TO: Mayor and City Council
THROUGH: Steve Powers, City Manager
FROM: Kristin Retherford, Urban Development Director
SUBJECT:
title
Purchase and Sale Agreement with Nguyen Investments, LLC for the acquisition of property located at 1185 22nd Street SE for a Navigation Center
Ward(s): 2
Councilor(s): Andersen
Neighborhood(s): SESNA
Service Area(s): Safe Community; Welcome and Livable Neighborhood; Good Governance
end
ISSUE:
Shall City Council authorize the City Manager to execute the attached Purchase and Sale Agreement with Nguyen Investments, LLC for the acquisition of property located at 1185 22nd Street SE for a Navigation Center?
RECOMMENDATION:
recommendation
Authorize the City Manager to execute the attached Purchase and Sale Agreement with Nguyen Investments, LLC for the acquisition of property located at 1185 22nd Street SE for a Navigation Center.
body
SUMMARY:
The property located at 1185 22nd Street NE (Property) is owned by Nguyen Investments, LLC, whose members include Lanh Vo and Hanh, Hoang, Lynne, and Huy Nguyen (Seller). The City intends to utilize the Property as a Navigation Center.
FACTS AND FINDINGS:
Staff and Seller have come to terms on a proposed agreement (Agreement) (Attachment 1) for acquisition of the Property. Key terms of the Agreement are below.
Sale Price: $2,750,000
Acreage: 1.28
Building Square Feet: 18,398
Closing: 30 days after end of review period
Earnest Money: $50,000
Contingency: Inspection of building and mechanical systems
BACKGROUND:
This acquisition will be financed by the City’s allocation of American Rescue Plan Act (ARPA) funds.
Clint Dameron
Real Property Services Manager
Attachments:
1. Agreement