HomeMy WebLinkAboutA3 ""ECEIVEb
3p � Management,
Tge Pax P&a 4 Mavc, CITY OF AMES,IOWA
IJEPT.OFPL,AN PLANNING&11 USING
January 10,2017
RE: 301 South 51h
Zoning Board of Adjustments and City Staff:
We have continued to explore ways to reduce the economic impact to the owner of 301 S.01 to meet the
resident's needs and the goals of the city.We thank the Zoning Board of Adjustment for its actions for
allowing us to start rebuilding. Getting started when we did was critical to try to make our goal of having the
building ready for the summer rental season especially with winter coming.
If we had not received the approval from the Zoning Board of Adjustment when we did it would have made
this impossible which would had dramatically impacted the economic loss to the owner.The loss of rent
coverage runs out on June 6.We appreciate your approval of the 24 units and allowing us to get started.
We have always wanted to utilize space on the lower level to reduce the number of lost units' from 9 to only
7. This will reduce the owner's economic impact of the loss of units_To do so,we have explored adding 305
S.01 Street.It is optioned until February 28'h.
We knew adding 305 to the approval process would have slowed.We are told it would have to go to the City
Council and possibly P&Z in addition to the Zoning Board of Adjustment.We knew we did not have time
to do that and still get started building before winter set in.After the Zoning Board of Adjustment's
approval,we continued the process and as we have discussed different options with the city.We considered
acquiring 305 and using the entire lot for a parking lot on putting remotes parking on 305_The city told us
that was not possible,and we needed to have a structure in front of the parking.With the house as far back as
it is from the street,it would not have allowed us to add very much parking.We explored building a new
structure with as'few as three,and as high as six units.After an evaluation by the professionals involved in
our redevelopment team, over a period of many weeks,and discussion with staff,it was determined that
option was not feasible.The only option that appears to meet our needs,and we think satisfy the city is if
The Zoning Board of Adjustment allows us is to finish the lower level into two units with a total-of 7
bedrooms,and add 7 additional parking places.We would achieve this by carving off a portion of lot 305
which will leave a remaining lot of nearly 9,000 square feet,it leaves the house as it currently exists.We
would also be pleased if we could do remote parking and not replat.
By adding these 7 additional parking places,we slightly improve the parking situation by reducing the
percentage of deficient parking spaces.These 7 spaces are all full size,so this reduces the percentage of
small car spaces.
Since you did-not receive any negative feedback from any of the neighbors.In fact to the contrary they were
supportive.I cannot imagine any of them will have any issue with this,and the only owner who is likely to
even observe the new parking is TJ.
Sincerely
Keith Denner,President
Professional Property Management
5901 Vista Drive ■ West Des Moines,IA 50266 ■ www.ppm-inc.com 515-226-0000
1 � i p-Of6ssional
Property
.., f •e
T&Aix P&eA U M wt.
November 8,2016
It is agreed between Steve and Dawn Jones and Lucinda Doty to extend the Purchase
Agreement on 305 S. 5 h to February 28,2017.Buyer will reimburse sellers for any loss of rent
after resident vacates if it is before July 31,2017.
Steve Jones D to Lucinda Doty SY Date
Dawn Jones Date
5901 Vista Drive ■ West Des Moines,IA 50266 R www.ppm-inccom 515-226-0000
Offer to Buy
IT IS AGREED between Steve Jones and Dawn Jones, married couple, Seller(s), whose address for
purposes of this contract is 8875 NW Polk City Dr., Ankeny, IA 50023 and Oakridge, L.C., an Iowa
Limited Liability Company, Buyer(s), whose address for purposes of this contract is 201 S. 5m St., Suite
202, Ames, IA 50010, that Seller(s) agree to sell and Buyer(s) agree to buy the following described real
estate located in Story County, Iowa: Lot 8, Cayler's Subdivision to Ames, Story County, Iowa.
Street address:305 S.4th St., Ames, IA.50010
together with all easements and serviant estates appurtenant thereto and subject to zoning restrictions,
restrictive covenants, leases, easements and mineral reservations, if any, upon the following terms:
1. Purchase price. The total purchase price for the real estate (and any personal property included
in this sale) is$100,000, of which $10,000 has been paid upon the execution of this contract, to be held in
trust by Hastings Gartin & Boettger LLP Trust Account pending closing as provided below. Such earnest
money shall be (a) applied to the purchase price upon closing (b) returned to Buyers, in the event the
contract becomes null and void (c) paid over to Sellers in the event the contract is forfeited or (d) paid
over pursuant to other agreement of the parties or order of Court, as the case may be. Buyers agree to
pay the balance to Sellers at their residence or as directed by Sellers as follows:
[Check appropriate box.]
a. Cash. By paying the balance of the purchase price in cash or certified check at closing.
b. Contingency for city approval. This offer is contingent upon the City of Ames approving
the use of the property for parking to benefit the Oakridge Apartments. In the event this contingency is not .
met by January 31,2017, this offer shall be'null and void and Buyers'earnest money shall be returned.
