HomeMy WebLinkAbout2011-1130-12/12/2011 This Resolution prepared by Carol Failor, Deputy City Clerk, 715
Mulberry Street, Waterloo, Iowa.
RESOLUTION NO. 2011-1130
RESOLUTION APPROVING PROPERTY EXCHANGE
AGREEMENT, ASSIGNMENT OF OFFER TO BUY REAL
ESTATE AND ACCEPTANCE WITH L AND H FARMS, LTD.
AND DIRECTING EXECUTION OF SAID AGREEMENTS BY
MAYOR AND CITY CLERK.
WHEREAS, the City of Waterloo, Iowa has offered to purchase
approximately fifty (50) acres more or less, of Black Hawk County
agricultural land described in attached Exhibit "A" for the sum
of $750, 000, and
WHEREAS, L and H Farms, Ltd. , is the owner of twenty-four
and a half (24 . 5) acres of development property located at the
southeast corner of the intersection of U. S. Highway 20 and
Ansborough Avenue, described in attached Exhibit "B", and
WHEREAS, L and H Farms, Ltd. Is willing to convey said
development property in exchange for said agricultural land.
NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
WATERLOO, IOWA, that the Property Exchange Agreement, Assignment
of Offer to buy Real Estate and Acceptance with L and H Farms,
Ltd. , dated December 12, 2011, for the acquisition and conveyance
of approximately 50 acres of city-owned property, in Black Hawk
County for exchange of 24 . 54 acres of development property in the
amount of $750, 000, including up to $10, 000. 00 in closing costs,
and legally described in attached exhibits "A" and "B" and
authorize the Mayor and City Clerk to execute said documents on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 12th day of December 2011 .
rnest G. Clark, Mayor
ATTEST:
VA c:�.je oL��
SuzyS hares, CMC
City C erk
EXHIBIT "A"
Farm Land
The East 1722 feet of the North Half of the Northwest Quarter of Section 26, Township 88
North, Range 13 West of the 5th P.M., Black Hawk County, Iowa, except the North 55 feet
thereof(50 acres more or less).
Subject to easements, restrictions, covenants, ordinances and limited access provisions of record
and not of record.
EXHIBIT "B"
Development Land
The Southwest Quarter of the Northwest Quarter(SW'/4 NWI/4) of Section No. 9, Township No.
88 North, Range No. 13 West of the Fifth Principal Meridian, City of Waterloo, Black Hawk
County, Iowa, EXCEPT Parcel "B"conveyed to the City of Waterloo by deed dated March 16,
2010 and filed May 5, 2010 as Doc. No. 2010-20575; and EXCEPT Tract"A"in a right-of-way
plat dated January 19, 1979, and filed May 30, 1980, as 539 Lot Deed 982-991; and EXCEPT
Tract`B" (Easement) in the same right-of-way plat filed as 539 Lot Deed 982-991, and EXCEPT
Fee Tract`B" in the Acquisition Plat filed July 11, 2005 as Document No. 2006873;
AND
The North 43 feet of the North Half of the Southwest Quarter(N%2 SWI/4) in Section No. 9,
Township No. 88 North, Range No. 13 West of the Fifth Principal Meridian, Black Hawk
County, Iowa;
AND
That part of the West Half of the Northeast Quarter of Section No. 9, Township No. 88 North,
Range No. 13 West of the Fifth Principal Meridian, in the City of Waterloo, Black Hawk County,
Iowa, described as beginning at the Center of said Section; thence North 0 degrees 03 minutes
West 1033.5 feet along the West line of said Northeast Quarter; thence South 89 degrees, 19%2
minutes East 920.5 feet; thence South 26 degrees 56 minutes West 508.5 feet; thence South 0
degrees 541/2 minutes West 561.8 feet to a point on the South line of said Northeast Quarter;
thence South 89 degrees 21%2 minutes West 680.4 feet along said South line to the point of
beginning (Tax Parcel No. 8813-09-251-004).
Subject to easements, restrictions, covenants, ordinances and limited access provisions.of record
and not of record.