Waterloo set to buy and demolish Grand Hotel - KWWL - Eastern Iowa Breaking News, Weather, Closings

Waterloo set to buy and demolish Grand Hotel

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WATERLOO (KWWL) -- The City of Waterloo is set to buy and demolish the Grand Hotel at 300 West Mullan Avenue.

Noel Anderson, Community Planning and Development Director, says an agreement was signed with 190 Orange Avenue Incorporated, the current owners of the hotel, but a new agreement needs to be drawn up to change some dates.

Anderson says the city wants to move everything into the next fiscal year, which starts July 1, 2010, to make bookkeeping easier.

He says the city council will vote on the proposal at it's first meeting in July, which will be July 12th.

Anderson says the city will buy the property for $800,000, the appraised value, and will set aside about $20,000 for closing costs and other unexpected costs.

While the city is not sure what will be built on the property once the hotel is gone, Anderson says the property is in a prime location with it's proximity to Highway 63, Highway 218, Cedar Valley TechWorks and the entertainment district.

Anderson added that the hotel has to be empty before the city will take ownership.  He says that could be as early as mid-August.

The city will also do some environmental testing before taking ownership.

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