HomeMy WebLinkAbout2024-610-10.07.2024Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2024-610
RESOLUTION APPROVING THE REAL ESTATE PURCHASE
AGREEMENT WITH GALACTIC DEVELOPMENT CORP.,
FOR PROPERTY LOCATED WEST OF 1101 VAN MILLER
WAY, IN THE AMOUNT OF $699,900.00 PLUS UP TO
$2,000.00 IN CLOSING COSTS, AND AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE SAID
DOCUMENT.
WHEREAS, the City of Waterloo seeks to acquire real estate for municipal purposes and
development initiatives; and
WHEREAS, a Real Estate Purchase Agreement has been proposed with Galactic
Development Corp. for the purchase of property located west of 1101 Van Miller Way at a purchase
price of 699,900.00, plus up to $2,000.00 for closing expenses; and
WHEREAS, it is in the best interest of the City to secure this property, supporting future
developments that align with city planning and growth strategies; and
WHEREAS, the City Council deems it necessary to approve the agreement and authorize
the execution by the Mayor and City Clerk to facilitate this acquisition
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as
follows:
1. The Real Estate Purchase Agreement with Galactic Development Corp. for the
property located west of 1101 Van Miller Way, in the amount of $699,999.00, plus up to
$2,000.00 for closing expenses, is hereby approved.
2. The Mayor and City Clerk are authorized and directed to execute said agreement.
3. This resolution shall take effect upon its passage and approval.
PASSED AND ADOPTED this 7th day of October 2024.
ATTEST:
1(elley Felchle
Kelley Felchle, City Clerk
XVi
atertda
DIGITALLY
SIGNED
Quentin Hart, Mayor