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Council Packet - 4/10/2017
BUILDING & GROUNDS COMMITTEE April 10, 2017 4:40 PM Harold E. Getty Council Chambers Members Chairperson Steve Schmitt Vice Chairperson Pat Morrissey Ron Welper Roll Call: Approval of Agenda, as proposed. New Business 1. Request by Tim Moyer to purchase a City owned property with development agreement located at 1330 Scott Avenue, for $28,000. Submitted By: Noel Anderson -Community Planning and Development Director Adjournment Kelley Felchle City Clerk CITY OF WATERLOO Council Communication Request by Tim Moyer to purchase a City owned property, located at 1330 Scott Avenue, for $28,000, with development agreement. City Council Meeting: 4/10/2017 Prepared: 4/5/2017 REVIEWERS: Department Reviewer Action Date Planning & Zoning Schroeder, Aric Approved 4/5/2017 - 12:25 PM Clerk Office Even, LeAnn Approved 4/5/2017 - 2:30 PM ATTACHMENTS: Description Type ❑ Detailed Property Report/Aerial Photo C over Memo ❑ Tim Moyer Bid Application Cover Memo D Brian Mueller Bid Application Cover Memo • Wilson Assets, LLC Bid Application Cover Memo D Nicole Cook Bid Application Cover Memo D Don Lubbert Bid Application Cover Memo D Dave Fo&ers Bid application Cover Memo D Bid Tab Cover Memo SUBJECT: Submitted by: Recommended Action: Summary Statement: Request by Tim Moyer to purchase a City owned property with development agreement located at 1330 Scott Avenue, for $28,000. Submitted By: Noel Anderson -Community Planning and Development Director Recommendation of approval. The property at 1330 Scott Avenue was acquired through Iowa Code 657A in 2016. The property is in reasonably good shape considering it was vacant for approximately five years. The city received 6 bids for the property that were opened on Thursday March 16 at 1 pm in the first floor conference room (see attached bid tab).The highest bid received was from Tim Moyer Chief Electrical Inspector for the City of Waterloo.The bids were reviewed by Community Development and Planning Staff and recommend the approval of the request to purchase with Development agreement allowing 12 months to complete. Expenditure Required: N/A Source of Funds: N/A Policy Issue: Sale of City owned Property/Dilapidated Housing. Alternative: Demolish and maintain. Background Information: 4/5/2017 Printable Map Output Black Hawk County Parcel Map Parcel ID: :913-28-151-020 Deed Holder: ITY OF WATERLOO Parcel Address: 1330 SCOTT AV, WATERLOO, IA 50701 Legend Satecsd Wrcetdim Features aoadna hospital Aerial Photos lit Bleck Hark Co. _._. airport Aradept parks_ parks ` Railroads Townships i� Sec -hone Water .. Righmf.Way h LITownship 1 " City Lines rotate._ iad—dim meddles whmame . it •'})yy t 6 ; ..At s$a' F ..�nf..',.,' ..`� 71 - ski L f � Lr a ; G . r�.a { 1 1 ,I • : •'�. ,F"' t „ x- +C' k9p - 'i , .. 1 •i I , ■ y - 71 Y—_ I' + , 111c y .. ... ,� ,V 1. P , I i:r• i .1 _ oa ,1„'i i ,�'� • 't t .•4 'roo Map created yid hArcIMS • Cap}'righltCr1}2.2131[GNI Inc. Cil [ lack Hawk County, Iowa 316 East 5th Street Waterloo, Iowa 50703-4774 Phone: (319} 8333002 Fax: (319) 833-3070 E-mail: auditorCo�co.black-hawk.ia.us.org Map Disclaimer: This map does not represent a survey. No liability is assumed for the accuracy of the data delineated herein, either expressed or implied by Black Hawk County, the Black Hawk County Assessor or their employees. This map is compiled from official records, including plats, surveys, recorded deeds, and contracts, and only contains information required for local government purposes. See the recorded documents for more detailed legal information. 1/1 4/5/2017 Black Hawk County Detailed Parcel Report BLACK HAWK COUNTY REAL ESTATE ASSESSMENT AND TAX INFORMATION Parcel ID 8913-28-151-020 PDF No. Map Area 3 LO -12 Pro s e Address Deed Holder CITY OF WATERLOO Contract Buyer 1330 SCOTT AV WATERLOO, IA 50701-5398 Tax Mail to Address CITY OF WATERLOO 715 MULBERRY ST ATTN: FINANCE DEPARTMENT WATERLOO, IA 50703-0000 Current Recorded Transfer Date Drawn Date Filed Recorded Document 1/18/2017 1/20/2017 r 017 013231 ype D SALES None BUILDING PERMIT Date 10/6/2003 /25/2003 /1/1999 Number A 3003 A 1049 30 mount 1,876 1,300 ,148 Reason Porch Roof Deck/Patio ASSESSED VALUES/CREDITS Year 2017 Values pending Board of Review Action 100% Value Taxable Value Land Multi -Residential Land 17,970 Land 17,970 95,690 Building otal 0 Multi -Residential Land 0 Dwelling Class E cres 113,660 Building otal ear 016 Credits Land 17,970 Military Exem u tion Class R Multi -Residential Land axable al ue 10,232 Homestead redit Disabled Veteran redit 90,900 108,870 Property Tax Relief Credit Multi -Residential Land Dwellin 1,758 Family Farm Credit Buildin otal Year 2015 100% Value MISSEEEMEMEEREEMI Credits Taxable Value Land 17,970 Multi -Residential Land 0 Class R Dwelling 90,900 Building 0 iTotat 108,870 Acres 0 Military Exemption Y Land 9,996 Homestead Credit Y Disabled Veteran Credit Multi -Residential Land 0 Property Tax Relief Credit Dwelling 50,564 Agricultural Credit Building 0 Family Farm Credit Total 60,560 Year 2014 100% Value Credits Land Multi -Residential Land 17,970 Military Exem ' tion Y Homestead Credit Y _.. Class R Disabled Veteran Credit http:llwww2.co.black-hawk.i a.uslwebsitelbhm aplbhRepDetasp?apn=891328151020 Dwelling 90,900 Building 0 Property Tax Relief Credit Total 108,870 Agricultural Credit Acres 0 Family Farm Credit 1/3 Floor/Wall 4/5/2017 Taxable Value ax District Black Hawk County Detailed Parcel Report and Multi -Residential Land 10.015 TAX INFORMATION ASSESSMENT YEAR 2015 PAYABLE 2016/2017 940001 - WATERLOO Gross Value axable Value Military Exemption Levy Rate Gross Tax Net Tax Corp Nocorp Corp 108,870 0 Homestead Credit $197.80 58,708 1,852 0 Disabled Veteran Property Tax Relief Credit Credit $0.00 0.00 40.78414 0 Ag Credit $0.00 $2,394.36 $0.00 $2,196.00 Business Property Tax Credit $0.00 Nocorp 0.00 LEGAL BLACK HAWK SUBDIVISION LOT 19 Basis Front Front Foot 66 Totals: Rear 66 Side 1 135 LAND Side 2 135 DWELLING CHARACTERISTICS Lot 0 Area 8910 8910 Acres 0.205 0.205 e Sins Ie-Famil / Owner Occu •ied ear Built 1966 otal Livin • Area rea •12 otal Rooms Above otal Rooms Below Full Bedrooms Above 2 Basement Finished Area 00 Foundation Exterior Walls None Bedrooms Below No Basement Floor 0 Floorin Carp / Vinyl Interior Finish Drwl Roof ' s • h / Gable Non -Base Heating Plumbing Pi .eless 1 Full Bath 1 Shower Stall Bath Handfired Porch 1S Frame Open rea 184 r1ear Built 969 Style idth Det Frame 4 GARAGES Length 24 Area 576 Basement 0 Qtrs Over None Area 0 AC 0 BASEMENT STALLS None Description CONC PATIO 10 X 16 FFBGLS/MTL RF 10 X 16 `Year Built Quantity 1966 1966 1 Plot No. FEntry Status: Inspected httpJ/www2.co.black-hawk.i a.uslwebsitelhlimap/bhRepDet,asp?apn=891328151020 Extended Description Quantity=160.00, Units=Square Feet, Height=0 Quantity=160.00, Units=Square Feet, Height=0 2/3 4/5/2017 Black Hawk County Detailed Parcel Report 1l1III1IIIIII111111111111111111l111111111111iil`I 24 13 D FR (MAN [912] 38 Date Website Last Updated: 04/04/2017 8 15 FR OP [184] 23 http://www2.co.black-hawkJa.usfwebsitelbhmap/bhRepDet.asp?apn=891328151020 3/3 City of Waterloo Property Bid Sheet Property to be bid upon: 1330 Scott Avenue Name in which property would be transferred: 77m Mo Name of bidder: f (/fl /14 li Address of bidder: f f 15 6 (.4 e/2--i-ti( 664 4 - 11420 2 00701 Phone & Fax number of bidder: 3 ( V-5683 3 My offer for property being bid upon: $-,-).2g/ � - $1,000.00 earnest fee: C-A-)GL.O (Note: this amount is refundable for unsuccessful bidders. The fee will not be refunded for successful bidders who withdraw their offer. Also, it is required that the earnest fee be paid per property if bidding on multiple properties.) Brief Description of intended Improvements: ._.,i P,''f 7 emr, v T //L) t -v-d m-- r- A iottCc) fi=r rr f /.ter/'/zAD/^--. 