The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION # 12-142
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, the Council discussed the proposal at the meeting of 10/15/12 and did not approve the proposed sale, and
WHEREAS, the Mayor, in light of the fact that the Developer was unable to attend the 10/15/2012 meeting requested that the issue be put back on the agenda for reconsideration, and
WHEREAS, the Council heard from the developer and again discussed the proposal, and has now 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. $20,000 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 5th day of November, 2012.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk