IOWA LOTTERY LOOKS TO MOVE HEADQUARTERS

Rod Boshart
Published: January 28 2014 | 12:47 pm - Updated: 29 March 2014 | 2:46 am in

The Iowa Lottery Board on Wednesday will consider a real-estate proposal for purchasing a property in Clive to serve as the lottery’s headquarters. The parcel at 13001 University Ave. in Clive once was listed at $7 million, but lottery officials say the purchase price negotiated by the state’s real estate team on the authority’s behalf is $5.35 million. The recommendation for the property purchase is being made to the lottery by the Iowa Department of Administrative Services. If the Lottery Board approves the purchase during its meeting, the Iowa Executive Council – comprised of the governor, the state auditor, the state treasurer and the secretaries of state and agriculture – would have to approve the property purchase along with notification to the legislative Government Oversight Committees. If approved, lottery officials expect to close on the property around April 1 – paying $3 million of the purchase price for the building in the current fiscal year and the remaining $2.35 million and interest in fiscal 2015 within six months of the closing. Lottery officials also have the option of paying the entire purchase price in fiscal 2014 if its revenues allow for that.

 

Have you found an error or omission in our reporting? Is there other feedback and/or ideas you want to share with us? Tell us here.



Featured Jobs from corridorcareers.com