7A//2' - e7) - _ I 4140cP I♦ f ltc� AiZ J)/z-/ /fie „ u/ iz'f D � �r � L „6//k_ /- it../(2)4E /7e9 675E jZ5 /,W. -aa 41- zt_) g (Ai( 1E 4-7-774617145 POO (26-$11- 5 glEitr. Furthermore, I understand the zoning designation of the property and building code requirements that I am bound by this designation for my use of property. Note: The successful bidder will be required to sign a Development Agreement binding them to the specified completion deadline of twelve (12) Months. ffn Signature of applicant/ idder Date Please Place this sheet at the beginning of your bid packet when submitting to the Clerk's office. Chris Western 715 Mulberry St Waterloo, Iowa 50703 RE: 1330 Scott Avenue Chris, March 8, 2017 I am submitting a proposal for the purchase and the renovation of 1330 Scott Avenue. Once completed, I intend to sell the property to a potential homeowner. I will be the sole investor. I will obtain all of the necessary permits and inspections for the remodeling work. Any electrical, plumbing or HVAC work will be perform by a licensed contractor for each trade. These contractors will obtain the necessary permits and inspections for their work. I have purchased and renovated two other homes in the past for resale. The first home was at 618 Hanna Blvd. 1 purchased this home in February of 2010. I finished off the basement including a living area and a bedroom, installed all new floor coverings, painted the interior of the dwelling, installed new countertops, installed a new garage door, and installed new vinyl siding on the garage. I listed the home in July of 2010 and had an accepted offer within one week of the listing. The second home was at 3025 Bethel St. I purchased this home in May of 2011. I finished off the basement including a bedroom bathroom and living area, installed all new floor coverings, painted the interior of the dwelling, installed several new windows, remodeled the bathroom, and made landscaping improvements. I listed this home in February of 2012 and had an accepted offer within 3 weeks of the listing. 1330 Scott Avenue needs a number of items addressed before the property would be available for sale. I purpose to perform the following work: • Remove and replace the concrete driveway form the garage to the city sidewalk. The existing concrete is heaved and sloped towards the house allowing water to enter the basement. • Remove and replace the existing asphalt shingles. The existing shingles are starting to curl showing the need for replacement. • Remove the dilapidated screen room from the side of the garage and dispose of. • install two new overhead garage doors including new operators and a new exterior service door on the garage. • Install two new exterior entry doors to the dwelling. • Remove the existing damage faux stone siding on the front of the dwelling and replace with a stone laminate. • Replace the existing front steps and the existing side steps with new. • Repair the existing guard rail around the front porch. • Install a new high efficiency gas furnace. • Install a new water heater. • Install a new 100 amp electrical service with a new electrical breaker box. • Renovate the kitchen to include new oak cabinets, dishwasher, countertop, sink, recessed can lighting, and ceramic tile flooring. • Renovate the bathroom to include a new tub/shower, vanity, toilet, countertop, sink, exhaust fan, lighting and ceramic tile flooring. • Remove the remaining millwork from the first floor and replace with new oak doors and trim. A lot of the existing trim and doors are either missing or damaged beyond repair. • Install new carpet in the remainder of the first floor of the dwelling. • Install all new electrical receptacles, switches, and light fixtures thru out the dwelling. • Install new paint on the ceiling and walls on the first floor of the dwelling. • Remove all of the non -code compliant rooms in the basement and paint exterior block walls. This basement does not have proper egress and should not have any finished bedrooms in the basement without proper egress. feel I can complete this project and have the property ready for a new owner within eight months of purchasing the property. Thank you for considering my proposal for 1330 Scott Avenue. ( %i 412t - Tim Moyer 319-553-3847 • www.uiccu.org 3409 Cedar Heights Drive, Cedar Falls, IA 50613 February 9th, 2017 To Whom It May Concern: Timothy Moyer has been a member in good standing with us since April of 2012. He has the ability to finance the total amount needed to purchase and renovate 1330 Scott Ave. you need anything further please feel free to reach out me directly. Qjfaitrom, Sarah Van Dee Account Executive ���„� Z\C-t 0 UHJVERSflV OF IOWA COMMUNITY CREDIT UNION City of Waterloo Property Bid Sheet Property to be bid upon: 1330 Scott Avenue y� Name in which property would be transferred: BCL✓► ► "J fie ijer Name of bidder: ‘3/ ( fit E f ' Address of bidder: ! V 1 5cL eicr Au e ed -cr o 5-07o/ I Phone & Fax number of bidder: /7— .)-30— (00)- My offer for property being bid upon: i(' 000 $1,000.00 earnest fee: // 00 0 (Note: this amount is refundalMe fox unsuccessful bidders. The fee will not be refunded for successful bidders who withdraw their offer. Also, it is required that the earnest fee be paid per property if bidding on multiple properties.) Brief Description of intended Improvements: Tear )ln7 off wircl, a•- 101/441C ava vz-51 v?rnyd /t&r. dnar5 , sle..) h L c» k k.L , 1-7A4L4 ;LA 5 CM Ji rft14;enit,h), I-.), atnw,. (1"6"rd),\ f•51 1-,,-41,1- LaJ7 f 130 75 f)1 • 4-1.-voLYY )J Yt.A.avn Cz)r fY c,0-1149 Duk- Sty [u(`Po55.)1,.y �L7V�(.fYTC1 �LL�In v� iccvrk+ fcvnra ywv»}nt 1n�t �7�tA.}Ir"j /'iii[l✓ f4 pair .4-J pro 144-, 44--. th, 66. SPA Furthermore, I understand the zoning designation of the property and building code requirements that I am bound by this designation for my use of property. Note: The successful bidder will be required to sign a Development Agreement binding them to the specified completion deadline of twelve (12) Months. Signature of applicant/ bidder Date * Please Place this sheet at the beginning of your bid packet when submitting to the Clerk's office. PIA Duchene Insurance A Member of Peoples Insurance Agency 1601 University Avenue, Waterloo, IA 50701 Phone: 319-433-1098 • Fax: 319-433-1099 To: Brian Mueller Subject: Performance Bond Per our discussion, you will be able to obtain a performance bond for $10,000.00 from Merchants Bonding Company. The cost for the bone is $250.00. Let me know if you get the bid and we will make application. Sincerely, 4 David Duchene Duchene/Peoples Insurance Peoples Insurance Agency's future depends on how well we take care of each of our customers. A day at a time, a customer at a time. A policy at a time. We strive for excellence in all we do. Bryan Mueller 1801 Sager Ave Waterloo, IA 50701 319-230-6029 March 14, 2017 Dear City of Waterloo, I have lived in the Cedar Valley most of my life. 1 have owned property in Waterloo for over 15 years. 