Parking Lot purch. 12th & Bluff, Stove
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MEMORANDUM
November 27,2006
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TO:
The Honorable Mayor and City Council Members
FROM:
Michael C. Van Milligen, City Manager
SUBJECT: Greg Stover Property
City Attorney Barry Lindahl recommends City Council approval of the Offer to Buy Real
Estate and Acceptance for the property owned by Greg Stover. The purchase price for
this property is $115,000. This public parking lot will provide additional parking
opportunities for library customers and employees.
The City has budgeted $85,000 to provide additional parking for Dubuque Carnegie-
Stout Public Library.
Greg Stover is willing to sell the 15-space Fannie Stout House parking lot located at 1ih
and Bluff Street for $115,000, plus the acknowledgement of a charitable donation for
any remaining value.
Additional costs related to the lot are estimated at:
$6,500
$3,000
$2,100
$2,500
Paving and striping
Ten parking meters, assuming the other spaces will be leased by
the Library for employee parking
Lighting
Security camera
The $115,000, plus additional costs of $14,100 exceeds the $85,000 budget by
$44,100.
Budget Directors Dawn Lang and Jennifer Larson advise that there are sufficient funds
in the Parking Division budget from general obligation bond proceeds that were not
needed for major ramp repair.
Estimated annual revenues from this new lot are $6,600.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
(21lv 1 L:; jl~lL-
Michael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Susan Henricks, Library Director
David Heiar, Economic Development Director
, ..
BAR R Y A. L I N D A H L, ESQ.
CITY ATTORNEY
MEMO
To:
Michael C. Van Milligen
City Manager
DATE:
November 13 2006
RE:
Greg Stover Property
Attached is the original Offer to Buy Real Estate and Acceptance signed by Mr. Stover.
We are having the abstract brought up to date. As soon as I have a chance to look at
that, we can set a closing date.
Attachment
cc: Susan Henricks, Library Director
Prepared by: Barry A. lindahl300 Main Street Suite 330 Dubuque IA 520015635834113
OFFER TO BUY REAL ESTATE AND ACCEPTANCE
TO: Greg Stover (Seller):
1. REAL ESTATE DESCRIPTION. The City of Dubuque, Iowa (Buyer) offers to
buy real estate in Dubuque County, Iowa, described as follows:
E. 115' Lot 760, Lot 760A & 7768, A. Mcdaniel's Subdivision
(the Real Estate) together with any easements and appurtenant servient estates, but
subject to the following: a. any zoning and other ordinances; b. any covenants of record;
c. any easements of record for public utilities, roads and highways designated the Real
Estate.
2. PRICE. The purchase price shall be $115,000.00, payable at the Office of the
City Attorney, 300 Main Street, Suite 330, Dubuque, Iowa, as follows: cash at closing.
3. REAL ESTATE TAXES. Seller shall pay any unpaid real estate taxes payable
in prior years. Taxes for the current fiscal year shall be prorated to the date of possession.
4. SPECIAL ASSESSMENTS. Not applicable.
5. RISK OF LOSS AND INSURANCE: Not applicable.
6. CARE AND MAINTENANCE. Not applic~ble.
7. POSSESSION. If Buyer timely performs all obligations, possession of the Real
Estate shall be delivered to Buyer on December 1, 2006, with any adjustments of rent,
insurance, and interest to be made as of the date of transfer of possession.
8. FIXTURES. Not applicable.
9. USE OF PURCHASE PRICE. At time of settlement, funds of the purchase price
may be used to pay taxes and other liens and to acquire outstanding interests, if any, of
others.
10. ABSTRACT AND TITLE. Seller, at Buyer's expense, shall promptly obtain an
abstract of title to the Real Estate continued through the date of acceptance of this offer,
and deliver it to Buyer for examination. It shall show merchantable title in Seller
inconformity with this agreement, Iowa law and Title Standards of the Iowa State Bar
Association. The abstract shall become the property of the Buyer when the purchase
price is paid in full. Buyer shall pay the costs of any additional necessary abstracting and
title work.
11. DEED. Upon payment of the purchase price, Seller shall convey the Real
Estate to Buyer, by Warranty Deed, free and clear of all liens, restrictions, and
encumbrances except as provided in 1 a. through 1 .d. Any general warranties of title
shall extend only to the time of acceptance of this offer, with special warranties as to acts
of Seller continuing up to time of delivery of the deed.
12. JOINT TENANCY IN PROCEEDS AND IN REAL ESTATE. Not applicable.
13. JOINDER BY SELLER'S SPOUSE. Seller's spouse, if not a titleholder
immediately preceding acceptance of this offer, executes this contract only for the
purpose of relinquishing all rights of dower, homestead and distributive shares or
incompliance with Section 561.13 of the Iowa Code and agrees to execute the deed or
real estate contract for this purpose.
14. TIME IS OF THE ESSENCE. Time is of the essence in this contract.
15. REMEDIES OF THE PARTIES
a. If Buyer fails to timely perform this contract, Seller may forfeit it as
provided in the Iowa Code, and all payments made shall be forfeited or,
at Seller's option, upon thirty days written notice of intention to
accelerate the payment of the entire balance because of such failure
(during which thirty days such failure is not corrected) Seller may
declare the entire balance immediately due and payable. Thereafter this
contract may be foreclosed in equity and the Court may appoint a
receiver.
b. If Seller fails to timely perform this contract, Buyer has the right to
have all payments made returned to them.
c. Buyer and Seller also are entitled to utilize any and all other
remedies or actions at law or in equity available to them and shall be
entitled to obtain judgment for costs and attorney fees as permitted by
law.
16. STATEMENT AS TO LIENS. Not Applicable.
17. SUBSEQUENT CONTRACT. Not Applicable.
18. APPROVAL OF COURT. If the sale of the Real Estate is subject to Court
approval, the fiduciary shall promptly submit this contract for such approval. If this
contract is not so approved, it shall be void.
19. CONTRACT BINDING ON SUCCESSORS IN INTEREST. This contract shall
apply to and bind the successors in interest of the parties.
20. CONSTRUCTION. Words and phrases shall be construed as in the singular or
plural number, and as masculine, feminine or neuter gender, according to the context.
21. TIME FOR ACCEPTANCE. If this offer is not accepted by Sellers on or before
5:00 p.m., November 10, 2006, it shall become void and all payments shall be repaid to
the Buyer.
22. OTHER PROVISIONS.
a. Seller warrants that there are no tenants on the Real Estate holding under
lease or any other arrangements
b. This Offer to Buyer Real Estate and Acceptance is subject to final approval
by the City of Dubuque City Council.
c. Subject to Seller providing Buyer prior to closing with an appraisal
showing that the value of the Real Estate exceeds the purchase price, Buyer
agrees to execute at the closing the appropriate Internal Revenue Service
form prepared by Seller and subject to approval in form by Buyer
acknowledging the receipt of the appraisal and recognizing the receipt of a
charitable contribution made by Seller to Buyer.
Dated:
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THIS OFFER IS ACCEPTED
CITY OF DUBUQUE, IOWA
Dated: IJ-/()-6t; ~;>>"-
By:
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Michael C. Van MiIIlgen '
City Manager
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