C. [ ] Tax-deferred exchange. -Sellers. reserve the right to effect a tax-deferred
exchange.with respect to the above real estate, and for this purpose will establish an independent escrow
agent to receive the purchase price to be paid by Buyers. Buyers agree to cooperate in this tax-deferred
exchange, provided doing so does not (a) cause them to incur any out-of-pocket expense in excess of
what they would have incurred without such exchange taking place or(b) require them to take title to any
real estate, other than the real estate Buyers are purchasing under this contract. Buyers shall not make
any payments under this contract to Seller or Sellers; agents, but rather to the designated independent
escrow agent.
2. Interest.* The periodic payments provided above shall be applied first to interest, balance to
principal. If it is a contract which will be paid in full at closing, then Buyers agree to pay interest from
scheduled closing date at the rate of 12% per annum if, and only if, the failure to close on the scheduled
closing date is not due to any fault of the Seller.
3. Taxes. Sellers agree to pay their share of the real estate taxes.prorated to date of possession by
credit at closing and any unpaid taxes payable in prior years and all special assessments for
improvements which have been certified as a lien or spread on the Treasurer's books and are capable of
being paid; and Buyers agree to pay, before they become delinquent, all other current and subsequent
taxes and assessments against'said premises, subject to any escrow which may be required under this
contract. Any tax proration shall be based upon the last known taxes payable, provided, however, if such
taxes are not based on a full assessment of the improvements upon the property or the tax classification
as of the closing date, then the proration shall be based upon the assessed valuation as shown on the
Assessor's records and the tax rate in effect as of such closing date.Any preliminary or deficiency special
assessments for installed improvements shall be paid for by Sellers by payment of sufficient funds into an
escrow account, even though they are not yet a certified lien on the property.
1 i
4. Possession and closing.
a. Date of possession and closing. Sellers agree to give Buyers possession of the
real estate 30 days from when the Buyer gives written notice to request possession. Closing shall
be held at Hastings, Gartin & Boettger, LLP, 409 Duff Ave., Ames, Iowa, or at some other location
mutually agreed to by the parties. Closing shall be held after approval of title and on or before 30 days
after said written notice is given, but no later than ,20 . In the event
possession is to be given prior to closing the parties shall enter into a separate written agreement
governing early possession. Unless provided for above, early possession shall only be given with the
written consent of Seller.
b. Adjustments and prorations. All adjustments of rent, taxes, interest, utilities (including
prepaid fuel) and other customary adjustments shall be made as of the date of possession. Sellers shall
pay all such payments due prior to and including the closing date. Sellers shall pay any unpaid
assessments or fees imposed by any homeowners or condo association including those accruing after
the date of closing unless otherwise agreed in writing by the parties.
C. Closing costs. Seller shall pay the cost of deed transfer stamps, preparation,
recordation and abstracting of any corrective instruments necessary to cure title defects, preparation of
(but not recording of) the instrument(s) conveying title and such other expenses as are paid by Sellers
under local practices. Buyer shall pay for recordation of the instrument(s) conveying title, continuation of
abstracts after closing, examination of the abstract by Buyers' attorney and such other expenses as are
paid by Buyers under local practices.
5. Abstract. Sellers agree to deliver to Buyers for their examination, a reasonable time prior to
closing, an abstract of title continued to such time showing merchantable title in accordance with-Iowa
Title Standards. After examination by Buyers the abstract shall be held by Sellers until delivery of deed.
Sellers agree to pay for additional abstracting that may be required by acts, omissions, death or
incompetency of Sellers occurring before delivery of deed. In the event closing is delayed due to Sellers'
inability to provide merchantable title, this contract shall continue in force and effect unless either party
elects to rescind.by giving written notice to the other party. Sellers shall not be entitled to rescind unless
they have made reasonable efforts to provide marketable title.
