Coversheet


CITY OF WATERLOO Council Communication Resolution approving the Purchase and Sale Agreement between the City of Waterloo and Flowers Baking Co. of Waterloo, LLC for the acquisition of 325 Commercial Street in the amount of $400,000, with up to $15,000 in city environmental and closing costs, and authorize the Mayor and City Clerk to execute said documents City Council Meeting: 12/15/2014 Prepared: 12/9/2014

ATTACHMENTS:
	Description	Type
	Purchase Agreement	Backup Material

SUBJECT:

Resolution approving the Purchase and Sale Agreement between the City of Waterloo and Flowers Baking Co. of Waterloo, LLC for the acquisition of 325 Commercial Street in the amount of $400,000, with up to $15,000 in city environmental and closing costs, and authorize the Mayor and City Clerk to execute said documents.

Submitted by:

Submitted By: Noel Anderson, Community Planning & Development Director

Recommended Action:

Authorization of the acquisition of site as described in the amount of $400,000 plus up to $15,000 in City environmental and closing costs.

Summary Statement:

The City of Waterloo has worked to continue to implement the goals of the Downtown Master Plan, by acquiring vacant buildings within the Economic Expansion Zone as designated by such Plan. The acquisition of this site will allow for better planning for future use and development, redevelopment, or rehabilitation of the site for a positive land use in Downtown Waterloo.

Expenditure Required:

$400,000 plus up to $15,000 in City environmental and losing costs

Source of Funds:

Bonds for Downtown Acquisitions

Policy Issue:

Downtown Master Plan

Alternative:

Not acquire

Background Information:

The City continues to work to acquire sites for the highest and best use of land in Downtown Waterloo. The former Wonder Bread building sits in the midst of many planned activities and many important sites in Downtown Waterloo, including the Youth Pavilion, the Upper Plaza, the Waterloo Public Library, and in close proximity to the Cedar Valley Sportsplex. The acquisition of this site will give the City the ability to move ahead with further planning for this overall area.