I-3 - Resolution 2023-050 - Approving an Amendment to revised Developer's Agreement for Park Place City Center Part Two

AMENDMENT TO REVISED DEVELOPER’S AGREEMENT PARK PLACE CITY CENTER - PART TWO This Amendment (the “Amendment”) is made as of the ___ day of July, 2023 (the “Effective Date”), by and among DERS, LLC, TAT LLC, DERS Investments, LLC, DERS Tiffin, LLC, and DERS Development, LLC (collectively the “Owners”), the City of Tiffin, Iowa, a municipal corporation (the “City”), and Andersen Development, Inc., an Iowa corporation (“Developer”). WITNESSETH: WHEREAS, Owners, City and Developer are parties to a developer’s agreement for a proposed subdivision to be known as Park Place City Center – Part Two, Tiffin, Johnson County, Iowa as recorded October 25, 2018 in Book 5849, Page 663, and an Addendum recorded November 21, 2019 in Book 5982, Page 15, all in the records of the Johnson County, Iowa Recorder, (collectively, the “Developer’s Agreement”); WHEREAS, Owners, City and Developer desire to amend the Developer’s Agreement as contained herein. NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and other valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Section 3(H) of the Developer’s Agreement is deleted in its entirety and shall be replaced with the following: H. Open Space. The City agrees that the required park space for the Development Property may be satisfied by Developers collectively providing open space and park property within and outside the Development Property including the following: (1) City Center Park which shall consist of approximately 3.5 acres located in the NE ¼ SW ¼ of Section 22-80-7 and the SE ¼ SW ¼ of Section 22-80-7; (2) a water tower site (Parcel L in a subdivision to be known as Andersen First Addition or parcel finally determined to be water tower site); (3) park to be dedicated (Parcel A in a subdivision to be known as Andersen First Addition), (4) Ten foot sidewalk along the east side of Park Road, and (5) eight foot pedestrian sidewalk and trail in Park Place Part Two and Park Place City Center Part One and Park Place City Center Part Two. The eight foot pedestrian sidewalk shall be installed by Developer on Lot 17 of Park Place City Center Part Two and shall be completed by October 31, 2025. Such pedestrian sidewalk is shown on the preliminary plat for Park Place City Center Part Two, which relevant portion is attached as Exhibit “C.”