HomeMy WebLinkAboutLaPorte RE LLC - Acquisition Contract - 12.15.2025 ACQUISITION CONTRACT
Parcel No.: 8913.36-454-012-La Porte RE,LLC
PROJECT: La Porte Road Reconstruction Project(HDP-8155(7871--71-07)
THIS ACQUISITION CONTRACT(the"Contract")is made and entered into as of Der_. ,
2025 by and between La Porte RE,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$5,226.00(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:
(a) Black Hawk County, Iowa, for taxes. lb) 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
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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 Acquisition Contract as of the date first set forth above.
La Porte RE,LLC
SELLER'S ACKNOWLEDGMENT:
STATE OF IOWA,BLACK HAWK COUNTY,ss: --��
Acknowledged_before me on. 7Z ,A222Z5, by c/j(/1 ` 1%S ,
as /2/0lZ of La Porte RE,LLC
�•4`'"`8 TIM ANDERA
z COMMISSION NO.772518
,�yy *'"'—r' * MY COMMISSION E)PIRES
Notary A iowN APRIL 11,2027
APP VAL RECO ND
aliply,
/275/ZOZ
City Planning Staff (Date)
APPROVED BY: D'`--""A' w V ''"t ATTEST:
(Mayor) (City Cler
DATE APPROVED: D I5 ZA Z5
BUYER'S ACKNOWLEDGMENT:
STATE OF IOWA,BLACK HAWKCOUNTY,ss:
,,,�,S
�j .y Acknowledged before me onem / b' C uentin Hart and Kelley Felchle as
Mayor and City Clerk,respectively,of the City of Waterloo/Iowa.
V.,
k PERKINS
!3N NO.845529
;SSION EXPIRES
ARY 27,2026 ,sPA="`s BRITNI C PERKINS
° COMMISSION NO.845529
*„'T lill" * MY COMMISSION EXPIRES
IOWA JANUARY 27,2026
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INDEX LEGEND
LOCATION: PART OF LOT 240 PLEASANT VIEW Exhibit "A"
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: LAPORTE R E LLC COUNTY PARCEL: 891336454012
1516 LA PORTE RD
WATERLOO IA 50702 PROJECT PARCEL: 204
POB
589°39'19"E
(133') 3.00' FND.REBAR/OC
/l 7811
N'LY LINE)
AQUISITION
CONTAINS 378 SF E'LY
LINE
PROJECT
PARCEL204 ) PLEASANT VIEW
mil 3'
ADDIT ON "iN �i�_
N �,ti rn,,..,F,
tiiV7 tiitON
'N iN,-1
cD N- co 0) O Z'i O
co co o') 0') Y t/1
N N N N N
a
0
w
CC
II\
S'LY LINE O
41'
N89°54'41"W a
FND.1"PIPE 200.23' N89°54'41"W J
(200') 3.00'
HOWARD AVENUE (60') FND.REBAR/OC
7811 BENT 1.10'S.
OF CORNER
•
LEGEND:
I hereby certify that this Land Surveying
document was prepared by me or under • PARCEL OR LOT CORNER MONUMENT FOUND
C N my direct personal supervision and
' ND auamaamyucensee Land Surveyor 0 SET 1/2"x 24"REBAR w/YELLOW PLASTIC
=,°y`°: s�sE`, m
•.. under the laws of the State of Iowa.
naxaet a.•a5= ID CAP#8505
8505 = MICHAEL R.EAGLE Date S00°16'36.9"W126.11' MEASURED DIMENSION
•`• ILicense number 8505 (200') RECORD DIMENSION
fDyyA My license renewal date is December31, 2026 SCALE IN FEET
Pages or sheets covered by[his seal:
SHEET 1 OF 2 6 SHEET 2 OF 2 0 40 80
REFERENCE DOCUMENT
2005-010261 MEM=
2005-010261
A=COM 1"=40'
SHEET 1 OF 2
Exhibit "A" Continued
ACQUISITION PLAT
LA PORTE ROAD RECONSTRUCTION PROJECT HDP-8155(786)--71-07
WATERLOO, IOWA
OWNER: LAPORTE R E LLC COUNTY PARCEL: 891336454012
1516 LA PORTE RD
WATERLOO IA 50702 PROJECT PARCEL : 204
DESCRIPTION:RIGHT-OF-WAY ACQUISITION PROJECT PARCEL 204
PART OF LOT 240,PLEASANT VIEW ADDITION,CITY OF WATERLOO,BLACK HAWK COUNTY,STATE OF IOWA,BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS.
BEGINNING AT THE NORTHEASTERLY CORNER OF SAID LOT 240;THENCE SOUTH 00°16'37"WEST(ASSUMED BEARING FOR
THE PURPOSE OF THIS DESCRIPTION)ALONG THE EASTERLY LINE OF SAID LOT 240,A DISTANCE OF 126.11 FEET(127.00
FEET RECORD)TO THE SOUTHEASTERLY CORNER OF SAID LOT 240;THENCE NORTH 89°54'41"WEST ALONG THE
SOUTHERLY LINE OF SAID LOT 240,A DISTANCE OF 3.00 FEET;THENCE NORTH 00°16'37"EAST,126.12 FEET TO THE
NORTHERLY LINE OF SAID LOT 240;THENCE SOUTH 89°39'19"EAST ALONG THE NORTHERLY LINE OF SAID LOT 240,A
DISTANCE OF 3.00 FEET TO THE POINT OF BEGINNING.
CONTAINING 378 SQUARE FEET.
ACOM
SHEET 2 OF 2
EXHIBIT"B"
Square Feet Price
Fee title acquisition 378 $5,226.00
TOTAL $5,226.00
3