1 have worked in the construction industry for 20 years, and have been a self employed drywall contractor for the past 10 years. I live 2 blocks away from the house at 1330 Scott Ave. I would like to fix it up and sell it to a potential home owner. l have experience in but not limited to carpentry, flooring, plumbing, electrical, painting, drywall, and installing windows. Thank you for your consideration. Sincerely, Bryan Mueller 2 5 Lan( 0ii RQ To whomever it may concern, Box 8o0 fort Uberty 0 397 3790 uiccuor Bryan Mueller has three Certificates of Deposits and 1 Checking account with us. In total his assets here total to be $75,084.37. If you have any questions you may give me a call, my number is 319-553-3847. Thanks, Madison Hofstadter Financial Service Representative Cedar Falls, Iowa City of Waterloo Property Bid Sheet Property to be bid upon: 1330 Scott Avenue Name in which property would be transferred: W 4 s 0 NJ Acs E TS , t .- Name of bidder: 12---`/A-(--) vv +-so' Address of bidder: 600 A +- P + N r % ©r . vJA-T� rLi, 00 , I A 50 7c) Z Phone Sr Fax number of bidder: 19 -- 231 - `} 5 y / r 311.- 234 -9 99 5 My offer for property being bid upon: 5 apo $1,000.00 earnest fee: ,-f (Note: this amount is refundable for unsuccessful bidders. The fee will not be refunded for successful bidders who withdraw their offer. Also, it is required that the earnest fee be paid per property if bidding on multiple properties.) Brief Description of intended Improvements:. a ATtA c.4 4Gb PP -0 P Q 44 L - Furthermore, I understand the zoning designation of the property and building code requirements that I am bound by this designation for my use of property. Note: The successful bidder will be required to sign a Development Agreement binding them to the specified completion deadline of twelve (12) Months. Si ure of applicant/ bidder Date * Please Place this sheet at the beginning of your bid packet when submitting to the Clerk's office. Bid Proposal for 1330 Scott Ave. This is a proposal by Ryan Wilson of Wilson Assets, LLC to purchase and repair the property on 1330 Scott Avenue. Born and raised in Waterloo, I'm the current General Manager at Maple Lanes in Waterloo where I have been employed for 10 years. In February of last year I took on the opportunity to purchase 3 rental properties (2 duplexes and 1 house) in Waterloo. Real Estate is something I have always wanted to get involved in along with development in the community and pursuing my real estate license. Purchasing these properties has given me the confidence I needed to enter this field and I'm hoping the redevelopment of this property will be the next big step towards community development and becoming a realtor. One of my fellow bowlers and good friend Jason Strelow of Berkshire Hathaway Home Services has offered to help me pursue this dream and guide me along this path. As a successful Realtor and property owner he has promised his full support in helping me purchase this property and get it fixed up and listed on the market once it is completed. I plan to hire local businesses and contractors to make this property one of the nicest in the neighborhood and I have the financial approval and support from Veridian Credit Union to finance the project. Brief description of intended improvements: - Pour a new driveway starting at approach to garage (Roger Smith Construction) Fix collapsing foundation next to driveway and side entrance (Roger Smith Construction) - Dig and add egress window for basement bedroom eligibility (Concept to Creation, IT C) - Replace current siding with CertainTeed Double 4" vinyl siding and lower front with Green Lake Weatheredge Cast Natural Stone (Concept to Creation, LLC) - Replace/repair toof with Owens Corning Oakridge Shingles (Vasquez Roofing) Stain front porch and replace missing pickets - Replace garage doors with Pella Carriage House Series (Christie Door) - Replace front and side doors with Mastercraft Exterior doors and Larson storm doors Replace all interior doors with Mastercraft prehung interior doors and matching trim Remodel kitchen and replace with Ontario White Kitchen Cabinets and Quartz Counter Tops (Concept to Creation, LLC) Remodel bathroom with new vanity and cabinet, new floor and shower tile (Concept to Creation, LLC) Replace basement furnace with Lennox or Goodman unit (Young Plumbing and Heating) - Frame and drywall basement walls sectioning off utility area and creating finished living room and 3' bedroom (Concept to Creation, LLC) - Replace drywall when needed throughout house and finish with orange peel texture and fresh paint - All necessary electrical work will be contracted through Nelson Electric - Landscape around the house with block, Mississippi river rock and hostas Trim large tree in front yard and replant grass seed Current properties owned by Wilson Assets, LLC: 2720-2722 Ragley Dr. Waterloo, IA 50701 Duplex located in Westdale Addition with both units occupied. No violations or complaints. Improvements made: - New roof - Removed all overgrown shrubs and bushes and replaced with landscaping block, Mississippi rivet rock and hostas. Before After 1414 . 1321-1323 Minnesota St. Waterloo, IA 50702 Duplex located in Pleasant View Addition with both units occupied. No violations or complaints. Improvements made: - Removed all overgrown shrubs and bushes and replaced with landscaping block and hostas. -Removed set of rotten steps made from railroad ties and replaced -Hired tree trimmer to prune large overhanging Maple tree - Paint - Updated appliances - Repainted both exterior doors and replaced storm doors to match Before After 934 Easton Ave. Waterloo, IA 50702 Single family unit located in Lincoln Heights Addition and occupied. No violations or complaints. Improvements made: -Trimmed bushes along driveway and large trees in backyard -Paint -Updated appliances Before After Current home owned and occupied by Ryan Wilson family: 600 Alpine Dr. Waterloo, IA 50702 Single family home located in Parkview Addition and lived in since 2008. No violations or complaints. Improvements made: - New interior carpet, paint and appliances in 2008 - New windows in 2013 --Backyard landscaped with block and hostas in 2014 --Replaced deck in 2015 - Repainted exterior and removed bushes in 2016 Before After idi March 16, 2017 Ryan C. Wilson 600 Alpine Drive Waterloo, IA 50702 Re: Prequalification Ian. credit union Dear Ryan: Please accept this letter on behalf of Veridian Credit Union. You have been prequalified for a loan to purchase a property located at 1330 Scott Ave, Waterloo, Iowa. Final loan approval is subject to property appraisal, approved rehabilitation budget, satisfactory lender's underwriting, clear title and insurance in place at or prior to closing. If you need further information, please let me know. Steve Lindeman Veridian Credit Union P.O. Box 8000 1827 Aneborough Ave. Waterloo, IA 50704-8000 800.235.3228 www.verldianou.Org Federally insured by NCUA. Equal Housing Lender. City of Waterloo Property Bid Sheet Property to be bid upon: 1330 Scott Avenue Name in which property would be transferred: �. (.1 ,2''I. Name of bidder: LL Address of bidder: 6UllNed rle 00(0 WI), Phone & Fax number of bidder.LI-181 