HomeMy WebLinkAboutC R Fortunes Inc-8/23/2010DEVELOPMENT AGREEMENT
This Agreement is made and entered into this d? day of /illi , 2010, by
and between C R Fortunes Inc. hereafter called Company, and the City of aterloo, Iowa,
hereinafter called City.
WHEREAS, City considers development within the City a benefit to the community and is
willing for the total good and welfare of the community to sell city -owned property not needed for
current or future public purposes so as to encourage that goal, and
WHEREAS, Developer is willing to restrict future sale of land to abutting property owners
Operation Threshold and/or Department of Corrections, valued at a maximum of $1.00, or any
documented costs of changes to said land to be sold, as described by legal description.
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS
HEREINAFTER CONTAINED, Company and City agree as follows:
1. The City agrees to transfer property, as legally described, for $1.00 plus costs. The
City shall convey, or cause to be conveyed, the property by Quit Claim Deed.
2. Company agrees to restrict future sale of the land to abutting property owners of
Operation Threshold or Department of Corrections for $1.00 plus any documented
costs of actual construction changes to land purchased (i.e. curb cut changes, etc.)
Said land sale restriction shall remain in place for a period of twelve (12) months from
date of sale. After that date, sale of property shall be at market value.
3. Company agrees to land "as is" in its current state. Company agrees to a 20'
wide ingress/egress access easement, over the land to be acquired, for
Operation Threshold and Department of Corrections after completion of their
projects. This easement shall not be in effect during construction of sites for
construction vehicles, etc. after 1 pm daily. This ingress/egress easement shall
stay in place in perpetuity for all future owners, assignees, etc. of the land,
unless vacated by the Waterloo City Council in the future by a public hearing
process.
4. NOTICE: All notices, request, and other communication permitted or required herein
shall be in writing and hall be effective when delivered to the addressee in person or
when sent to such address by United States registered or certified mail, return receipt
requited, postage prepaid, or by hand delivery, or fax, addressed as follows:
By:
For the City:
Mayor Buck Clark
City Hall
715 Mulberry Street
Waterloo, Iowa 50703
With copy to Community Planning & Development Director
For Developer:
Curtis Ridgeway
1616 Franklin Street
Waterloo, Iowa 50703
5. SUCCESSORS AND ASSIGNS: This Agreement shall be binding upon the
successors and assigns of Developer.
6. IN WITNESS WHEREOF, the parties have executed this Agreement the date and
year written above.
Curtis Ridg wa
CITY OF WATT' LOO, IOWA
By:
71a/
Date
Ernest G. Clark, Mayor Date
ATTEST:
\ kil
Suzy Sca ; s, City Clerk
Date
.91ll .9-0(0
g(21a6td
RESOLUTION NO. 2010-760
RESOLUTION APPROVING DEVELOPMENT AGREEMENT
WITH FORTUNES TAP AND DIRECTING EXECUTION OF
SAID AGREEMENT BY MAYOR.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the Development Agreement dated August 23, 2010, for sale
and conveyance of the remaining portion of city -owned vacated Elm
Street generally located next to 328 Elm Street for $1.00, by and
between Fortunes Tap of Waterloo, Iowa and the City of Waterloo,
Iowa, be and the same is hereby approved, and the Mayor and City
Clerk authorized to execute the same in behalf of the City of
Waterloo, Iowa.
PASSED AND ADOPTED this 23rd day of August, 2010.
Ernest G. Clark, Mayor
ATTEST:
Suzy�c1ares, CMC
City Cl rk
RESOLUTION NO. 2010-759
RESOLUTION AUTHORIZING THE SALE AND
CONVEYANCE OF THE REMAINING PORTION OF CITY -
OWNED VACATED ELM STREET GENERALLY LOCATED
NEXT TO 328 ELM STREET FOR $1.00, PLUS COSTS,
AND AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE AND DELIVER DEED FOR SAME.
WHEREAS, the City of Waterloo, Iowa, is the owner of real
property in the City of Waterloo, Iowa, as described below, and
WHEREAS, an offer to purchase said certain parcels of real
property in the sum of $1.00, plus costs, has been made by
Fortunes Tap, and
WHEREAS, a public hearing was held on August 16, 2010, at
5:30 p.m. in the Council Chambers in City Hall, Waterloo, Iowa,
as provided by law, by the Council of the City of Waterloo, Iowa,
on the proposal to sell and convey premises owned by the City of
Waterloo, Iowa, to Fortunes Tap, and
WHEREAS, it is the opinion of this Council that sale and
conveyance should be made as proposed.
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE COUNCIL OF THE
CITY OF WATERLOO, IOWA, AS FOLLOWS:
1. The following described real property, as fully
described in the published notice in the Waterloo Courier on
August 12, 2010, is not presently needed and will not be needed
in the foreseeable future for municipal purposes and its
ownership is serving no municipal purpose, and
2. That the offer of Fortunes Tap to purchase real
property for the sum of $1.00, and costs, be and it is hereby
accepted for real property described below:
That part of Elm Street in Lane and Fowler Second
Addition, Waterloo, Black Hawk County, Iowa, described
as follows:
Beginning at the Southeast corner of Lot Ten (10),
Block Fourteen (14) aforesaid Second Addition; thence
North along the East line of said Block Fourteen (14)
to the Northeast corner of Lot One (1) Block Fourteen
(14); thence East to the Northwest corner of Lot Four
(4) Block Thirteen (13) said Second Addition; thence
South along the West line of said Block Thirteen (13)
to the Southwest corner of Lot Seven (7), said Block
Thirteen (13); thence Northwesterly to the point of
beginning; except the West Six (6) feet thereof; all in
the City of Waterloo, Black Hawk County, Iowa;
Except that part of Elm Street in Lane and Fowler
Second Addition, Waterloo, Black Hawk County, Iowa,
described as follows:
Beginning at the Southeast comer of Lot Ten (10), Block
Fourteen (14) aforesaid Second Addition; thence North
Two Hundred Forty-five (245) feet along the East line
of said Block Fourteen (14); thence East at Ninety (90)
degrees from the previous course Sixty (60) feet to a
point on the West line of Lot Four (4), Block Thirteen
(13) said Second Addition; thence South along the West
line of said Block Thirteen (13) to the Southwest
Resolution No. 2010-759
Page 2
corner of Lot Seven (7), said Block Thirteen (13);
thence Northwesterly to the point of beginning; except
the West Six (6) feet thereof; subject to city's
retention of a permanent utility; and ingress/egress
easement over, under and upon the described area, all
in the City of Waterloo, Black Hawk County, Iowa;
for $1.00, plus costs.
3. That the City of Waterloo, Iowa, convey said parcels of
real property to Fortunes Tap by deed.
4. That the Mayor and City Clerk are hereby authorized to
execute and deliver deed to Fortunes Tap.
5. That the original of said deed fully executed and
acknowledged is hereby approved and confirmed by the Council.
6. That the City Clerk is authorized and directed to
deliver said deed of conveyance to Fortunes Tap upon receipt of
the sum of $1.00, and costs.
PASSED AND ADOPTED this 23rd day of August, 2010.
f'A514- (//(j
ATTEST:
c, Qa /D
�
Suzy c1%ares, CMC
City Clerk
Ernest G. Clark, Mayor