HomeMy WebLinkAbout~Master - Resolution approving amendment to Purchase Agreement with Keystone Equity Group in conjunction with the sale of Lots 9, 13, 14, 16, 23, and 26 in the Baker SubdivisionRESOLUTION NO. 26-611
RESOLUTION APPROVING AMENDMENT TO PURCHASE AGREEMENT
WITH KEYSTONE EQUITY GROUP
IN CONJUNCTION WITH THE SALE OF LOTS 9, 13, 14, 23, AND 26
IN THE BAKER SUBDIVISION FOR THE CITY OF AMES, IOWA
WHEREAS, at the May 26, 2026, City Council meeting, the City Council adopted
a resolution authorizing staff to proceed with the sale of six (6) of the twelve (12) "market-
rate" single-family Lots (9, 13, 14, 16, 23, and 26) in the Baker Subdivision to Keystone
Equity Group. The Legal Department prepared the Purchase Agreement, which included
a total purchase amount of $331,225 and an earnest deposit of $16,566.25. The
agreement also included the conditions and requirements for purchasing the six lots, with
a closing date of October 1, 2026; and,
WHEREAS, staff recently received a request from Keystone Equity Group to split
the purchase in half over two months (three lots in October and three lots in November).
In staff's opinion, this modification would be challenging because the legal documents
necessary for the transaction were prepared with the understanding that all six lots would
be conveyed together. Significant effort would be involved in modifying the documents to
divide the purchase into two parts; and,
WHEREAS, as an alternative, staff has offered to support extending the closing
date for all six lots from October 1 to on or before October 15, 2026. Keystone Equity
Group has indicated that this alternative approach is acceptable; and,
WHEREAS, the amendment to the agreement has been prepared by the Legal
Department to extend the closing date to on or before October 15, 2026.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames,
Iowa, that the amendment to the Purchase Agreement with Keystone Equity Group to
extend the closing date for the purchase of Lots 9, 13, 14, 16, 23, and 26 in the Baker
Subdivision to on or before October 15, 2026, with all other terms and conditions of the
sale remaining the same, is hereby approved.
ADOPTED THIS 29th day of September, 2026.
_______________________________ _________________________________
Renee Hall, City Clerk John A. Haila, Mayor
Introduced by: Betcher
Seconded by: Beatty-Hansen
Voting aye: Beatty-Hansen, Betcher, Corrieri, Gartin, Rollins
Voting nay: None Absent: Junck
Resolution declared adopted and signed by the Mayor this 29th day of September, 2026.