TO: Mayor and City Council
THROUGH: Steve Powers, City Manager
FROM: Kristin Retherford, Urban Development Department Director
SUBJECT:
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Purchase and Sale Agreement with Westwood Homes LLC for the acquisition of real property
Ward(s): 3
Councilor(s): Nanke
Neighborhood(s): Morningside
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ISSUE:
Shall the City Council authorize the City Manager to execute the attached Purchase and Sale Agreement for Tax Lot 083W11D00200 with Westwood Homes LLC?
RECOMMENDATION:
recommendation
Authorize the City Manager to execute the attached Purchase and Sale Agreement for Tax Lot 083W11D00200 with Westwood Homes LLC.
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SUMMARY AND BACKGROUND:
Westwood Homes LLC (Developer), whose principal is Bill Wagoner, is planning a 68-acre, single family home development near the intersection of Reed Road SE and Battle Creek Road SE (Attachment 1). As part of its Urban Growth Decision, the Developer is required to reserve property for dedication of a neighborhood park facility not less than 6.5 acres in size.
FACTS AND FINDINGS:
Through the Purchase and Sale Agreement (Attachment 2) the City will acquire property for a neighborhood park. The acquisition will be funded with Parks System Development Charges.
Key terms of the agreement:
Price: $80,000 per acre, ~$560,000 total
Acres: ~7, subject to final lot
Earnest Money: $25,000
Closing: Within 15 days of creation of legal lot
Possession: 180 days after closing
Closing Credit: $6,000 credit to City at closing for extended possession
Legal Lot: Developer to create legal lot at its expense
Clint Dameron
Real Property Services Manager
Attachments:
1. Location Map
2. Proposed Agreement