HomeMy WebLinkAbout2015-903-11/23/2015 Prepared by Kelley Felchle, Deputy City Clerk, City of Waterloo,
715 Mulberry Street, Waterloo, IA 50703, 319-291-4323 .
RESOLUTION NO. 2015-903
RESOLUTION APPROVING THE REAL ESTATE PURCHASE
AGREEMENT WITH WILLARD R. FROST TRUST FOR THE
ACQUISITION OF 72 . 16 ACRES OF LAND,
' IMMEDIATELY WEST OF FERGUSON ENTERPRISES,
INC. DISTRIBUTION CENTER, AT A 2 : 1 RATIO FOR
WHAT THE TRUST IS ABLE TO BUY FROM ANOTHER
FARM IN THE COUNTY, VIA A 1031 EXCHANGE
PURCHASE, ESTIMATED AT $20, 000 PER ACRE (OR
$1, 523, 200) , WITH UP TO $3, 500 IN CITY
ENVIRONMENTAL AND CLOSING COSTS, AND
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE ANY NECESSARY DOCUMENTS .
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the Real Estate Purchase Agreement dated November 23, 2015,
between the Frost, Willard R. Trust and the City of. Waterloo,
Iowa, for the acquisition of 72 . 16 acres of land immediately to
the west of Ferguson Enterprises, Inc. Distribution Center, at a
2 : 1 ratio for what the Trust is able to buy from another farm in
Black Hawk County, via a 1031 exchange purchase, estimated at
$20,000 . 00 per acre (or $1, 523, 200 . 00) with up to $3, 500 in City
environmental and closing costs, and legally described as
follows : 4
SW SW SEC 21 T 89 R 12 EXC THAT PART DESC AS FOL: COM AT SW
COR OF SAID SW 1/4 PT BEING A FOUND P-K NAIL TH E ALONG S
LINE OF SW 1/4 A DIST OF 325. 01 FT TO" THE PT OF BEG BEING A
SET MAG NAIL TH N A DIST OF 3'45 . 6 FT TO A SET 1/2" REBAR
LICENSE #6505 TH E A DIST OF 418 . 04 FT TO A SET 1/2" REBAR
LICENSE #6505 TH S A DIST OF 345 . 6 FT TO THE S LINE OF SAID
SW 1/4 PT BEING A SET MAG NAIL TH W ALONG SAID S LINE A DIST
OF 418 . 04 FT, TO THE PT OF BEG ALSO KNOWN AS PARCEL A OF PLAT
OF SURVEY 335 MISC 449;
and
NW SW SEC 21 T 89 R 12 EXC THAT PART DESC AS FOL: COM AT THE
NW COR OF THE SW 1/4 OF SAID SEC 21 TH N 89 DEG 49 MIN 28
SEC E ON THE N LINE OF THE NW SW OF SAID SEC 21 A DIST OF
N329. 90 FT TO PT OF BEG OF THE PARCEL HEREIN DESC: TH CONT N
89 DEG 49 MIN 28 SEC E ON THE N LINE OF THE NW SW OF SAID
SEC 21 A DIST OF 989. 83 FT TO THE NE COR OF THE NW SW OF
SAID SEC 21 TH SE ON THE E LINE OF THE NW SW OF SAID SEC 21
A DIST OF 263 . 05 FT TH NWLY ON A 2406. 83 FT RADIUS CURVE
CONCAVE NELY AND HAVING A 929. 47 FT LONG CHORD BEARING N 76
DEG 25 MIN 35 SEC W A DIST OF 935 . 34 FT (ARC LENGTH) TH N 65
DEG 17 MIN 37 SEC W A DIST OF 100 . 10 FT TO THE PT OF BEG;
By and between Willard R. Frost Trust and the City of Waterloo,
Iowa is hereby approved and the Mayor and City Clerk are
authorized and directed to execute the same on behalf of the City
of Waterloo, Iowa.
PASSED AND- ADOPTED this 23rd day of November 2015 .
Ernest G. Clark, Mayor
ATTEST:
Resolution No. 2015-903
Page 2
Kelleyetch e
Deputy ity Clerk
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