The Fort Dodge CIty Council will meet for their regularly scheduled meeting this Monday. The Council will be presented with a real estate contract for purchase of the Pavilion at Corridor Plaza.
The real estate contract with 3 & 1 Properties LLC outlines a total purchase price of $10,117,066, with a near immediate payment of $2,600,000 due within two business days of signing. The balance of the purchase price is due at closing.
The contract targets a closing date is set for March 28th, 2025, subject to permitted exceptions. One contingency contained within the real estate contract references an Early Access Agreement allowing the City of Fort Dodge or its assigns, including M&M Development, commencing on or about February 17, 2025 to complete certain tenant improvement work.
In the memo from Chad Schaeffer to the City Council prefacing the real estate contract, it is noted “Staff continues to work with M & M LLC on a Contract Sale / Lease-Purchase Agreement. This Agreement will be presented to Council for approval in late February or early March.”
The pavilion, is the large sports pavilion that is nearing the final stages of construction at the Corridor Plaza site. The project started gaining traction in late 2023. At that time, the Council approved a resolution of intent to bolster the project with $2.65 million dollar bond, in addition to five annual payments in the amount of $275,000.
The original plans for the facility called for three pickleball courts, four basketball courts, and a microbrewery restaurant, and would be a part of the Prairie Trail Sports Complex. An official name for the facility has not been released, and there is no indication on their website or social media of new facility opening soon.
