HomeMy WebLinkAboutLETTER April 27, 2007
Dear interested developer:
Please consider this letter as a Request for Purchase Agreement relating
to the disposal of Fire Station Number 8 (Crossroads Fire Station).
Included is an aerial map, survey of the Panera site, and a GIS created
map showing the approximate acreage of the site (as it has not yet been
surveyed).
The City of Waterloo has been requested to place the fire station property
up for sale. However, as this is an active fire station site, the City of
Waterloo will need time to build a new fire station, in an appropriate
location, and have time for such construction and relocation.
Information requirements to be included in your Purchase Agreement
proposal:
1. Purchase Price.
The City of Waterloo has a minimum asking price of $2.0 million for the
site.
2. Preliminary Site Plan.
The site will need an easement agreement with the Panera site for
access to La Porte Road. A full access onto Ridgeway may be
allowed, and a right-in, right-out may be allowed onto San Marnan, at a
proper location. The City Engineer shall have final approval for said
access points. The easement with Panera would involve the "filling" of
the drainage area without
gatively impacting the hydraulics through
that drainage way. The site plan should note a proposed use, but does
lset
that drainage way. The p
not need to note a company name.
3. Title.
The purchase agreement should include the name of the organization
to which the property would be deeded. The City will deed the
property by Warranty Deed. You should provide evidence of financial
ability to timely complete the transaction. A commitment letter or other
documentation from a lending institution would be satisfactory.
Evidence of your financial ability will be kept confidential.
4. Time Schedule.
State the time schedule necessary for
Waterloo will need anonable due
adequate
diligence for the project. The City of
time period for the acquisition of land and construction of a new
station. The City will agree to work diligently towards completion of
construction, subject to weather, availability of materials, contractor
scheduling, and related matters not within the City's reasonable
control.
5. Down Payment.
Indicate the amount of non-refundable down payment (minimum
$10,000) that you are willing to provide. The City will use the down
payment to pay for surveying, preparation of documents, abstracting,
and other activities necessary to prepare for construction of a new
facility and completion of the sale. In addition, following completion of
your due diligence period, the City would expect to one or more
advances on the purchase price to defray design fees and other
project costs incurred by the City. The down payment will be due upon
approval of the Purchase Agreement by the City Council.
6. Termination for Convenience.
Please make note of any specific reasons for termination of the
Purchase Agreement during the due diligence period. The City of
Waterloo reserves the right to terminate if bids for construction of new
fire station, plus land costs, exceed the purchase price.
7. Closing.
The City of Waterloo would expect full payment of the Purchase Price,
less down payment and advances, to be paid within 10 days after the
bid letting for the new fire station. No termination of the Purchase
Agreement will be allowed after this date.
This Request for Purchase Agreement is necessary to comply with the
requirements of Iowa law governing the sale of land by a city. The City
will be reviewing the proposed development, proposed purchase price of
land for a new fire station, and construction of a new fire station. The City
reserves the right to reject all proposals if the City believes, in the exercise
of its sole discretion, that they do not serve the best interests of the City of
Waterloo.
Proposals are due by Monday, May 21, 2007 at 4:00 p.m., in the City
Clerk's Office. Proposals will be opened at the City Council that night, and
referred to staff for review and recommendation at a later Council meeting.
After the Council accepts a proposal, a definitive Purchase Agreement will
be drafted and executed by the parties as soon as reasonably practicable
thereafter.
If you should have any questions or need any additional information
regarding this matter, please do not hesitate to contact our office and ask
for me at 319.291.4366. Thank you for your cooperation in advance, and
thank you for your interest in the City of Waterloo.
Sinc
Noel Anderson
City Planner
Cc: Donald J. Temeyer, Community Planning & Development Director