire to make additional changes to the Amended and Restated
Agreement pursuant to this Third Amendment.
NOW THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE
CITY OF WAUKEE IN THE STATE OF IOWA:
Section 1. Definitions. All capitalized words used herein and not specifically defined
shall have the same definitions as in the Agreement, as previously amended.
Section 2. Condemnation Cost Reimbursement. Pursuant to the Agreement, as amended,
the Developer is obligated to dedicate to the City the completed "Southeast Encompass
Drive Improvements". Due to title defects on the Southeast Encompass Drive
Improvements property, the Developer is unable to complete the required dedication and
the City has initiated condemnation proceedings to acquire the Southeast Encompass Drive
Improvements. As such, the Developer hereby acknowledges and agrees that it shall
reimburse the costs and expenses incurred by the City in acquiring the Southeast
Encompass Drive Improvements through condemnation, including but not limited to any
attorneys fees, court costs, and fair value payments. The City shall provide the Developer
with an itemization of all such costs and expenses following completion of the
condemnation process and the Developer shall remit payment within thirty (30) days after
receipt of such itemization. If such payment is not timely remitted to the City from the
Developer, the City shall deduct any unpaid amounts from any and all Economic
Development Grants otherwise payable to Developer under the Amended and Restated
Agreement. If the City is unable to complete the condemnation process for any reason, then
the City may treat Developer's failure to dedicate the Southeast Encompass Drive
Improvements to the City as an Event of Default under the Agreement.
PASSED AND APPROVED this 6th day of October, 2025.
ATTEST:
City Clerk
RESULTS OF VOTE:
R. Charles Bottenberg
Chris Crone
Rob Grove
Anna Bergman Pierce
Ben Sinclair
Mayor
AYE NAY ABSENT ABSTAIN
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