HomeMy WebLinkAbout2020-06-22-E03 Amendment to Purchase Agreement_Elm St ROW AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: June 22, 2020
AGENDA ITEM: Consideration of approval of a resolution approving amendment to
purchase agreement related to Elm Street right of way vacation
FORMAT: Resolution
SYNOPSIS INCLUDING PRO & CON: At the April 6, 2020, City Council Meeting, a
purchase agreement was approved for the acquisition of a portion of Elm
Street right of way located west of 6th Street following a public hearing.
The purchase agreement was made with JDS Real Estate Investments,
LLC. The buyer is requesting that the purchase agreement be assigned to
Waukee Retail, LLC. It is expected that the City will close on the right
of way acquisition later this week.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS:
COMMISSION/BOARD/COMMITTEE COMMENT:
STAFF REVIEW AND COMMENT:
RECOMMENDATION: Staff recommends approval of the resolution.
ATTACHMENTS: I. Proposed Resolution
II. Amendment to Purchase Agreement
PREPARED BY: Brad Deets, Development Services Director
REVIEWED BY:
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
E3
THE CITY OF WAUKEE, IOWA
RESOLUTION 2020-
APPROVING AMENDMENT TO PURCHASE AGREEMENT – ELM STREET RIGHT OF
WAY ACQUISITION
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE, IOWA
WHEREAS, the City of Waukee, Dallas County, State of Iowa, is a duly organized Municipal
Organization; AND,
WHEREAS, the City of Waukee entered into a purchase agreement on April 6, 2020 with JDS Real Estate
Investments, LLC, for the acquisition of a portion of the Elm Street right of way; AND,
WHEREAS, JDS Real Estate Investments, LLC is requesting the purchase agreement be assigned to
Waukee Retail, LLC.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waukee, Iowa that the
amendment to purchase agreement related to Elm Street right of way acquisition be approved.
Passed by the City Council of the City of Waukee, Iowa, and approved the 22nd day of June, 2020.
____________________________
Courtney Clarke, Mayor
Attest:
___________________________________
Rebecca D. Schuett, City Clerk
RESULTS OF VOTE: AYE NAY ABSENT ABSTAIN
Anna Bergman
R. Charles Bottenberg
Chris Crone
Larry R. Lyon
Ben Sinclair
AMENDMENT TO PURCHASE AGREEMENT
THIS AMENDMENT (“Amendment”) is dated ,2020, and made by
and between the City of Waukee (“Seller”), JDS Real Estate Investments, LLC (“Buyer
Assignor”) and Waukee Retail, LLC (“Buyer Assignee”).
WHEREAS, Buyer Assignor and Seller have entered into that certain Purchase Agreement
dated February 24, 2020 (“Purchase Agreement”) for the purchase and sale of the real property
situated in Dallas County, Iowa, legally described as:
WHEREAS, it is the desire of the parties that the Purchase Agreement be amended as
provided for hereafter.
WHEREAS, all capitalized terms not otherwise defined in this Amendment shall have the
meanings ascribed to them in the Purchase Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained
herein, and the mutual benefits to be derived therefrom, Buyer Assignor, Buyer Assignee and
Seller agree and state as follows:
1. Assignment. Buyer Assignor hereby assigns to Buyer Assignee all right, title and interest
of Buyer Assignor in, to and under the Purchase Agreement, subject to the terms, covenants and
conditions herein and in the Purchase Agreement contained. Buyer Assignee hereby accepts such
assignment and assumes and agrees to keep, perform and observe all of the terms, covenants,
agreements and conditions contained in the Purchase Agreement on Buyer Assignor's part, as
buyer, to be kept, performed and observed with respect to any fact, event or circumstance that
occurs from and after this Amendment, subject to the terms, covenants and conditions contained
herein and in the Purchase Agreement.
2. Notices. Any notices to be provided to Buyer from and after this Amendment shall be
provided to Buyer Assignee at the following address: Waukee Retail, LLC, 10888 Hickman Road,
Suite 3B, Clive, Iowa 50325, with a copy to Stanbrough Realty Company, LLC, 10888 Hickman
Road, Suite 3B, Clive, Iowa 50325.
3. Ratification. Except as expressly amended/supplemented hereby, the terms and conditions
of the Purchase Agreement, as amended, are ratified and confirmed and shall remain in full force
and effect.
4. Counterparts. This Amendment may be executed in counterparts, each of which shall be
deemed an original, but such counterparts when taken together shall constitute but one
Amendment. Facsimile and PDF signatures shall be deemed originals for the purposes of this
Amendment.
IN WITNESS WHEREOF, Seller, Buyer Assignor, and Buyer Assignee have entered into
this Amendment as of the date first above dated.
BUYER ASSIGNOR: SELLER:
JDS REAL ESTATE INVESTMENTS, LLC CITY OF WAUKEE, IOWA
By: Jeffrey Stanbrough, Manager By: Courtney Clarke, Mayor
BUYER ASSIGNEE:
WAUKEE RETAIL, LLC
By: Jeffrey Stanbrough, Manager