My offer for property being bid upon: $1,000.00 earnest fee: �:) 61 (5\D (Note: this amount is refundable for unsuccessful bidders. The fee will not be refunded for successful bidders who withdraw their offer. Also, it is required that the earnest fee be paid per property if bidding on multiple properties.) Brief Description of intended Improvements: C: (L _ C Furthermore, I understand the zoning designation of the property and building code requirements that I am bound by this designation for my use of property. Note: The successful bidder will be required to sign a Development Agreement binding them to the specified completion deadline of twelve (12) Month. Si VAC/ CI 1 re of app scant/ bidder g9 -0 - Date * Please Place this sheet at the beginning of your bid packet when submitting to the Clerk's office. Proposal 1/27/17 To whom it may concern: My intentions for the property on 1330 Scott Avenue would be to renovate the place to city standards and then sell the property as home owner occupied status. The items that need to be renovated per my first viewing include, the garage that needs to be cleaned out, I need to fix eaves troughs. Some of the doors in the house need to be replaced, walls need repaired as well as the floors, not to mention a lot of clean up with be involved. This renovation will not take more than 6 months. Estimated cost to repair place, $12,000. Please let me know if you have any additional questions regarding this proposal, my earnest fee is attached. Thanks Nicole Cook �, tetIt 1 HB. 24.2017 3:12PM WATERLOO BLD INSP 319-291-4262 City of Waterloo Property Bid Sheet Property to be bid upon: 1530 Scott Avenue Narne in which property would be transferred; NO. 6236 P. 7 Narne of bidder:, `eiN Address of bidder; 0 ci :..k.r:i /in._ P,Hc JF/F/3x Phone & Fax number of bidder: CFar..31 .5 70/ t`1-.57,2 $1,000.00 earnest fee; (Note: this amount is refundable for unsuccessful bidders. The fee will not.be refunded for successful bidders who withdraw their offer. Also, it is required that the earnest fee be paid per property if bidding on multiple properties.) Brief Description of intended Improvements Furthermore, I understand the zoning designation of the property and building code requirements that I am bound by this designation for nay use of property. Note: The successful bidder will be required to sign a Development Agreement binding them to the specified completion deadline of twelve (12) Months. Signature of applicant/ bidder Date * Please Place this sheet at the beginning of your bid packet when submitting to the Cleric's office. City of Waterloo Chris Western Community Planning & Development department 715 Mulberry Street -City Hall Waterloo, Iowa 50703 319-291-4366 March 6, 2017 Dear Mr. Western: Don and Connie Lubbert are interested in putting in a bid on the property at 1330 Scott Avenue. We are writing this letter to fulfill the submission requirements as stated in the Request for Development Proposal from the City of Waterloo. Proposed use: It is our plan to rehabilitate this property for general sale to any one interested in purchasing it. It shall remain as a single family dwelling as it has been. Site Development: We will rehabilitate the landscaping with plants and shrubs in front of the current deck area as on drawing. The corners of the foundation are split and need to be dug up and repaired to stop leaks, or if necessary dig up the whole foundation and waterproof it. We may have to rebuild the corners; it will remain to be seen once we get it dug up. The front deck needs to have the top boards replaced, the lattice removed and replaced with a more modern wooden base. The railing also needs updating with a white plastic fence, new steps, and new posts. We will install a new front and back door, new double 4" siding either in a dark clay or dark gray on house and garage. The siding will include white new soffits and facia, with new gutters across the front of the house. The trim will either be painted white or replaced. The garage will have the center post removed and a new door installed, either a 16' x 7' steel insulated door or an 18' door. There is also a garage window needing replacing. We will evaluate the lean-to on the side of the garage to assess whether to take it off or repair it. The walk-in door on the garage may be replaced or painted as needed. The driveway needs to be replaced, at least from the crack just at the back of the house where it is sinking, to the city walk and approach that is still in decent condition. The back steps will also have to be replaced because they are sitting on the driveway. The corners on this side are also cracked and need to be fixed. On the interior of the house, the floors may be hardwood. We did see oak flooring in one bedroom. If this runs throughout, we will sand and refinish the floors. The house needs to be cleaned and sanitized, then possibly retextured, then all rooms need to be repainted. The kitchen needs to have new doors on cabinets, new flooring, and possibly new counter tops and sink. The same applies to the bathroom as to the flooring, vanity, and sink. Depending on availability, we will try to locate new doors for cabinets or existing ones and refinish them. The basement was more difficult to assess. I am not sure if the sheet rock was in good shape at the bottom or if the bottom two feet will need to be replaced. The wiring will have to be inspected first before we decide what must be done to bring it up to code. We will texture and paint the walls in the basement. We may have to install two egress windows downstairs and make one room a living area instead of a bedroom. Financial Capacity/Project Team: We will be working with Veridian Credit Union for our financing of this project. I am already licensed, bonded, and insured with the city. I have been working in construction in this city for over 45 years, as an employee and as a business owner of Lubbert Masonry, Inc. for the last 27 years. In all those years, I have finished all the jobs that I have worked on personally and all those jobs that my business has taken on. To date I am not aware of any problems with our work or complaints about our work. Donald Lubbert 1309 Garden Ave. Waterloo Ia. 319-269-5728 We would start as soon as possible, to clean out the house and repair foundation. Have the house sanitized walls cleaned etc. Have inspections done to find out what needs repairing /replaced, to meet code. Sincerely your, Donald E. Lubbert & Connie Lubbert 1309 Garden Ave. Waterloo, Iowa 50701 319-234-4845 / 319-269-5728 cI z rTE City of Waterloo Property Bid Sheet 330 Seo 14a� Property to be bid upon: Vacant property generally described as address Name in which property would be transferred: D04,/e-1- 4n• r -e, /�►� ��i7�1t /1 Name of bidder: D J i 44.4J e4J Address of bidder: 140 7 1 sJ ii 54_ u cl I70 -11:4 se CIL Phone & Fax number of bidder: 31?—.27o. c?t,4 My offer for property being bid upon: 4 l -l' 6-000, 00 $1,000.00 earnest fee: (co -4,121J c L+e� L (Note: this amount is refundable for unsuccessful bidders. The fee will not be refunded for successful bidders who withdraw their offer. Also, it is required that the earnest fee be paid per property if bidding on multiple properties.) Brief Description of intended Improvements: &e w 16-1-c.4,-,-, 'Fiat rr � tica.. fh#-c�;�.