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HomeMy WebLinkAbout7808RESOLUTION NO. 7808 A RESOLUTION APPROVING A CONTRACT TO BUY AND SELL REAL ESTATE BETWEEN PUEBLO, A MUNICIPAL CORPORATION AND SENIOR CITIZENS RESOURCE DEVELOPMENT AND COORDINATING AGENCY RELATING TO THE TRANSFER OF LAND FOR HOUSING FOR THE ELDERLY TO BE LOCATED AT OR NEAR 201 CENTRAL MAIN, PUEBLO, COLORADO BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 The Contract To Buy And Sell Real Estate Between Pueblo, a Municipal Corporation and Senior Citizens Resource Development and Coordinating Agency and Agreement between the City and Urban Renewal Authority of Pueblo dated February 12, 1996 relating to conveyance of land for housing for the elderly to be located at or near 201 Central Main Street, Pueblo, Colorado, copies of which are attached hereto, having been approved as to form by the City Attorney, are hereby approved. SECTION 2 The President of the City is authorized to execute and deliver the Contract and Agreement in the name of the City and the City Clerk is directed to affix the seal of the City thereto and attest same. SECTION 3 City Council does hereby consent to the assignment of the Contract To Buy And Sell Real Estate by Senior Citizens Resource Development And Coordinating Agency to Richmond Senior Housing, Inc. INTRODUCED: February 12, 1996 By Samuel C'or n i no Councilperson ATTEST: City Clerk APPROVED: Pres' ent of the Oy Council AGREEMENT THIS AGREEMENT entered into as of February 12, 1996 between Pueblo, a municipal corporation (the "City ") and Urban Renewal Authority of Pueblo, Colorado, sometimes known as Pueblo Urban Renewal Authority (the "Authority "), WITNESSETH: WHEREAS, Authority is the owner of Lot 2, Block 1, Pueblo Center Filing One, Pueblo County, Colorado (the "Lot 2 "), and WHEREAS, City intends to convey certain property to Senior Citizens Resource Development and Coordinating Agency (the "SRDA ") for housing for the elderly, and WHEREAS, in order to convey to SRDA adequate property for housing for the elderly, City will need the Southwesterly 12 feet of Lot 2, and WHEREAS, Authority is willing to convey the Southwesterly 12 feet of Lot 2 to City. NOW, THEREFORE, in consideration of the foregoing and mutual covenants contained herein, City and Authority agree as follows: 1. City and Authority will join in the resubdivision of Lot 2 and adjacent City property into Richmond Subdivision. Authority shall not be responsible for any costs or expenses associated with Richmond Subdivision. 2. Upon final approval of Richmond Subdivision plat, Authority shall convey to City all of its interest in Lot 2 of Richmond Subdivision which consists of the Southwesterly 12 feet of Lot 2, Block 1, Pueblo Center Filing One, adjacent City property and vacated Richmond Avenue, and City shall convey to Authority all its interest in Lot 2 of Richmond Subdivision which consists of all of Lot 2, Block 1, Pueblo Center Filing One except the Southwesterly 12 feet thereof. 3. The Chairman of Authority and President of City Council are authorized to execute and deliver all documents and instruments required to consummate the transactions herein contemplated. Executed the day and year first above written. PUEBLO, A MUNICIPAL CORPORATION By Presi nt of the City ouncil URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO By Chairman CONTRACT TO BUY AND SELL REAL ESTATE THIS CONTRACT entered into as of February 12, 1996 between the City of Pueblo, a Municipal Corporation ( "Seller ") and Senior Citizen Resource Development & Coordinating Agency, a Colorado Nonprofit Corporation ( "Buyer "), WITNESSETH: The Seller is the owner of the real property located in the City of Pueblo, State of Colorado, which is more particularly described on Exhibit A attached hereto as a part of this Contract (the "Property "). The Buyer desires to purchase and Seller is willing to sell the Property on the terms set forth below. In consideration of the sum of One Dollar ($1.00) paid by the Buyer to the Seller, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Sale and Purchase The Seller will sell and convey to the Buyer and Buyer will purchase the Property, subject to the terms and conditions set forth below. 2. Closins The purchase and sale of the Property shall be closed on or before February 1, 1997 (the "Closing Date ") and the time and place of Closing shall be determined by Seller. If the sale is not closed on or before Closing Date, or such other date as the parties may mutually agree in writing, this Contract will become null and void and each party released from all obligations hereunder. 3. Purchase Price The purchase price for the Property shall be $156,000.00, or the amount paid by the United States Department of Housing and Urban Development to the Buyer as reimbursement for the value of the Property, whichever is greater. The purchase price will be paid to Seller at Closing in cash or certified funds. 