TO: Urban Renewal Agency Board
THROUGH: Keith Stahley, Executive Director
FROM: Kristin Retherford, Community and Urban Development Director
SUBJECT:
title
Purchase and Sale Agreement with Salem LTC Properties, LLC for Agency purchase of unimproved real property located at 295 Commercial Street SE.
Ward(s): Wards 1 & 2
Councilor(s): Stapleton, Nishioka
Neighborhood(s): CANDO
Result Area(s): Strong and Diverse Economy; Welcoming and Livable Community
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SUMMARY:
summary
The unimproved real property located at 295 Commercial Street SE (Property) is the final developable parcel remaining from the former Boise Cascade site and was most recently the location of the proposed Marquis Post-Acute Rehab Center (PARC). The PARC project was determined to be unfeasible by the owner and the Property was listed for sale. Staff engaged Salem LTC Properties, LLC (Seller) regarding an Agency purchase of the Property and have come to terms on a Purchase and Sale Agreement (Agreement [Attachment 1]).
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ISSUE:
Shall the Urban Renewal Agency authorize the Executive Director to execute the attached Purchase and Sale Agreement with Salem LTC Properties, LLC for acquisition of real property?
RECOMMENDATION:
recommendation
Authorize the Executive Director to execute the attached Purchase and Sale Agreement with Salem LTC Properties, LLC for acquisition of real property.
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FACTS AND FINDINGS:
Seller and Staff have come to terms on an Agreement for purchase of the Property. Key terms of the Agreement are below.
Price: $3,500,000
Acreage: 1.14 acres
Earnest Money: $25,000
Buyer’s conditions: Title review, approval of use by DEQ
Closing: within 30 days of review deadline
BACKGROUND:
The Property is a portion of the former Boise Cascade industrial site located near the confluence of Pringle Creek and the Willamette Slough. The Property is located in both the Riverfront-Downtown Urban Renewal Area (43%) and the South Waterfront Urban Renewal Area (57%), with funding for the acquisition coming from each URA’s proportionate share. Previously, the Property was subject to a Development Agreement with the Agency to assist with construction of the PARC; this Development Agreement will become null and void if the Property is acquired by the Agency.
Clint Dameron
Real Property Services Manager
Attachments:
1. Agreement