The Iowa Executive Council voted 4-0 Monday to approve the Iowa Lottery’s purchase of a new headquarters building in Clive for $5.35 million.
Last week the lottery’s oversight board also approved the purchase of the property parcel at 13001 University Ave. in Clive, a western suburb of Des Moines.
Lottery officials said they 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. Lottery CEO Terry Rich said the cost also could be offset by the sale of the current headquarters on Grand Avenue, across the street from the Terrace Hill governor’s mansion.“You’re going to improve our neighborhood,” joked Gov. Terry Branstad, who noted the lottery was embarking on a “significant purchase” but added “It appears to be a good deal.”