HomeMy WebLinkAbout2001-02-05-Resolutions 01-15_Waukee Professional Plaza - PurchaseRESOLUTION 01-15
APPROVING PURCHASE OF WAUKEE PROFESSIONAL PLAZA FROM K.C.
HOLDINGS,INC.
WHEREAS,the City of Waukee currently occupies leased office space in the Waukee
Professional Plaza,AND,
WHEREAS,the Lease provides an option to the City of Waukee to purchase the Waukee
Professional Plaza,AND,
WHEREAS,the City has negotiated a purchase price of $900,000 with the owner which is a
price reduction of approximately $200,000 from the previously negotiated price,AND,
WHEREAS,in consideration of the purchase price reduction,the City has signed a
Development Agreement with KC.Holdiugs for the property immediately south of the Waukee
Professional Plaza which would allow KC.Holdings to collect Tax Increment Benefits for up to
10 years or until all qualified expenses have been reimbursed to KC.Holdings,AND,
WHEREAS,the negotiated price equates to a per square foot cost including land and all
improvements of approximately $78 which is a significant savings when compared to the cost of
new construction,AND,
WHEREAS,the City will collect rents from the other building occupants of $4,354 per month,
which payments will be used to reduce the City's debt service cost for tbe purchase,AND,]WHEREAS,the Mayor and Council have determined that it is therefore in the City's interest to
purchase the Waukee Professional Plaza,AND,
WHEREAS,the purchase is contingent on the City's population being in excess of 5,000 in the
year 2000 census which would allow the City to borrow $700,000 subject to a reverse referendum
with the balance to be financed with cash reserves,
NOW THEREFORE BE IT RESOLVED by the Waukee City Council in session this 5'"day of
February,2001 that it hereby authorizes the purchase of the Waukee Professional Plaza from
KC.Holdings for the sum of $900,000 subject to the terms of the Development Agreement
between K.C_Holdings and the Ci<,o,w'"'oo.~§
Attest:onald L.Bailey,Jr.,May r
ROLL CALL VO E
Nicholas C.Gruber
Marvin Berger
Bill Peard
Mike Watts
Wayne Johnson
AYES NAYS ABSENT
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ROLLCALL
Nicholas Gruber
Marvin Berger
Mike Watts
Bill Peard
Wayne Johnson
A YES NAYS ABSENT
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X
X
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