HomeMy WebLinkAbout2025-041-01.21.2025Prepared LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo,
IA 50703, (319) 291-4323.
RESOLUTION NO. 2025-041
A RESOLUTION APPROVING THE ASSIGNMENT OF REAL
ESTATE PURCHASE AGREEMENT FROM GALACTIC
DEVELOPMENT CORP. TO GALACTIC HOLDINGS, LLC,
RELATED TO THE PURCHASE OF LAND RELATED TO THE
SUNNYSIDE CREEK DRAINAGE IMPROVEMENTS
PROJECT, LOCATED AT THE SOUTHEAST CORNER OF
VAN MILLER WAY AND W. 4TH STREET.
WHEREAS, the City of Waterloo has been engaged in the Sunnyside Creek Drainage
Improvements Project aimed at enhancing stormwater management and mitigating flood risks;
and
WHEREAS, Galactic Development Corp. was the original party to enter into a Real
Estate Purchase Agreement for land acquisition necessary for the project, located at the southeast
corner of Van Miller Way and W. 4th Street; and
WHEREAS, Galactic Development Corp. desires to assign its rights and obligations
under the Real Estate Purchase Agreement to Galactic Holdings, LLC; and
WHEREAS, the assignment is necessary to facilitate the continued progress and
successful completion of the Sunnyside Creek Drainage Improvements Project, aligning with the
City's strategic goals for infrastructure and community safety;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo as
follows:
1. The Assignment of Real Estate Purchase Agreement from Galactic Development Corp.
to Galactic Holdings, LLC, is hereby approved.
2. All terms and conditions of the original Real Estate Purchase Agreement shall remain
binding upon the assignee, Galactic Holdings, LLC, ensuring adherence to project timelines and
specifications.
3. The Mayor and City Clerk are authorized and directed to execute said documents on
behalf of the City of Waterloo, Iowa.
PASSED AND ADOPTED this 21' day of January 2025.
ATTEST:
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Nancy Higby, Deputy City Clerk
SEAL
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Ray Feuss, Mayor Pro Tem