TO: Mayor and City Council
THROUGH: Steve Powers, City Manager
FROM: Kristin Retherford, Urban Development Department Director
SUBJECT:
title
Amendment to Purchase and Sale Agreement with Westwood Homes LLC
Ward(s): 3
Councilor(s): Nanke
Neighborhood(s): Morningside
Result Area(s): Good Governance; Natural Environment Stewardship; Welcoming and Livable Community.
end
ISSUE:
Shall the City Council authorize the City Manager to execute the attached amendment to the Purchase and Sale Agreement with Westwood Homes LLC?
RECOMMENDATION:
recommendation
Authorize the City Manager to execute the attached amendment to the Purchase and Sale Agreement with Westwood Homes LLC.
body
SUMMARY:
On April 9, 2018, (and as amended on June 25, 2018), City Council authorized the City Manager to execute a Purchase and Sale Agreement (Agreement) (Attachment 1) with Westwood Homes, LLC, whose Principal is Bill Wagoner, (Seller) for the acquisition of a seven-acre parcel for use as a Neighborhood Park. Land-use work to create the legal lot for Purchase by the City has taken longer than anticipated. It is necessary to modify the Agreement to amend the language regarding timing of possession and a credit to the Purchase Price.
FACTS AND FINDINGS:
Staff and Seller have come to terms on a proposed amendment (Amendment) (Attachment 2), the key terms of which are below.
1. City shall be entitled to possession at Closing as opposed to 180 days from Closing.
2. The $6,000 Purchase Price credit to Buyer is removed.
BACKGROUND:
Funds for this acquisition will come from Parks System Development Charges.
Clint Dameron
Real Property Services Manager
Attachments:
1. Agreement
2. Amendment