HomeMy Public PortalAbout2022-66 Resolution Approving Execution of Woods TIF TransferRESOLUTION 2022-66
A RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF THE
CONSENT TO ASSIGNMENT OF AN AGREEMENT FOR PRIVATE
DEVELOPMENT FROM WOODS CONSTRUCTION AND DEVELOPMENT, INC.,
TO WOODS S&K CAPITAL, INC.
WHEREAS, on the 10th day of October, 2017, the City of Riverdale, Iowa (the "City") and Woods
Construction and Development, Inc. (the "Original Developer") entered into an Agreement for Private
Development ("Development Agreement") pursuant to which the Developer agreed to construct certain
Minimum Improvements (as that term is defined in the Development Agreement) including certain Housing
Units on certain property located in the Welch Farm Development Urban Renewal Area (the "Development
Property"), and the City agreed to provide certain incentives to the Developer in exchange for Developer's
obligations under the Development Agreement; and,
WHEREAS, the Original Developer has requested to assign all its rights, title, and interests in and to the
Development Agreement and Development Property to Woods S8tK Capital, Inc. (the "Assignee
Developer"); and,
WHEREAS, the Development Agreement requires the City's consent before such an assignment can be
made; and,
WHEREAS, the City is willing to provide its consent to the assignment from Original Development to
Assignee Developer in the form of a proposed Consent to Assignment of Agreement for Private
Development (the "Consent Agreement") by and between the City, the Original Developer, and the
Assignee Developer, under the terms and conditions set forth in the Consent Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RIVERDALE, IOWA:
Section 1: That the form and content of the Consent Agreement, the provisions of which are
incorporated herein by reference, be and the same hereby are in all respects authorized,
approved and confirmed, and the Mayor and the City Clerk be and they hereby are
authorized, empowered and directed to execute, attest, seal and deliver the Consent
Agreement for and on behalf of the City in substantially the form and content now before
this meeting, but with such changes, modifications, additions or deletions therein as shall
be approved by such officers, and that from and after the execution and delivery of the
Consent Agreement, the Mayor and the City Clerk are hereby authorized, empowered and
directed to do all such acts and things and to execute all such documents as may be
necessary to carry out and comply with the provisions of the Consent Agreement as
executed.
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 I (563) 355-2511 I www.riverdaleiowa.com
PASSED AND APPROVED this 27th day of September 2022.
APPROVED: ATTEST:
Anthony Heddlesten, Mayor Kelly Krel rk
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www.riverdaleiowa.com