HomeMy WebLinkAbout2018-05-21-J01zCC Purchase Option ApprovalAGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: May 21, 2018
AGENDA ITEM:Consideration of approval of a purchase option between William Fox
Farm Company, Inc and the City of Waukee
FORMAT:Consent Agenda
SYNOPSIS INCLUDING PRO & CON: A Purchase Option has been negotiated with
William Fox Farm Company, Inc to potentially purchase a 30-acre parcel
located north of Hickman Ave and east of T Avenue. The option has a
90 day due diligence and requires $100,000 deposit be paid upon
execution of the option and would apply to the purchase price if the
option is exercised. The deposit is refundable during the 90 due
diligence period. If the option were exercised, the total purchase price
would be $1,125,000.00 and the closing would occur in July 2019.
FISCAL IMPACT INCLUDING COST/BENEFIT ANALYSIS: None at this time
COMMISSION/BOARD/COMMITTEE COMMENT: N/A
STAFF REVIEW AND COMMENT: The City Attorney drafted the Option to Purchase and
has reviewed it.
RECOMMENDATION: Approve the Option to Purchase.
ATTACHMENTS: I. Option to Purchase
PREPARED BY:Dan Dutcher
REVIEWED BY:Dan Dutcher
PUBLIC NOTICE INFORMATION –
NAME OF PUBLICATION:
DATE OF PUBLICATION:
J1CC
THE CITY OF WAUKEE, IOWA
RESOLUTION 18-
APPROVING PURCHASE OPTION BETWEEN WILLIAM FOX FARM COMPANY,
INC., AND THE CITY OF WAUKEE
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 Council of the City of Waukee deems it to be in the best interest of the
City to purchase property owned by William Fox Farm Company, Inc.; AND
WHEREAS, the proposed Offer to Buy Real Estate and Acceptance (Nonresidential) between
William Fox Farm Company, Inc., and the City of Waukee is attached as Exhibit “A”.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waukee that the
Offer to Buy Real Estate is approved.
BE IT FURTHER RESOLVED that the Mayor is hereby authorized to execute said Offer on
behalf of the City and the City Staff is directed to proceed in accordance with the Offer.
PASSED, APPROVED, AND ADOPTED this 21st day of May, 2018.
____________________________
William F. Peard, Mayor
Attest:
___________________________________
Rebecca D. Schuett, City Clerk
RESULTS OF VOTE: AYE NAY ABSENT ABSTAIN
Anna Bergman
R. Charles Bottenberg
Courtney Clarke
Shelly Hughes
Larry R. Lyon