HomeMy WebLinkAbout2010-174-03/08/2010RESOLUTION NO. 2010-174
RESOLUTION APPROVING PROPERTY EXCHANGE
AGREEMENT AND OPTION EXCHANGE AGREEMENT WITH
L AND H FARMS, LTD. AND DIRECTING EXECUTION
OF SAID AGREEMENTS BY MAYOR.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA,
that the Property Exchange Agreement and Option Exchange
Agreement dated March 8, 2010 for acquisition of property in
Black Hawk County for exchange of property in the San Marnan TIF
District in the amount of $820,000.00 for an initial 20.4 acres of
land and an Option Exchange Agreement for an additional 129.5
acres of land, including up to $10,000.00 in closing costs,
legally described as follows:
Parcel "B"
That part of the Southwest Quarter of the Northwest
Quarter (SW 4 NW %) of Section No. 9, Township No. 88
North, Range No. 13 West of the Fifth Principal
Meridian, City of Waterloo, Black Hawk County, Iowa,
described as follows:
Commencing at the Southwest corner of said Southwest
Quarter of the Northwest Quarter, point being a found
"mag" nail in A.C.C. pavement;
Thence along the West line of said Southwest Quarter of
the Northwest Quarter North 00019155" West a distance
of 170.1 feet;
Thence North 89005' East a distance of 33.0 feet to the
Easterly right-of-way line of Ansborough Avenue, point
being a set 34" rebar with license #16264, 'being the
point of beginning;
Thence along said Easterly right-of-way line North
00023' West a distance of 36.1 feet to a found M" rebar
with license #8505;
Thence along said Easterly right-of-way line North
88003' East a distance of 7.0 feet to a found %" rebar
with license #8505;
Thence along said Easterly right-of-way line North
07013%' East a distance of 190.0 feet to a found M"
rebar with license #8505;
Thence along said Easterly right-of-way line North
19018' East a distance of 224.25 feet to a found 5/8"
rebar with I.D.O.T. cap;
Thence along said Easterly right-of-way line North
06045' East a distance of 86.8 feet to a found �4" rebar
with license #8505;
Thence along the Southeasterly right-of-way line of
U.S. Highway #20 a.k.a. Iowa Highway #27 North 6005434'
East a distance of 110.1 feet to a found 34" rebar with
license #8505;
Thence along said Southeasterly right-of-way line North
68042' East a distance of 546.75 feet to a found 34"
rebar with license #8505;
Resolution No. 2010-174
Page 2
Thence along said Southeasterly right-of-way line North
73046' East a distance of 268.65 feet to a found M"
rebar with license #8505;
Thence along the Southerly right-of-way line of said
U.S. Highway #20 a.k.a. Iowa Highway #27 South 89036%'
East a distance of 306.95 feet to the East line of said
Southwest Quarter of the Northwest Quarter, point being
a found 5/8" rebar with I.D.O.T. cap;
Thence along said East line South 00019%1 East a
distance of 827.25 feet to a set M" rebar with license
#16264;
Thence South 89005' West a distance of 1,290.35 feet to
the point of beginning.
Containing 20.40 acres.
Subject to easements, restrictions, covenants,
ordinances and limited access provisions of record and
not of record.
Note: The West line of said Northwest Quarter is
assumed to bear North 00019155" West for this
description, all in the City of Waterloo, Black Hawk
County, Iowa;
by and between L and H Farms, Ltd. 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 8th day of March, 2010.
'�� 7
Ernest G. Clark, Mayor
ATTEST:
uzy res, CMC
City Clerk