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Home My WebLink AboutMetro Investments Waterloo, LLC - Acquisition Agreement ($3,315) - 12.1.2025 ACQUISITION CONTRACT Parcel No.: 8913-36-408-013-Metro Investments Waterloo,LLC PROJECT: La Porte Road Reconstruction Project(HDP-8155(787)--71-07) THIS ACQUISITION CONTRACT(the"Contract")is made and entered into as of 2025 by and between Metro Investments Waterloo,LLC ("Seller"),and City of Waterloo,Iowa, ("Buyer"). 1. Seller agrees to sell to Buyer, and Buyer agrees to buy, the following real estate interests (the "Property"),described as:See attached Exhibit"A",in the City of Waterloo,Black Hawk County, Iowa. The Property also includes, if applicable, all estates, rights, title and interests, including all easements, and all advertising devices and the right to erect such devices as are located thereon. 2. Possession of the Property is the essence of this Contract,and Buyer may enter and assume full use and enjoyment of the premises per the terms of this Contract. Seller may surrender possession of the Property or any part thereof prior to the time at which it has hereinafter agreed to do so, and agrees to give Buyer ten(10)days notice of Seller's intention to do so by calling Buyer at(319) 291-4366. 3. The Purchase Price shall be$3,315.00(See Attached Exhibit"B"). The Purchase Price shall be due and payable in full at closing, to be delivered to the Seller upon performance of Seller's obligations and satisfaction of Buyer's contingencies,if any. 4. Possession of the Property shall be delivered to Buyer at closing,which shall occur at a mutually agreeable date and time within sixty(60)days after the date this Contract is approved by the city council,but in any event after the approval of title by Buyer and satisfaction or waiver of contingencies,if any. No later than the closing date,Seller shall remove from the Property all of its personal property,trash,and debris of any type that is not a structure or a fixture. Within said time Seller shall also remove all hazardous materials and/or substances from the Property on or above the ground surface, including but not limited to barrels,cans,or bottles of any kind. Costs incurred by Buyer to remove any items left behind by Seller shall be set off against any expenses that Buyer agrees to reimburse to Seller under this Contract. 5. Seller warrants that there are no tenants on the Property except: 6. This Contract shall apply to and bind the legal successors in interest of the Seller,and Seller agrees to pay all encumbrances,claims,liens and assessments against the Property,including all taxes and special assessments payable until surrender of possession as required by Section 427.2 of the Code of Iowa,and agrees to warrant merchantable title. Names and addresses of lienholders are: (al Black Hawk County, Iowa, for taxes. (b) Unknown until completion of abstract continuation 7. Buyer may include mortgagees,lienholders,encumbrances and taxing authorities as payees on warrants as contract payment. Seller will furnish and deliver to Buyer an abstract of title, continued by the Buyer, to a date within thirty (30) days before the closing date, showing merchantable title to the Property in Seller in conformity with this Contract,Iowa law,and title standards of the Iowa State Bar Association. Buyer agrees to pay costs of abstract continuation, or creation,as necessary. Buyer agrees to obtain court approval of this Contract,if requested by the Buyer, if title to the Property becomes an asset of any estate, trust, conservatorship or guardianship. Seller agrees to pay court approval costs and all other costs necessary to transfer the Property to the Buyer. Seller shall convey the Property to Buyer by warranty deed,free and clear of all liens,restrictions,and encumbrances except as provided in this Contract. 8. If the Seller holds title to the Property in joint tenancy with full rights of survivorship and not as tenants in common at the time of this Contract,Buyer will pay any remaining proceeds to the survivor of that joint tenancy and will accept title solely from that survivor, provided the joint tenancy has not been destroyed by operation of law or acts of the Seller. 9. Seller agrees to keep property hazard insurance coverage in force in a minimum amount equal to the Purchase Price,payable to all parties as their interests may appear,from the date of this Contract until delivery of the deed and possession. Buyer shall notify all insurance companies of this Contract. In case of loss or destruction of part or all of the Property from causes covered by the insurance,Seller agrees to accept the lump sum payment and to endorse the proceeds of any such insurance recovery to the Buyer. Seller hereby assigns the proceeds of any such insurance recovery to the Buyer,and Seller hereby assigns to Buyer any and all of Seller's rights under such insurance contract. 