TO: Mayor and City Council
THROUGH: Steve Powers, City Manager
FROM: Kristin Retherford, Urban Development Department Director
SUBJECT:
title
Purchase and Sale Agreement with Donald L. Pierre for the acquisition of real property located at 2035 Oxford Street SE.
Ward(s): 2
Councilor(s): Andersen
Neighborhood(s): SESNA
end
ISSUE:
Shall the City Council authorize the City Manager to execute the attached Purchase and Sale Agreement with Donald L. Pierre for the acquisition of real property located at 2035 Oxford Street SE?
RECOMMENDATION:
recommendation
Authorize the City Manager to execute the attached Purchase and Sale Agreement with Donald L. Pierre for the acquisition of real property located at 2035 Oxford Street SE.
body
SUMMARY AND BACKGROUND:
The City of Salem has recently undertaken a master planning process to update the City’s shops complex. The plan calls for the potential acquisition of several properties bordering the existing complex. The property located at 2035 Oxford Street SE (Property) is one of the properties identified for potential acquisition and has become available for purchase.
FACTS AND FINDINGS:
The Property is owned by Donald L. Pierre (Seller), contains 0.25 acre, and is improved with an 875 square foot office building and an 864 square foot shop. Seller and staff have come to terms on a Purchase and Sale Agreement (Agreement) (Attachment 2).
Key terms of the Agreement are below.
Price: $330,000
Earnest Money: $5,000
Occupancy: 10 days after Closing
Closing Date: within 45 days of Effective Date
Clint Dameron
Real Property Services Manager
Attachments:
1. Site Map
2. Proposed Agreement