Specifications include, but are not limited to: The Agreement proposes that the City would grant Buyer an exclusive option to purchase Property continuing through October 1, 2023 in exchange for $1,000. The Agreement provides that, if Buyer exercises the option, the City would sell the Property to Buyer for $200,000, provided the City and Buyer would first be required to execute an agreement for private development requiring, at a minimum: (a) the development of the Option Property for residential uses, specifically providing for the construction of 3-bedroom 2-bathroom units that also include an interior storm shelter; and (b) the construction of residential improvements on the Option Property that will meet the requirements and criteria of the State of Iowa’s Workforce Housing Tax Credits program.