4. Condition of the Property The Property will be conveyed "AS IS" and "WHERE IS" at the time of closing. Buyer acknowledges and agrees that Seller has not and does not make any representation or warranty concerning the Property or its condition, either environmental or otherwise. Buyer waives and releases Seller from, and assumes the risk of any environmental condition or liability relating to any environmental condition in, on, under or within the Property, including any claim under any state or federal statute, whether known or unknown, or now existing or arising in the future. 5. Title and Deed Buyer shall have the right to inspect all title documents to determine the status of Seller's title to the Property prior to Closing. If Buyer determines that Seller's title is unmerchantable or has notice of any other unsatisfactory title conditions, Buyer shall give Seller written notice of such defects or conditions at least thirty (30) days prior to closing. If Buyer fails to give timely notice of any such defaults or conditions to Seller, Buyer shall be deemed to have waived such defects or conditions. If Buyer gives timely notice of any such defect or condition to Seller and Seller fails to correct said defects or unsatisfactory title conditions on or before the date of Closing, Buyer may elect to either terminate this Contract or waive objection to said unsatisfactory title conditions or defects and close upon the purchase of the Property without diminution or reduction in the purchase price. Upon such termination of the Contract by Buyer, all parties shall be released from all obligations hereunder. Conveyance of title to the Property shall be made at Closing by good and sufficient special warranty deed, conveying title to the Property to Buyer for so long as the Property is used for housing for the elderly, free and clear of all liens and taxes except the general taxes for the year of Closing, title defects or conditions waived or approved by Buyer, and subject to all easements, rights of way, restrictions and reservations of record at the time of closing including those set forth in the subdivision plat for Richmond Subdivision. 6. Contingencies This Contract is subject to and contingent upon Buyer's receipt and acceptance of a United States Department of Housing and Urban Development., Section 202 Fund Reservation (the "grant ") for the construction of an approximately 51 unit elderly housing project (the "Section 202 Housing Project ") on the Property. 7. Off -Site and On -Site Improvements Buyer, at its sole cost and expense, shall be responsible for the construction of all on -site and off -site improvements including without limitation the Section 202 Housing Project and related off - street parking facilities in accordance with Seller's redevelopment plans for the area and the plans and specifications for the Section 202 Housing Project approved by the Seller. If construction of the Section 202 Housing Project in accordance with plans and specifications approved by Seller is not commenced within 180 days after Closing and thereafter diligently pursued to completion, title to the Property, free of all liens, encumbrances, covenants and conditions caused by or resulting from the acts or defaults of Buyer shall revert to Seller. The provisions of this paragraph shall survive Closing and be incorporated into the deed of conveyance. 8. Notice All notices or communications hereunder shall be sent or delivered to the Seller, or Buyer, respectively, at the following addresses: Seller: City of Pueblo, a Municipal Corporation 1 City Hall Place Pueblo, Colorado 81003 Attention: City Manager Buyer: Senior Citizen Resource Development & Coordinating Agency 228 N. Union Avenue Pueblo, Colorado 81003 Attention: President 9. Binding, Effect and Assignment This Contract shall be binding upon and inure to the benefit of Seller and Buyer and their respective successors and assigns provided that Buyer shall -2- not assign this Contract or any interest herein without the prior written consent of Seller. Any such assignment or attempted assignment by Buyer without the prior written consent of Seller shall terminate this Contract. 10. Prior Agreements This Contract incorporates and sets forth the complete and entire understanding and agreement of the parties. 11. Controlling Law This Contract shall be governed by and construed under Colorado law. IN WITNESS WHEREOF, the parties have executed this Contract on the date first above written. SELLER CITY OF PUEBLO, [SEAL] A MUNICIPAL CORPORATION ATTEST: By A , 9�9� City Cl& Presi nt of the City Council B YER: I SENIOR CITIZEN RESOURCE DEVEL PMENT &COORDINATING AGE Y. A NONPROFIT CO RATION By President -3- Lots 6 and 7, Block 62, Hobson's Subdivision Amended, and the Southwesterly 12 feet of Lot 2, Block 1, Pueblo Center, Filing One, together with that portion of vacated Richmond Avenue adjacent thereto, Pueblo County, Colorado, to be more particularly described as Lot 1, Richmond Subdivision upon approval of the final subdivision plat therefor.