10. The Seller has agreed to sell the Property to the Buyer. Seller acknowledges if it fails to complete its duties of performance under this Contract,Buyer may exercise its power of eminent domain to acquire the Property,provided that the Property is deemed essential by the City Council to keep the project moving forward, or Buyer may exercise other remedies available under applicable law. Buyer agrees to cooperate with Seller,at Seller's request and at no additional cost to Buyer,to have this transaction qualify as an involuntary conversion pursuant to§1033 of the Internal Revenue Code. 11. This Contract shall become effective only upon the occurrence of each of the following two events: (a) acceptance and approval of the Contract by the City Council of the City of Waterloo,and (b) the environmental clearance of the Property in accordance with Phase I site assessment and recommended subsequent activities. Within 30 days after Seller's execution of this Contract,Seller shall disclose to Buyer all contamination of the Property by hazardous wastes and/or substances of which Seller has knowledge. 12. This Contract,together with the exhibits and attachments attached hereto,constitutes the entire agreement between Buyer and Seller,and there is no agreement to do or not to do any act or deed except as specifically provided herein. This Contract may be modified only in a writing signed by both parties. Time is of the essence of this Contract. WHEREFORE,the parties have entered this A isition Contract as of the date first set forth above. M ro lave me aterloo,LLC SELLER'S ACKNOWLEDGMENT: STATE OF IOWA,BLACK HAWK COUNTY,�� ss: J 7- / �I Acknowledged before me on///dI/ 0 ' / ,by 7�40 / -4(- 2,/ as etro invien s,rk. + TIM ANDEf i COMMISSION NO.77251 N Public * ° * MY COMMISSION EXPIRE" row►,. APRIL 11,2027 APPROVAL RECOMMENDED BY: City Planning Staff (Date) APPROVED BY: C)A--AQA—Ag -"5f ATTEST: • L_ (Mayor) (City Clerk) DATE APPROVED: BUYER'S ACKNOWLEDGMENT: STATE OF IOWA,BLACK HAWKCO TY,ss: �`- Acknowledged before me on �,417.j_ // by Quentin Hart and Kelley Felchle as Mayor and City Clerk,respectively,of the City of Waterloo,to oPP'A`Scc, BRITNI C PERKINS Noary blia a r. COMMISSION NO.845529 * * MY COMMISSION EXPIRES IOWA JANUARY 27,2026 2 INDEX LEGEND Exhibit "A" LOCATION: PART OF LOTS 1 AND 2 SUNKIST ADDITION REQUESTOR: CITY OF WATERLOO,IOWA PROPRIETOR: LAPORTE R E LLC SURVEYOR: MICHAEL R.FAGLE SURVEY PREPARED BY: AECOM RESPOND TO: 501 SYCAMORE STREET,SUITE 222 WATERLOO,IOWA 50703 PHONE 319-232-6531 MIKE.FAGLE@AECOM.COM ACQUISITION PLAT LA PORTE ROAD RECONSTRUCTION PROJECT HDP-8155(786)--71-07 WATERLOO, IOWA OWNER: METRO INVESTMENTS WATERLOO LLC COUNTY PARCEL: 891336408015 1328 LA PORTE RD WATERLOO,IA 50703 PROJECT PARCEL: 212 N. \ S89°31'59"E N'LY LINE—\i 3.40' AQUISITION CONTAINS 451 SF PROJECT PARCEL 212 N N00°41'10"W S00°41'10"E 132.53' 132.53' � (132.20') co SUNKIST E'LY LINE ADDITION 0 0 POB W H (Y S'LY LINE if N89°31'59"W 0 3.40' Q J EASTON AVENUE (66') LEGEND: I hereby certify that this Land Surveying document was prepared by me or under 0 PARCEL OR LOT CORNER MONUMENT FOUND my direct personal supervision and <•""SjoND s:"•,•,, that)amaduly licensed Land Surveyor SET 1/2"x 24"REBAR w/YELLOW PLASTIC =°t9•' '••.;B',; under the laws of the State of laws. ID CAP#8505 "%Tt".•\`:1 500°41'10"E 132.53' esus I i MICHAEL R.FAGLE Date (150') MEASURED DIMENSION License number R505 RECORD DIMENSION •••` .r•'`• Myrenewal date is December 31. 2026•" " ••° l`e"seSCALE IN FEET '"�'W""' Pages or sheets covered by this seal: SHEET 1 OF 2 6 SHEET 2 OF 2 O 40 80 REFERENCE DOCUMENT 2016-016992 -� � -t 1"=40' SHEET 1 OF 2 Exhibit "A" Continued ACQUISITION PLAT LA PORTE ROAD RECONSTRUCTION PROJECT HDP-8155(786)--71-07 WATERLOO, IOWA OWNER: METRO INVESTMENTS WATERLOO LLC COUNTY PARCEL:891336408015 1328 LA PORTE RD WATERLOO,IA 50703 PROJECT PARCEL: 212 DESCRIPTION:RIGHT-OF-WAY ACQUISITION PROJECT PARCEL 212 PART OF LOTS 1 AND 2 OF SUNKIST ADDITION,CITY OF WATERLOO,COUNTY OF BLACK HAWK,STATE OF IOWA,MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHEASTERLY CORNER OF SAID LOT 1;THENCE NORTH 89°31'59"WEST(ASSUMED BEARING FOR THE PURPOSE OF THIS DESCRIPTION)ALONG THE SOUTHERLY LINE OF SAID LOT 1,A DISTANCE OF 3.40 FEET;THENCE NORTH 00°41'10"WEST,132.53 FEET TO THE NORTHERLY LINE OF SAID LOT 2;THENCE SOUTH 89°31'59"EAST ALONG THE NORTHERLY LINE OF SAID LOT 2,A DISTANCE OF 3.40 FEET TO THE NORTHEASTERLY CORNER OF SAID LOT 2;THENCE SOUTH 00°41'10"EAST ALONG THE EASTERLY LINE OF SAID LOTS 2 AND 1,A DISTANCE OF 132.53 FEET(132.20 FEET RECORD)TO THE POINT OF BEGINNING. CONTAINING 451 SQUARE FEET. A ECOM SHEET 2 OF 2 EXHIBIT"B" Sauare Feet Price Fee title acquisition 451 $3,315.00 TOTAL $3,315.00 3