HomeMy WebLinkAbout2016-862-10/24/2016 Prepared by Kelley Felchle, City Clerk, City of Waterloo, 715 Mulberry Street, Waterloo, IA
50703, (319)291-4323.
RESOLUTION NO. 2016-862
RESOLUTION APPROVING THE REAL ESTATE PURCHASE
AGREEMENT WITH KWWL TELEVISION, INC. FOR THE
ACQUISITION OF THE NORTHWEST CORNER OF EAST
4TH AND FRANKLIN STREET, AS IDENTIFIED IN THE
PREVIOUSLY APPROVED DEVELOPMENT AGREEMENT,
FOR THE REDEVELOPMENT OF THE KWWL CAMPUS
AREA FOR $58,500, WITH UP TO $5,000 IN CLOSING
COSTS, AND AUTHORIZE THE MAYOR AND CITY CLERK
TO EXECUTE ALL NECESSARY DOCUMENTS, AND
RESCINDING RESOLUTION NO. 2016-808.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF WATERLOO, IOWA, that
the Real Estate Purchase Agreement dated October 24, 2016, between KWWL Television, Inc.
and the City of Waterloo, Iowa, for the acquisition of the northwest corner of East 4th and
Franklin Street, as identified in the previously approved Development Agreement, for the
redevelopment of the KWWL campus area for $58,500, with up to $5,000 in closing costs, is
hereby approved and the Mayor and City Clerk are authorized and directed to execute the same
on behalf of the City of Waterloo, Iowa, and rescinding Resolution No. 2016-808 to increase the
acquisition amount from $50,000 to $58,500, in accordance with the terms of the Development
Agreement.
PASSED AND ADOPTED this 24th day of October 2016.
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Quentin Hart, Mayor
ATTEST:
Kelley Felele
City Clerk