6. Fixtures. All light fixtures, electric service cable and apparatus, shades, rods, blinds, venetian
blinds, awnings, storm and screen doors and windows, attached linoleum, attached carpeting, water
heater, water softener, outside TV antenna or tower, attached fencing and gates, pump jacks, trees,
shrubs and flowers and any other personal property that integrally belongs to or is part of the real estate,
whether attached or detached including any attached fixtures are a part of the real estate and included in
this sale.Also included are the following:.none.
The following items are not included in this sale:
7. Condition of property at closing and care of property. Buyers are purchasing the property
"AS IS"and with any and all defects.
S. Deed. Upon payment of all sums owing by Buyers to Sellers by virtue of this contract, Sellers
agree to contemporaneously execute and deliver to Buyers a warranty deed upon a form approved or
similar to the one approved by the Iowa State Bar Association,which shall be subject to:
a. Liens and encumbrances suffered or permitted by Buyers, and taxes and assessments
payable by Buyers.
b. Applicable zoning regulations and easements of record for public utilities and established
roads and highways.
9. Forfeiture and foreclosure. If Buyers fail to perform this contract in any respect, time being
made.the essence of this agreement, then Sellers may forfeit this contract as provided by Chapter 656 of
2 I
I
I
the Iowa Code, and all payments made and improvements made on said premises shall be forfeited; or
Sellers may declare the full balance owing due and payable and proceed by suit,at law or in equity to i
foreclose this contract, in which event Buyers agree to pay costs and attorney fees and any other l
expenses incurred by Sellers. It is agreed that the periods of redemption after sale on foreclosure may be
reduced, at Sellers' election, under the conditions set forth in Sections 628.26 and 628.27, Code of Iowa.
In the event of forfeiture, Buyers shall be considered tenants holding over after termination of a lease
upon the filing of the affidavit under Sec. 656.5 of the Iowa Code. '
c If, and only if, the Sellers, immediate) receding this sale, hold the title to the
10. Joint tenancy. y Y p I
property in joint tenancy, this sale shall not constitute a destruction of that joint tenancy. In that case, all
rights of the Sellers in this contract, in the proceeds thereof, and in any continuing or recaptured rights of
Sellers in said real estate shall be and continue in Sellers as joint tenants with full rights of survivorship
and not as tenants in common. Buyers, in the event of the death of one of such joint tenants, agree to pay
any balance of the proceeds of this contract to'the surviving Seller and to accept a deed executed solely
by such survivor; but with due regard for the requirements of the Abstract paragraph, above.
11. Construction, time of essence. Words and phrases herein shall be construed as singular or
plural and as masculine, feminine or neuter gender according to the context.Time shall be of the essence
of this agreement.
12. . Survey. Buyers may have the real estate surveyed at their expense by a registered Iowa
surveyor. Such survey shall be completed no later than 15 days prior to closing unless otherwise agreed
in writing. in the event such a survey. shows any encroachment on the real estate, or shows
improvements on the real estate encroach on the real.estate of others, including any public bodies, such
encroachments shall be deemed to be title defects, subject to the conditions of the paragraph on
Abstract. -
13. Rental property. If the property described above is rental property, this contract is contingent
upon Sellers providing Buyers written evidence that the property complies with local zoning and housing
.code ordinances, if any, unless the parties agree otherwise in writing.
14. Notice. Any notice required under this contract shall be deemed given when it is received in
writing either by hand delivery or by certified mail, return receipt requested, directed to the parties at the
addresses shown in this contract.
15. Environmental warranty. Sellers agree to provide Buyer with a properly executed Groundwater
Hazard Statement at closing showing any known wells, solid waste disposal sites, hazardous wastes,
underground storage tanks or burial sites on the subject property.
16. Property to be delivered without leases or tenants. At the time of possession, there shall be
no leases in place for the property nor tenants occupying the property.
17. Acceptance date. If this contract is submitted as an offer, then if it is not accepted by the Sellers
on or before (date) , 2016 at (time) 11 .M., it shall
become null and void. It shall be accepted only by Sellers signing on the lines below and initialing the
space next to the date of acceptance. If the offer is not accepted any funds submitted along with this
contract shall be returned immediately to Buyers. If Sellers accept this offer later than the date shown
above, then this contract shall be in full force and effect if Buyers ratify such acceptance in writing.
18. Representation by Keith Denner. The Buyer is represented by Keith Denner, a licensed real
estate Broker.
3
This offer is accepted on , 2016. Initials:
Sellers Buyer
Oakridge, L.C.
Steve Jones
By
Dawn Jones Lucinda D. Doty,
SSN: ElN:
[just insert number for one of Sellers]
Date Date
4