HomeMy WebLinkAboutItem 14 Proposed Sale of Property AGENDA ITEM SUMMARY Meeting Date: 10/19/2015
Meeting Type: Regular Meeting
Staff Contact/Dept.: Courtney Griesel, CMO Staff Phone No: 541-736-7132
Estimated Time: 10 Minutes
S P R I N G F I E L D C I T Y C O U N C I L Council Goals: Encourage Economic Development and
Revitalization through Community Partnerships
ITEM TITLE: PROPOSED SALE OF PROPERTY
ACTION REQUESTED:
Authorize the City Manager to sign the Purchase and Sale Agreement as attached.
ISSUE STATEMENT: On July 20th, the City Council conducted a public hearing to dispose of certain real property located at 17-03-34-33-500 and adopted a resolution authorizing the City
Manager to enter into a purchase and sale agreement while City Council was on
recess. Since this time, staff has been able to negotiate final terms of sale meeting those terms as approved by Council in July. Staff requests Council authorize the
City Manager to sign the Purchase and Sale Agreement related to property located
at 17-03-34-33-500.
ATTACHMENTS: 1. Purchase and Sale Agreement
DISCUSSION/ FINANCIAL IMPACT:
Tax lot 17-03-34-33-500 is currently under City ownership. On September 25, 2015, the City received an offer from Alpesh Patel and Komal Patel, to purchase tax lot 500 for $600,000 with concurrent conditions outlined in Attachment 1,
Purchase and Sale Agreement, and summarized below:
• The City will finance, over five (5) years at a fixed interest rate of 3%, the
purchase price of $600,000.
• The City will, provide any existing geotech, title, and environmental
reports to Purchaser.
• The overhead powerline removal costs will be reimbursed, by SEDA
and/or the City, to the Purchaser in an amount not to exceed $60,000.
• The City will reasonably work with the Purchaser to secure City
Development Approval of a driveway to the property.
• Purchaser shall settle all outstanding obligations and the payment in full of
any amounts owned by the Purchaser to City of Springfield. This includes
outstanding obligations owed to the City as part of a prior property purchase agreement dated June 27, 2013 for land west of Candlewood
Suites hotel.
Council is asked to authorize the City Manager to enter into a purchase and sale agreement, as included as Attachment 1, with the prospective purchaser.
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