The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION # 11-71
Resolution to finally approve Assignment of Purchase Agreement related to Kirkwood Community College / John McDonald building to Joel and Leslie Althoff,
a/k/a Althoff Properties, LLC
WHEREAS, The City of Monticello wishes to see the John McDonald Building occupied, put in the hands of a private owner, and hopefully occupied by Four Oaks and other commercial tenants, and
WHEREAS, In furtherance of that objective, City staff has had many discussions with Four Oaks, Kirkwood, and an interested owner, Joel and Leslie Althoff, with regular reporting on said discussions / topic to the City Council, and has arrived at a process that is agreeable to all parties, whereby the City would enter into a Purchase Agreement with Kirkwood to purchase the building for $1.00, with full rights to assign its’ rights to a third party, resulting in the direct transfer of the property to said third party by Kirkwood, the legal description of the property being as follows:
PARCEL E, located in the SE ¼ SW ¼ of SECTION 21, TOWNSHIP 86 NORTH, RANGE 3 West of the 5th P.M., as shown in the PLAT OF SURVEY recorded in PLAT BOOK J, PAGE 104 (and in BOOK 314, PAGE 181) of the Jones County, Iowa records, containing 2.14 acres, inclusive of 0.02 acre public highway.
SUBJECT TO the rights of the public in all highways, and to all easements and agreements of record.
and
WHEREAS, City Staff has negotiated the terms of an assignment with Althoff, whereby Althoff would pay the City the sum of $50,000 to step into the City’s shoes, as purchaser under said purchase agreement, the terms of said assignment being incorporated within this Resolution by this reference, as if set forth fully verbatim herein, and
WHEREAS, Althoff has agreed to the assignment, with the understanding that the City would enter into an Economic Development Agreement with him, providing certain tax incentives over a period of time to offset the investment that will need to be made at the facility, and recognizing further that the Assignment is contingent upon the approval of such an agreement by the City and Althoff, and
WHEREAS, The City and Kirkwood have agreed to the Purchase Agreement and the Council has approved same, the City and Althoff have agreed to an Economic Development Agreement and the Council has approved of same, and the Council has preliminarily approved of the assignment of the City’s rights to Althoff, subject to final approval at the Public Hearing scheduled for tonight, and
WHEREAS, The City finds, after a full consideration of the facts, and input provided, if any, that the Assignment of the City – Kirkwood purchase agreement with Althoff to be in the best interests of the City.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby finally approve of the Assignment of the City’s interest in and to the purchase agreement between the City and Kirkwood Community College, related to the John McDonald Hospital Building to Joel and Leslie Althoff, a/k/a Althoff Properties, LLC, and authorizes the Mayor Pro Tem to execute same on behalf of the City Council.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of the City of Monticello, Iowa to be affixed hereto. Done this 11th day of May, 2011.
John Sauser, Mayor Pro Tem
Attest:
Sally Hinrichsen, Monticello City Clerk