* aoti .eA4c..;,,r oQL.t.s, Pc .A.,�,i.1pI ...t;As- '"l'hrcu '1 (J�/', S(`h<f 4- R,k.nisi, -t t pe h. [cL lllcc l.�iriW 8LaJJC, In 34,11 PMe1.J 4',"`' •C �4GP; 4eu/ c. -&- , ,e'ier4i CICCn-o..r_ 1 Laic c,..,„,rmy I+`fpea ,,.�<I-`' in✓clvd� ia- W S - rel1r�t� f4r7 6csc 5107a i aA1� C�krc.—c IlGrd� �rtSrHi-CRy+rCL 13 ^s / 3 _,7 j� 1 i' -t.. y 06 i.e ti', -4-i e 1 - f r , c4-, 1 .if- 4ur� 4 1 A C-6 -tip r,rifv� g of el l iv i e, r I p -.-.- old." ." j -e r ei Pd Pi o 1 i e S r? 1-c (Lit Ad }rf-‘. Furthermore, I understand the zoning designation of the property and building code requirements that I am bound by this designation for my use of property. Note: The successful bidder will be required to sign a Development Agreement binding them to the specified completion deadline of twelve (12) Months. Signature of applicant/ bidder Date * Please Place this sheet at the beginning of your bid packet when submitting to Clerks office. CITY OF WATERLOO, IOWA Address of Property The City of Waterloo, Iowa, is inviting proposals for the sale and development of property located at Address. t 3 3c✓ Sc. f} 4v -e The following information details the criteria for submitting a bid for the development of this parcel. Any questions regarding the criteria should be directed to the Community Planning & Development Department for the City of Waterloo. Community Planning & Development Department 715 Mulberry Street - City Hall Waterloo, Iowa 50703 319.291.4366 STATEMENT OF INTENT The City of Waterloo, Iowa, desires to actively assist the private sector in developing this property. The City is offering the following property for development: Address j 3 3." .5£o ave._ The City intends to allow prospective developers to compete for the acquisition and rehabilitation of this property on the basis of the quality of development as well as price. SUBMISSION REQUIREMENTS Proposals must be submitted in narrative form and be accompanied by legible drawings in order for additional copies to be made. Proposals must also address each of the items listed herein. An offer to bid form is also enclosed with this packet that must be filled out with purchase information. Proposals will be reviewed by the Dilapidated Housing Committee and reported as to how the proposals fit the criteria established within this RFP. The proposal will then be sent to the Building & Grounds Committee for review and recommendation, and ultimately a public hearing will be held by the City Council to consider the recommendation. The City reserves the right to reject any and all proposals and to waive informalities in any proposal. PROPOSALS MUST ADDRESS EACH OF THE FOLLOWING: 1. Proposed Use The proposed development site is zoned " " District. The proposed use must meet all zoning requirements for a Principal Permitted Use in the " " District. Intended use following rehabilitation of property must be identified as one of the following categories: • Home owner occupied • Rental • Sale to potential home owner • General sale to any and all interested purchasers 2. Site Development The City feels that the aesthetic treatment of the rehabilitation is extremely important. Therefore, a detailed landscaping plan and construction plan including siding material, accessory structures, etc. must be submitted with proposal. All properties sold shall be rehabilitated as Single-family homes regardless of Zoning District that the property is in. However, a property that was originally built as a duplex or Multi Family structure and/or was legally established at a later date may be rehabilitated as such. Materials Used in Construction Materials must be of good quality and, in visual appearance, match existing woodwork through out house. For example, crown molding or door/window trim must have the same appearance and finish as existing molding or trim, unless all molding or trim in a room is replaced. 3. Financial Capacity The proposed developer must provide evidence of financial ability to timely commence and complete the project. This information shall be kept confidential and may be by letter of intent from bank for financing or other similar documentation. As security for completion of the project, the Developer will be required to post a performance bond in the sum of $10,000 per property, in form acceptable to the City, or place $10,000 dollars per property in a non-interest bearing escrow account with the Law office of Clark, Butler, Walsh, and Hamann. If the project is not completed and either the structure(s) have to be demolished or the project has to be completed by the City, then the City may, as appropriate, enforce the bond or use the per -property escrowed sum to defray the actual costs and expenses incurred by the City. As to escrowed funds, the Developer may request, at a rate of not more than $10,000 per home, a full reimbursement of such funds as (a) each home is completed in accordance with the terms and conditions of the development agreement, (b) the home has passed the 12 month inspection, and (c) an occupancy permit has been acquired. In addition, the Developer must submit with its bid proposal a certified check or money order in the amount of $1,000 per property as earnest money for the purchase: Earnest money will be included in the purchase price at closing. Project Team The proposal must list the names, addresses, and daytime phone numbers of the persons with a financial interest in the project. The proposal shall also include any relevant experience that demonstrates the ability to complete this project. 5. Timetable The development project must commence construction within three (3) months and be completed within twelve (12) months from the date of possession. If, after transfer of the property by the City to developer, construction is not commencing in accordance with the attached schedule as described, the title to the real estate will revert to City of Waterloo, free of any liens, encumbrances, etc. against said property. Developer agrees to sign all necessary documents for said reversion. If construction is not completed, at the end of twelve (12) months, but the development of the project is still imminent, the City Council may but shall not be required to grant an extension of time for the rehabilitation of the building. 6. Bid Price The City of Waterloo has determined, that the minimum bid value of this property is: $5,000 However, once the minimum bid price of $5,000 is met, the primary criteria shall be the quality and type of the construction rather than the purchase price. NOTES: A site plan, including landscaping and a perspective complete list of intended construction and improvements must be included with the narrative proposal. All properties sold shall be rehabilitated as Single-family homes regardless of Zoning District that the property is in. However, a property that was originally built as a duplex or Multi Family structure and/or was legally established at a later date may be rehabilitated as such. The enclosed Offer form included therein must also be submitted with the narrative proposal. An earnest fee of $1,000.00 per property is also needed with the Offer to Buy form. Review Criteria The categories to be used in evaluating the proposals include but are not limited to the following: 1.) Proposed Land Use (Proposed construction will be reviewed for their compatibility and appropriateness for site. 2.) Quality of Proposed Development (Probable assessed value of any proposed new structures (ie: garage) and improvements will be weighed with offering price to determine full impact of community benefits: offer price + taxes paid). 