Mt. Pleasant purchases ‘dilapidated’ house

MT. PLEASANT - The Mt. Pleasant City Council approved the purchase of a new property as well as the assignment and assumption agreement of a property in the downtown area at its meeting on Tuesday evening.

The council approved a resolution for an agreement between the city and One Mortgage Way for the purchase of a 'dilapidated house” at 405 East Cedar Lane for $4,000.

Mayor Steve Brimhall said the agreement is 'a great deal,” and one the city had been working on for three to four years.

'It's a big house that has been sitting empty forever, and we couldn't get anything done forever, and now Jack [Swarm] has got it figured out … and we'll be able to tear it down and sell the lot, or something,” Brimhall said,

The city will be handing off the legal requirements for the property at 110 N. Main St. to a new owner. The building is known as the flower shop Country Charm.

City Administrator Brent Schleisman said the subordination agreement that the city's attorneys are currently working on, pertains to the three upper-story homes of the property that the city 'helped get some financing for and are tied to for a period of years.”

The city had previously received $149,000 from the Iowa Finance Authority to create the upper-story housing. Because of the funds received, the city must ensure those renting the apartments are income qualified. The agreement would ensure the new owner signs onto the same responsibility.

'It's a challenge because you have the Iowa Finance Authority, the owner, and the city and regional planning and a lot of different groups involved,” Schleisman said.

The administrator added he expects the process to be completed within the next five weeks. Approval of the resolution gives the mayor the ability to sign the appropriate documents to transfer ownership.