HomeMy WebLinkAbout1986-090-02.17.1986 RESOLUTION NO. 1986 - 90
RESOLUTION AUTHORIZING GUARANTEE OF A LOAN TO MR. 0. J.
KEIPER FOR PURPOSES OF ALLOWING THE DEMOLITION OF THE
PROPERTY COMMONLY KNOWN AS THE ELLIS HOTEL.
WHEREAS, Mr. 0. J. Keiper has a contract with a bonded demolition
m ; contractor in the amount of Twenty-seven Thousand Five Hundred and
""-'o no/100 Dollars ($27,500.00) for purposes of demolishing the Ellis
a cc Hotel ; and
1- rr- >-�--
r_,,
WHEREAS, the Waterloo Industrial Development Association has
< , i agreed to loan to Mr. Keiper said amount of money for a period of
c p ,i ,.., eighteen (18) months; and
m PCs
cv o c
o m WHEREAS, the Waterloo Industrial Development Association is
h- s ` c requiring that the mortgage be satisfied within said time period, or
m sooner, in the event that Mr. Keiper is able to sell the property or a
c-c development occurs on said property; and
c a - -
i-- WHEREAS, there is no guarantee that the sale of this property
a = r_- could take place within the eighteen-month period, it is necessary for
re m m the City of Waterloo to guarantee the payment to the Waterloo
o -- Industrial Development Association; and
IT- m
_- WHEREAS, in the event the City is responsible to the Waterloo
c c Industrial Development Association for the unpaid balance of the loan
in August of 1987, the City would receive the second mortgage, by
1- assignment from the Waterloo Industrial Development Association, and,
c s further, that Mr. Keiper has agreed to allow the City to use the site,
a o upon completion of demolition, for the purpose of parking or other
• `r appropriate uses.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
Waterloo, that the Mayor is hereby authorized to enter into a Guarantee
Agreement with the Waterloo Industrial Development Association for the
purpose of enabling Mr. Keiper to secure the funds to demolish the
Ellis Hotel .
PASSED AND ADOPTED this 17th day of February, 1986.
B y: y` j-e-,1,, Q,
Bernard L. Mc i ley, Mayor
ATTEST:
Mic elle Temeyer, Deputy Clerk/Auditor
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