The City of Monticello, Iowa
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
RESOLUTION #2020-84
Resolution authorizing the City Administrator to satisfy the balance due under the Real Estate Installment Contract between the City and Jason Rauen related to the Yard Waste / Compost Site purchased by the City from Rauen on or about August 1, 2019.
WHEREAS, The City Council previously agreed to the purchase of land from Jason Rauen to use for purposes of a City of Monticello Yard Waste Compost facility, and
WHEREAS, The property was purchased for $72,500 with $15,000 paid down, the balance to accrue interest at 5% per annum for a period of five years, the City reserving the right to prepay the balance due under the R.E. Contract, and
WHEREAS, The City Council finds that the FY ’21 budget provides for the satisfaction of the balance due under the contract, including accrued interest, in the approximate total amount of $60,375, and further finds that it is in the best interests of the City to pay the remaining balance due through July 31, 2020, the end of the 1st year of the Contract, after which the seller will deliver to the City of Monticello a Warranty Deed to the property.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Monticello, Iowa does hereby direct the City Administrator to see to the final payment under the terms of the aforementioned Real Estate Contract and to receive and review proposed transfer documents before accepting a Warranty Deed in fulfillment of the Contract.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal of the City of Monticello, Iowa to be affixed hereto. Done this 20th day of July, 2020.
Brian Wolken, Mayor
Attest:
Sally Hinrichsen, Monticello City Clerk