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File #: 21-453    Version: 1
Type: Action Item Status: Agenda Ready
In control: Urban Renewal Agency
On agenda: 10/25/2021 Final action: 10/25/2021
Title: Purchase and Sale Agreement with Chassman Family Trust for acquisition of real property located at 263 Chemeketa Street NE. Ward(s): 1 Councilor(s): Stapleton Neighborhood(s): CANDO Result Area(s): Strong and Diverse Economy; Welcoming and Livable Community.
Attachments: 1. Purchase and Sale Agreement
Related files:

TO:                      Urban Renewal Agency Board   

THROUGH:                      Steve Powers, Executive Director   

FROM:                      Kristin Retherford, Urban Development Department Director 

                                          

SUBJECT:

title

 

Purchase and Sale Agreement with Chassman Family Trust for acquisition of real property located at 263 Chemeketa Street NE.    

 

Ward(s): 1    

Councilor(s): Stapleton      

Neighborhood(s):  CANDO    

Result Area(s): Strong and Diverse Economy; Welcoming and Livable Community.

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SUMMARY:

summary

 

The Urban Renewal Agency owns the majority of the block bounded by Chemeketa Street NE, Commercial Street NE, Front Street NE, and Center Street NE, commonly known as the former Union Gospel Mission and Saffron properties. The only property on the eastern half of the block not owned by the Agency is the ABC Music building located at 263 Chemeketa Street NE (Property) owned by the Chassman Family Trust (Seller). Staff and Seller have come to terms on a Purchase and Sale Agreement (Agreement) (Attachment 1) for acquisition of the Property to complement the Agency’s existing holdings for redevelopment.   

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ISSUE:

 

Shall the Urban Renewal Agency authorize the Executive Director to execute the attached Purchase and Sale Agreement for acquisition of real property located at 263 Chemeketa Street NE?   

 

 

RECOMMENDATION:

recommendation

 

Authorize the Executive Director to execute the attached Purchase and Sale Agreement for acquisition of real property located at 263 Chemeketa Street NE.  

body

 

FACTS AND FINDINGS:

 

Staff and Seller have come to terms on an Agreement for acquisition of the Property.  Key terms of the Agreement are below. 

 

Price:                                                                                    $410,530                     

Lot Size:                                                               0.05 acre

Building Square Feet:                     2,132

Earnest Money:                                          $10,000

Closing:                                                               No later than December 31, 2021

 

BACKGROUND:

 

Funds for this acquisition will come from the Riverfront-Downtown Urban Renewal Area.

 

                     Clint Dameron     

                     Real Property Services Manager   

 

Attachments:

1. Agreement