3.) Architectural and Aesthetic Design Considerations (Design considerations ie: windows, siding, site layout, driveway (gravel or paved), and accessory structures). 4.) Price (While the price will not be sole determining factor, it will be an important part of the equation, in conjunction with other criteria, to assure the City as whole they are serving the citizenry in a fair and beneficial manner). 5.) Homeownership is a priority to the City of Waterloo; therefore any bidders that plan to live in the property after rehabilitation is complete or sell to homeowner will be scored higher. Date Dear interested developer: The City of Waterloo's Dilapidated Housing Committee has successfully been awarded Address by the Courts through Iowa Code 657A, which grants cities the power to take possession of dilapidated and abandoned homes. It is now our intentions to sell 1330 Scx t f /blas it is has been deemed sound enough for rehabilitation and put back on the tax rolls. Details of the property are as follows: • q it sq. ft. Two Dwelling Unit Structure • Current Assessed Value is $ • Lot size is 6 7 11 sq. ft. The City has set an "As is" minimum bid price of $5,000 and a $1,000 earnest fee per property. Attached to this letter you will find a Request for Development Proposal packet relating to the sale of Address 13305c..1/44,e. property the City of Waterloo acquired as a part of the Dilapidated (Housing Committee efforts. I have also attached a detailed report from the Black Hawk County on line website with further details of the property. 1 would ask that you review the packet and submit the appropriate information in accordance with your development plans for the site. Please note that the reason for the Development Proposal packet is to rehabilitate the property in a way that that is permitted within the zoning district and Land Use Plan for the area, as well as promoting positive development for the City of Waterloo as a whole. Compatibility with the nearby neighborhood and other surrounding uses will also be a key component of the development. The property is currently zoned " " District. ip,a, 7/St./t7 Proposals are due by time and date to the City Clerks office 1st floor City Hall. If you should have any questions or need any additional information regarding this matter, please do not hesitate to contact our office and ask for me at 319.291.4366. Thank you for your cooperation in advance and thank you for your interest in the City of Waterloo. Sincerely, Chris Western Planner II Cc: NoeI Anderson, Director REQUEST FOR DEVELOPMENT PROPOSAL DocuSign Envelope ID: EOC4C7EF-E863-4BEF-B395-59536D1B8CF2 DEER EMPLOYEES 309'/43-1000 CREDIT UNION " '0, Lica 339 600.33&6739 Moline, IL 61266-0339 Fan 309.743.1050 Oee,e E.,pbyeos Cra44 11,10.serym emrlcynes o! neerc & Cnnparyy 004 thele lorolge1. Dem Erni, M 160,1) Veion 'O nae 0600 40 oll'Jole4 9, “.,,,0 00V wM 0C2rb 61 romp0„ y 0, )OM 000,0 ether 1100 Oe,,,/ Ma n314la use'Deele' In 00 coven. 0 0000.11 b a, 1000000d000 0m11 union wRap orrflea by i3O ma nibern 004 cfail,,.4 00000 the WWI Oil 00,0110W 1* eb.,nlc- niMUM-11 Loan and Security Agreements and Disclosure Statement El FIXED RATE LOAN DATE LOAN NUMBER ACCOUNT NUMBER GROUP POLICY NUMBER MATURITY DATE ■ VARIABLE RATE 03/07/2017 01 0005033100 012-0737-8 07/15/2021 1 BORROWER 1 BORROWER 2 NAME ANO ADDRESS David D Folkerts 3209 115th St Buckingham, IA 50612 NAME (AND ADDRESS IF DIFFERENT FROM BORROWER 1) TRUTH IN LENDING DISCLOSURE 'e' means an estimate ANNUAL PERCENTAGE RATE FINANCE CHARGE Amount Financed Total of Payments Total Sale Price The cost of your credit as a yearly rate. The dollar amount the The amount of credit The amount you will have The tolai cost of your purchase on credit is crtxiit will cost you. provided to you or on paid after you have made $ your behalf. all payments as scheduled. 3.290 % $ 1,059,60 $ 14,300.00 $ 15,359.60 which includes your downpayment of $ . Your Payment Schedule Will Be: Number of Payments Amount of Payments When Payments Are Due 51 $ 300.00 Monthly 04/15/2017 1 $ 59.60 07/15/2021 Prepayment: If you pay off early you will not have to pay a penalty. Required Deposit: The Annual Percentage Rate does not take into account your required deposit, if any. Demand: This obligation has a demand feature. ' All disclosures are based on an assumed maturity of one year. Property Insurance: You may obtain property insurance from anyone you want that is acceptable to the Credit Union. If you get the insurance from us, you will pay $ Filing Fees Non -Filing insurance $ 10.00 $ 0.00 Late Charge: If your payment is more than 7 days late, you will be required to pay a late charge of 3% of the payment, with a minimum of $5.00 and a maximum of $10.00 Security: Collateral securing other loans with the Credit Union may also secure this loan. You are giving a security interest in your shares and dividends and, if any, your deposits and interest in the Credit Union; and the property described below: Collateral PropertylModet/Make Year I.D. Number Type Value Key Number DODGE RAM 2009 1 D3HV18T69S738631 $ 14,300.00 $ $ Other (Describe) Pledge of Shares $ in Account No. $ in Account No. Variable Rate: See your contract documents for any additional information about nonpayment, default, and any required repayment in Full before the scheduled date. (SIGNATURES THIS IS A CONSUMER CREDIT TRANSACTION 1 By signing, or otherwise authenticating, as Borrower you agree to the terms of the Loan Agreement. If property is described in the "Security" section of the Truth in Lending Disclosure, you also agree to the terms of the Security Agreement. If you sign, or otherwise authenticate, as "Owner of Property you agree only to the terms of the Security Agreement. NOTICE TO CONSUMER: 1. Do not sign this paper before you read it. 2. You are entitled to a copy of this paper. 3. You may prepay the unpaid balance at any time without penalty and may be entitled to receive a refund of twagEnftslAlorges in accordance with law. BORROWER 1 (SEAL) 01/07/17 LOTNER BORROWER OWNER OF PROPERTY h WITNESS (SEAL) X (SEAL) DATE BORROWER 2 I 1 DATE OTHER BORROWER I r^-: E OWNER OF PROPERTY n WITNESS DATE X (SEAL) Page 1 (MR C.ARRIF SMITH DATE DoouSign Envelope ID: E0C4C7EF-E863-4BEF-6395-59536D1B8CF2 Credit Union Deere Employees Grecs€t Union Borrower(s) David D Folkerts Loan No. 01 Acct. No. 0005033100 ITEMIZATION OF THE AMOUNT FINANCED Itemization of Amount Financed of $14,300.00 Amount Given to You Directly Amount Paid on Your Account $14,300.00 $ 0.00 Prepaid Finance Charge Amounts Paid to $ $ $ $ Others on Your Behalf: To To To To To To To (If an amount is marked with an asterisk (*) we will be retaining a portion of the amount.) $ To To To To To To To LOAN AGREEMENT In this Loan Agreement ("Agreement") all references to "Credit Union," "we," "our," or "us," mean the Credit Union whose name appears above and anyone to whom the Credit Union assigns or transfers this Agreement. All references to "you" or "your" mean each person who signs, or otherwise authenticates, this Agreement as a borrower. 