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HomeMy WebLinkAbout10168RESOLUTION NO. 10168 A RESOLUTION APPROVING AMENDMENT NO. 1 TO THE CONTRACT TO BUY AND SELL REAL ESTATE BETWEEN THE CITY OF PUEBLO AND WACKENHUT CORRECTIONS CORPORATION AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 _ Amendment No. 1 dated June 28, 2004 to the Contract To Buy And Seal Real Estate between the City of Pueblo and The GEO Group, Inc. formerly Wackenhut Corrections Corporation, a copy of which is attached hereto, having been approved as to form by the City Attorney, is hereby approved. SECTION 2 The President of the City Council is authorized to execute and deliver Amendment No. 1 in the name of the City and the City Clerk is directed to affix the seal of the City thereto and attest same. INTRODUCED June 28, 2004 BY Michael Occhiato Councilperson D D D e Background Paper for Proposed RESOLUTION AGENDA ITEM # / 0-A4 DATE: June 28, 2004 DEPARTMENT: Law Department TITLE A RESOLUTION APPROVING AMENDMENT NO.1 TO THE CONTRACT TO BUY AND SELL REAL ESTATE BETWEEN THE CITY OF PUEBLO AND WACKENHUT CORRECTIONS CORPORATION AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME ISSUE Should City Council approve Amendment No. 1 to Contract To Buy And Sell Real Estate dated November 24, 2003 between the City and The GEO Group, Inc. formerly Wackenhut Corrections Corporation? RECOMMENDATION Approve amendment No. 1. BACKGROUND The closing date under the November 24, 2003 Contract is June 30, 2004 and should be extended to satisfy certain conditions precedent to closing including issuance by FAA of Deed of Release and entry of final judgment in pending litigation which may be subject to appeal, or other litigation which may be filed by third parties opposing the correctional facility. FINANCIAL IMPACT None. AMENDMENT NO. 1 THIS AMENDMENT NO. 1 entered into as of June 28, 2004 between the City of Pueblo, a municipal corporation ( "Seller ") and The GEO Group, Inc. formerly Wackenhut Corrections Corporation ( "Buyer "), WITNESSETH: WHEREAS, Seller and Wackenhut Corrections Corporation entered into a Contract To Buy And Sell Real Estate dated November 24, 2003 relating to Lot 69, Pueblo Memorial Airport Industrial Park Subdivision, Pueblo County, Colorado ( "Contract'), and WHEREAS, The GEO Group, Inc. (herein the "Buyer ") is the successor in interest to Wackenhut Corrections Corporation, and WHEREAS, Seller and Buyer desire to modify certain terms and conditions of the Contract. NOW, THEREFORE, in consideration of the foregoing and mutual covenants herein contained Seller and Buyer agree as follows: Paragraph 5 of the Contract is hereby amended to read as follows: 5. Date of Closing The date of Closing shall be within thirty (30) days after satisfaction of all conditions precedent to Closing set forth in paragraph 7 hereof. The hour and place of Closing shall be as designated by Seller with at least seven (7) days notice to Buyer. If any one or more of the conditions precedent to Closing remain unsatisfied by December 31, 2004, Buyer, by written notice given to Seller, may declare this Contract terminated, in which instance the Earnest Money shall be returned to Buyer, and Seller and Buyer shall be released and discharged from all obligations hereunder. The date of Closing shall in no event be later than April 1, 2005. 2. Subparagraph (g) ofparagraph 7 ofthe Contract is hereby amended to read as follows: (g) Entry of final judgment to the satisfaction of Seller and Buyer in Civil Action No. 03 CV 1295, Division F, District Court, Pueblo County, Colorado, or in any other litigation that may be initiated by a thirty party to challenge, set aside or declare invalid this Contract or any of the actions of the parties taken in furtherance or satisfaction of the conditions precedent to Closing. 3. The Contract as amended by this Amendment No. 1 shall remain in full force and effect, binding on Seller and Buyer and their respective successors and approved assigns, and enforceable according to its terms. Executed in Pueblo, Colorado, the day and year first above written. [SEAL] CITY OF PUEBLO 1 ATTEST: By City rk President the City Council [SEAL] THE GEO GROUP, INC. ATTEST: d.,2 _ By Name: Eunice Gallets Name: Louis V. Carrillo Title: Para 1 aga 1 Title: Vice President. Corporat Counsel -2-