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Council delays easement assignment for Steele Martin Tower until July 27 to preserve negotiating leverage
Summary
Council agreed to bring back an easement-assignment item related to Steele Martin Tower to the July 27 meeting after the buyer and seller said the scheduled closing this week could be disrupted; the council shortened a requested two-week deferral to one week to accommodate financing timelines.
The Sioux City Council on July 13 agreed to defer action on a proposed assignment and assumption of a mutual easement with Pier Street Partners and Steele Martin Tower LLC until July 27 to preserve negotiation leverage. Roger Quadran, speaking on behalf of both seller and buyer, said the property's closing was scheduled for Wednesday the 29th and delaying council action could push the closing into mid-August and create financing problems for both parties.
Economic and Community Development staff said the assignment being requested is the same easement that has existed previously but council members argued that approving the assignment now would remove the city's bargaining position. Councilmember (Lawmaker) moved to defer; after discussion the council shortened the deferral to one week at the buyer's request so the closing could remain largely on schedule. Quadran told the council, "They cannot buy it now" as part of the package because of financing constraints, but he said the buyer could purchase the parcel later in a separate transaction.
The deferral preserves the council's ability to negotiate terms with the buyer and lender while also attempting not to disrupt the buyer's financing timetable. Staff said they would return with paperwork and any negotiated conditions by July 27.
