The City of Monticello, Iowa MOTION FAILED
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION # 12-137
Resolution to Authorize City Administrator to enter into Real Estate Contract with Mike Kraus and Mike Beck related to the properties located at
414 and 416 E. Oak Street, Monticello, IA 52310
WHEREAS, the City Council published notice of a Public Hearing to consider the possible transfer of the Carnegie Library Building in the Monticello Express on the 10th day of October 2012, scheduling Public Hearing for the 15th day of October 2012 at 6:00 p.m. during the regularly scheduled meeting of the Monticello City Council, and
WHEREAS, the Public Hearing was held on the scheduled date and time and no written or oral comments were received, and
WHEREAS, after closure of the continued Public Hearing, the Council determined it to be appropriate and in the best interest of the City to enter into a Real Estate Contract with Mike Beck and Mike Kraus related to the sale of the properties in which the City holds a 50% interest, under the following material terms and conditions:
1. $15,000 to be paid down
2. $10,000 to be paid annually by the anniversary date of the contract
3. $10,000 to be paid upon the sale/transfer of any lot or structure
4. Any remaining balance to be paid in full by the 5th anniversary of the contract
5. Remaining contract balance to accrue interest at the rate of 3% per annum.
6. Payments will be divided equally between the Development Corp. and the City.
7. Property Closing to be scheduled for March 1, 2013.
8. Properties to be vacant on March 1, 2013.
9. Properties to be both demolished by March 31, 2013.
10. Purchase subject to approved project site plan.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby direct the City Administrator to see to the transfer of 414 and 416 E. Oak Street properties to Mike Kraus and Mike Beck as set out previously herein.
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 15th day of October, 2012.
Attest: Dena Himes, Mayor
Sally Hinrichsen, Monticello City Clerk