1. PROMISE TO PAY - You promise to pay $14,300.00 to 260 the%Creditperyear. Union plus interest on the unpaid balance until what you owe has been repaid, For fixed rate loans the interest rate is 3. For variable rate loans the initial interest rate is N/A % per year and will vary as follows: Collection Costs: 2. PAYMENTS - You promise to make payments of the amount and at the time shown in the Truth in Lending Disclosure. If this is a variable rate loan, the Promise to Pay section tells you whether, if the interest rate increases, you will have to make more payments, higher payments, or if the final payment will be a balloon payment. You may prepay any amount without penalty. If you prepay any part of what you owe, you are still required to make the regularly scheduled payments, unless we have agreed to a change In the payment schedule. Because this Is a simple interest loan, if you do not make payments exactly as scheduled, your final payment may be more or less than the amount of the final payment that is disclosed. If you elect voluntary payment protection, we will either include the premium or program fee €n your payments or extend the term of your loan. If the term is extended, you will be required to make additional payments of the scheduled amount, until what you owe has been paidy You promise to make all payments to the place we choose. If this loan refinances another loan we have with you, the other loan will be canceled and refinanced as of the date of this loan. Unless otherwise required by law, payments will be applied to amounts owed in the manner we choose. 3. LOAN PROCEEDS BY MAIL - If the proceeds of this loan are mailed to you, interest on this loan begins on the date the loan proceeds are mailed toyou. 4. SECURITY FOR LOAN - This Agreement is secured by all property described in the "Security" section of the Truth in Lending Disclosure. Property securing other loans you have with us also secures this loan, unless the property is a dwelling. In addition to your pledge of shares, we may also have what is known as a statutory Den on all Individual and joint accounts you have with us. A statutory lien means we have the right under federal law and many state laws to claim an Interest in your accounts. We can enforce a statutory lien against your shares and dividends, and if any, interest and deposits, in all individual and joint accounts you have with us to satisfy any outstanding financial obligation that is due and payable to us. We may exeresse our right to enforce this lien without further notice to you, to the extent permitted by law. For al! borrowers: You pledge as security for this loan all shares and dividends and, if any, all deposits and interest in all joint and individual accounts you have with the Credit Union now and in the future. The statutory lien and/or your pledge will allow us to apply the funds in your account(s) to whatou owe when you are in default. The statutory lien and your pledge do not apply to any Individual Retirement Account or any other account that would lose special tax treatment under state or federal law if given as security. 5. DEFAULT - You will be in default under this Agreement if you do not make a payment of the amount required within ten days of the date it is due. You will be in default ifou fail to comply with any term of this Agreement and your failure materially impairs the condition, value or protection of our rights in any property that is security for this loan or materially impairs your ability to pay amounts due under this Agreement. 6. ACTIONS AFTER DEFAULT • When you are in default and after you have been given any rightou have under state taw to cure your default, we can require immediate payment of the entire unpaid balance under this Agreement. If we demand immediate payment, you will continue to pay interest at the rate provided for in this Agreement, until what you owe has been repaid We will also apply against what you owe any shares and/or deposits given as security under this Agreement. We may also exercise any other rights given by law when you are in default. T. EACH PERSON RESPONSIBLE - Each person who signs, or otherwise authenticates, this Agreement will be individually and jointly responsible for paying the entire amount owed under this Agreement. This means we can enforce our rights against any one of you individually or against all of you together. 8. LATE CHARGE - 1f you are late in making a payment, you agree to pay the late charge shown in the Truth in Lending Disclosure. If no late charge is shown, you will not be charged one. 9. DELAY IN ENFORCING RIGHTS - We can delay enforcing any of our rights under this Agreement any number of times without losing the ability to exercise our rights later. We can enforce this Agreement againstyour heirs or legal representatives. 10. CONTINUED EFFECTIVENESS - If any part of this Agreement is determined by a court to be unenforceable, the rest will remain in effect. 11. NOTICES - Notices will be sent to you at the most recent address you have given us in writing. Notice to any one of you will be notice to all. 12. USE OF ACCOUNT - You promise to use your account for consumer (personal, family or household) purposes, unless the Credit Union gives you written permission to use the account also for agricultural or commercial purposes, or to purchase real estate. 13. OTHER PROVISIONS - DocuSign Envelope ID: E0C4C7EF-E863-4BEF-B395-59536D1B8CF2 Credit Union t)eere Employees Credit Union Borrower(s) David D Folkerts Loan No. 01 Acct, No.0005033100 SECURITY AGREEMENT In this Agreement all references to "Credit Union," "we," "our" or "us" mean the Credit Union whose name appears on this document and anyone to whom the Credit Union assigns or transfers this Agreement. All references to the "Loan" mean the loan described in the Loan Agreement that is part of this document. All references to "you' or "your" mean any person who signs, or otherwise authenticates, this Agreement. 1. THE SECURITY FOR THE LOAN - You give us what is known as a security interest In the property described in the "Security" section of the Truth in Lending Disclosure that is part of this document ("the Property"). The security interest you give includes all accessions. Accessions are things which are attached to or installed in the Property now or in the future. The security interest also includes any replacements for the Property which you buy within 10 days of the Loan and any extensions, renewals or refinancings of the Loan. It also includes any money you receive from selling the Property or from insurance you have on the Property. If the value of the Property declines, you promise to give us more property as security if asked to do so. 2. WHAT THE SECURITY INTEREST COVERS/CROSS COLLATERAL PROVISIONS - The security interest secures the Loan and any extensions, renewals or refinancings of the Loan. The security interest also secures any other loans, including any credit card loan, you have now or receive in the future from us and any other amounts you owe us for any reason now or in the future, except any loan secured by your principal dwelling. If the Property is household goods as defined by the Federal Trade Commission Credit Practices Rule or your principal dwelling, the Property will secure only this Loan and not other loans or amounts you owe us. 3. OWNERSHIP OF THE PROPERTY - You promise that