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Home My WebLink AboutThe Bowlers Group II, LLC - Acquisition Contract - 12.15.2025 ACQUISITION CONTRACT Parcel No.: 8913-36-253-002 and 003-The Bowlers Group II,LLC PROJECT: La Porte Road Reconstruction Project(HDP-8155(787)--71-07) HIS ACQUISITION CONTRACT(the"Contract")is made and entered into as of Ci , , 2024 by and between The Bowlers Group II,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 ful 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$654.00(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. (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 Seler 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 shal 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,t parties have entered this Acquisition Contract as of the date first set forth above. The Bowlers G LLC SELLER'S ACKNOWLEDGMENT: STATE OF IOWA,BLACK HAWK COUNTY,ss: Acknowledged before me on t 5 t ZZ Z-l7 ,byVC RR� t , as l the Bowler' . • � `L 0 TIM gNDERA COMMISSION NO.772518 C---Notary Publi Vim* MY COAMpMIIIS 1I1O EXPIRES /ow, APPRO 'L RECO ENDE' :Y: r.1 City Planning Staff (Date) APPROVED BY: _ ATTEST: (Mayor) (C. Clerk) DATE APPROVED: eJC€YY\ l- C tS QZ� BUYER'S ACKNOWLEDGMENT: STATE OF IOWA,BLACK HAWKCOUNTY,ss: Acknowledged before me orr !Ffl ! y Quentin Hart and Kelley Felchle as Mayor and City Clerk,respectively,of the City of Waterlo Iowa. ,iAcs�, BRITNI C PERKINS �_� - $ ' MMI NO552• -�'G�TPublic CO SSION .84 MY JANUARY 27,2026RESAlb 2 INDEX LEGEND _ Exhibit "A" !LOCATION: (PART OF THE NE SW NE SEC 36-89-13W REQUESTOR: CITY OF WATERLOO,IOWA PROPRIETOR: PEBBLE HILL LLC SURVEYOR: IMICHAEL R.FAGLE SURVEY PREPARED BY: IAECOM RESPOND TO: 501 SYCAMORE STREET,SUITE 222 WATERLOO,IOWA 50703 I PHONE 319-232-6531 MIKE.FAGLE@AECOM.COM RIGHT OF WAY ACQUISITION PLAT LA PORTE ROAD RECONSTRUCTION PROJECT HDP-8155(786)--71-07 WATERLOO, IOWA OWNER: THE BOWLERS GROUP II LLC COUNTY PARCEL: 891336253002 OWNER ADDRESS: PROJECT PARCEL: 224 650 LA PORTE RD WATERLOO,IA 50703 BYRON AVENUE(60') S89°52'09"E 221.12' --\, S89°52'09"E FND.1/2"REBAR- \ POB / 13.50' S25°08'48"E 120' r — 13.9r b POC S'LY R-O-W LINE / LOT 24 N56°57'52"W__Jj / .-. 23.16' O co 1-- LU CC ON PROJECTS CONTAINSQ I185 SF PARCEL 224/ LOT 23 b Lo Q to Z W 0 ROLLING ACRES PART OF THE NE 1/4,OF THE SW 1/4 OF THE 1ST ADDITION NE 1/4 OF SECT.36,789N,R13W OF THE 5TH P.M. '0 0 71 rn 70 0 W'LY R-O-W LINE/ Q LEGEND: I hereby certky that this Land Survepng document was prepared by me or urger myakect personal supervision and 0 PARCEL OR LOT CORNER MONUMENT FOUND U,NpS3,,,, that lam a helaws ftheStlicenseaeand ofIowa eya 0 SET 1/2"x 24"REBAR w/YELLOW PLASTIC II,W549 r" ^:G9Lti under the laws of the State o/bwa. _ «ice+er«.'•.o ID CAP#8505 4E `p: MICHAEL R.FAGLE Date MEASURED DIMENSION _ 85d5 - ,, ' license number 8505 REFERENCE DOCUMENT RECORD DIMENSION '`%- �__'„:p-4•s`` My license renewal date Is December 31, 2026 2017-016840 ", „^°' Pagesorsheetscoveredbythisseal: SCALE IN FEET SHEET 1 OF 2&SHEET 2 OF 2 0 60 120 -- =60' LI A Qom SHEET 1 OF 2 Exhibit "A" Continued RIGHT OF WAY ACQUISITION PLAT LA PORTE ROAD RECONSTRUCTION PROJECT HDP-8155(786)--71-07 WATERLOO, IOWA OWNER: THE BOWLERS GROUP II LLC COUNTY PARCEL: 891336253002 OWNER ADDRESS: PROJECT PARCEL: 224 650 LA PORTE RD WATERLOO,IA 50703 DESCRIPTION:RIGHT-OF-WAY ACQUISITION PROJECT PARCEL 224 PART OF THE NORTHEAST 1/4 OF THE SOUTHWEST 1/4 OF THE NORTHEAST 1/4 OF SECTION 36,TOWNSHIP 89 NORTH, RANGE 13 WEST OF THE 5TH P.M.,CITY OF WATERLOO,COUNTY OF BLACK HAWK,STATE OF IOWA,MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEASTERLY CORNER OF LOT 24 OF ROLLING ACRES 1ST ADDITION IN THE CITY OF WATERLOO, IOWA,WHICH IS ON THE SOUTHERLY RIGHT-OF-WAY LINE OF BYRON AVENUE;THENCE SOUTH 89°52'09"EAST(ASSUMED BEARING FOR THE PURPOSE OF THIS DESCRIPTION)ALONG THE SOUTHERLY RIGHT-OF-WAY LINE OF BYRON AVENUE,221.12 FEET TO THE POINT OF BEGINNING:THENCE CONTINUING SOUTH 89°52'09"EAST ALONG THE SOUTHERLY RIGHT-OF-WAY LINE OF BYRON AVENUE,13.50 FEET TO THE WESTERLY RIGHT-OF-WAY LINE OF LA PORTE ROAD;THENCE SOUTH 25°08'48" EAST ALONG THE WESTERLY RIGHT-OF-WAY LINE OF LA PORTE ROAD,13.91 FEET;THENCE NORTH 56°57'52"WEST,23.16 FEET TO THE POINT OF BEGINNING. CONTAINING 85 SQUARE FEET. A=COM SHEET 2 OF 2 EXHIBIT"B" Square Feet Price Fee title acquisition 93 $654.00 TOTAL $654.00 3