you own the Property or, if this Loan is to buy the Property, you promise you will use the Loan proceeds for that purpose. You promise that no one else has any interest in or claim against the Property that you have not already told us about. Youromise not to sell or lease the Property or to use it as security for a loan with another creditor until the Loan is repaid. You promise you will allow no other security Interest or lien to attach to the Property either by your actions or by operation of law. 4. PROTECTING THE SECURITY INTEREST • If your state issues a title for the Property, you promise to have our security interest shown on the title, We may have to file what is called a financing statement to protect our security interest from the claims of others. You irrevocably authorize us to execute (on your behalf), if applicable, and file one or more financing, continuation or amendment statements pursuant to the Uniform Commercial Code (UCC) in a form satisfactory to us. You promise to do whatever else we think is necessary to protect our security interest in the Property. You also promise to pay all costs, including but not limited to any attorney fees, we incur in protecting our security interest and rights in the Property, to the extent permitted by applicable law. 5. USE OF PROPERTY - Until the Loan has been paid off, you promise you will: (1) Use the Property carefully and keep it in good repair. (2) Obtain our written permission before making major changes to the Property or changing the address where the Property is kept. (3) Inform us in writing before changing your address. (4) Allow us to inspect the Property. (5) Promptly notify us if the Property is damaged, stolen or abused. (6) Not use the Property for any unlawful purpose. (7) Not retitle Property in another state without tellingus. 6. PROPERTY INSURANCTAXES AND FEES - You promise to pay all taxes and fees (like registration fees) due on the Property and to keep the Property insured against loss and damage. The amount and coverage of the property insurance must be acceptable to us. You may provide the property insurance through a policy you already have, or through a policy you get and pay for. You promise to make the Insurance policy payable to us and to deliver the policy or proof of coverage to us if asked to do so. If you cancel your insurance and get a refund, we have a right to the refund. If the Property is lost or damaged, we can use the insurance settlement to repair the Property or apply it towards what you owe. You authorize us to endorse any draft or check which may be payable to you in order for us to collect any refund or benefits due under your insurance policy. If you do not pay the taxes or fees on the Property when due or keep it insured, we may pay these obligations, but we are not required to do so. Any money we spend for taxes, fees or insurance will be added to the unpaid balance of the Loan and you will pay interest on those amounts at the same rate you agreed to pay on the Loan. We may receive payments in connection with the insurance from a company which provides the Insurance. We may monitor our loans for the purpose of determining whether you and other borrowers have complied with the insurance requirements of our loan agreements or may engage others to do so. The insurance charge added to the Loan may include (1) the insurance company's payments to us and (2) the cost of determining compliance with the Insurance requirements. If we add amounts for taxes, fees or insurance to the unpaid balance of the Loan, we may increase your payments to pay the amount added within the term of the insurance or term of the Loan. 7. INSURANCE NOTICE • If you do not purchase the required property insurance, the insurance we may purchase and charge you for will cover only our interest in the Property. The premium for this insurance may be higher because the Insurance company may have given us the right to purchase insurance after uninsured collateral is lost or damaged. The insurance will not be liability insurance and will riot satisfy any state financial responsibility or no fault laws. 8. DEFAULT - You will be in default if you break any promise you make or fail to perform any obligation you have under this Agreement. You will be in default if any property you have given us as security is repossessed by someone else, seized under a forfeiture or similar law, or if anything else happens that significantly affects the value of the property or our security interest in it. You will also be in default under this Agreement if the Loan is In default. 9. WHAT HAPPENS IF YOU ARE IN DEFAULT • When you are in default and after you have been given any time you have under state law to cure your default, we may recuire immediate payment of the outstanding balance of the Loan wit -lout giving you advance notice and take possession of the Property. You agree the Credit Union has the right to take possession of the Property without judicial process if this can be done without breach of the peace. If we ask, you promise to deliver the Property at a time and place we choose. If the property is a motor vehicle or boat, you agree that we may obtain a key or other device necessary to unlock and operate it, when you are in default. We will not be responsible for any other property not covered by this Agreement that you leave inside the Property or that Is attached to the Property. We will try to return that property to you or make It available for you to claim. After we have possession of the Property, we can sell it and apply the money to any amounts you owe us. We will give you notice of any public disposition or the date after which a private disposition will be held. Our expenses for taking possession of and selling the Property will be deducted from the money received from the sale. Those costs may include the cost of storing the Property, preparing it for sale and attorney's fees to the extent permitted under state law or awarded under the Bankruptcy Code. If you have agreed to pay the Loan, you must pay any amount that remains unpaid after the sale money has been applieot to the unpaid balance of the Loan and to what you owe under this Agreement. You agree to pay interest on that amount at the same rate as the Loan until that amount has been paid. 10. DELAY IN ENFORCING RIGHTS AND CHANGES IN THE LOAN - We can delay enforcing any of our rights under this Agreement any number of times without losing the ability to exercise our rights later. We can enforce this Agreement against your heirs or legal representatives. If we change the terms of the Loan, you agree that this Agreement will remain in effect. 11. CONTINUED EFFECTIVENESS - If any part of this Agreement is determined by a court to be unenforceable, the rest will remain in effect. ©The following notice applies ONLY when the box at Left is marked. 12. NOTICE: ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER. 13. OTHER PROVISIONS - Sale of 657A Property located at 1330 Scott Avenue March 16, 2017 Bid Tab Estimate: Bidder Bid Bond Bid Amount Bryan Mueller Waterloo, IA Check $1,000 $26,000.00 Ryan Wilson Wilson Assets, LLC Check $1,000 $15,000.00 Dan Lubbert Check $1,000 $7,752.00 Dave Folkerts Buckingham, IA Check $1,000 $5,000.00 Tim Moyer Waterloo, IA Check $1,000 $28,000.00 Nicole Cook Waterloo, IA Check $1,000 $8,000.00