HomeMy WebLinkAbout11994RESOLUTION NO. 11994
A RESOLUTION APPROVING THE SALE AND PURCHASE
OF PROPERTY FROM LARRY ROMERO AND DEBBIE L.
ROMERO, APPROVING THE NOTICE TO EXERCISE
PURCHASE OPTION RELATING TO THE PUEBLO
MUNICIPAL JUSTICE CENTER AND AUTHORIZING THE
PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAID
NOTICE TO EXERCISE PURCHASE OPTION AND ALL
OTHER DOCUMENTS ASSOCIATED THEREWITH
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The City Council hereby authorizes the purchase of the property described as
Lots 1 + 2 BLK 68 South Pueblo and Lots 3 + 4 BLK 68 South Pueblo in accordance
with the terms set forth in that certain Option Agreement dated July 19, 2010 as
amended by the Option Agreement Extension dated September 3, 2010, copies of
which are attached hereto, having been approved as to form by the City Attorney.
SECTION 2.
The Notice to Exercise Purchase Option dated September 27, 2010 for the
property described as Lots 1 + 2 BLK 68 South Pueblo and Lots 3 + 4 BLK 68 South
Pueblo, a copy of which is attached hereto is hereby approved.
SECTION 3.
The President of the City Council is hereby authorized to execute and deliver the
aforesaid Notice to Exercise Purchase Option together with all other documents
associated therewith in the name of and on behalf of the City of Pueblo, a Municipal
Corporation, and the City Clerk is directed to affix the seal of the City thereto and attest
same.
SECTION 4.
Funds in the amount of $132,000 for the property included in the aforesaid
Notice to Exercise Purchase Option are available from Project Account No. PB0699.
INTRODUCED: September 27, 2010
BY: Ray Aguilera
COUNCILPERSON
Background Paper for Proposed
RESOLUTION
DATE: SEPTEMBER 27, 2010 AGENDA ITEM # Q-2
DEPARTMENT: PLANNING AND COMMUNITY DEVELOPMENT
JERRY M. PACHECO, DIRECTOR
TITLE
A RESOLUTION APPROVING THE SALE AND PURCHASE OF PROPERTY FROM LARRY
ROMERO AND DEBBIE L. ROMERO, APPROVING THE NOTICE TO EXERCISE PURCHASE
OPTION RELATING TO THE PUEBLO MUNICIPAL JUSTICE CENTER AND AUTHORIZING
THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAID NOTICE TO EXERCISE
PURCHASE OPTION AND ALL OTHER DOCUMENTS ASSOCIATED THEREWITH
ISSUE
Should City Council approve the Resolution authorizing the execution of the Option to Purchase
property relating to the Pueblo Municipal Justice Center?
RECOMMENDATION
Approval of the Resolution.
BACKGROUND
This Resolution authorizes the purchase of property in accordance with an Option Agreement
(“Option”), and authorizes execution and delivery of the Notice to Exercise Purchase Option for,
property owned by Larry Romero and Debbie L. Romero located at 205 E. “B” Street and
described as Lots 1 + 2 BLK 68 South Pueblo and Lots 3 + 4 BLK 68 South Pueblo.
The property is located west of the Police Annex Building and contains a Quonset building and
two off-premise advertising billboard signs. The property will be utilized for the future expansion
of the Pueblo Municipal Justice Center related buildings and facilities from the remaining Xcel
Energy funds paid to the City of Pueblo.
The City entered into an Option for the property on July 19, 2010 and the Option was extended
on September 3, 2010 for an additional term of 45 days until October 18, 2010. The City paid
the amount of $1,000 to secure the Option and the purchase price set in the Option is $132,000
with $10,000 to be paid in earnest money and the balance of $122,000 to be paid at closing.
FINANCIAL IMPACT
A purchase price of $132,000 would be paid for the property. The funds to purchase the
property would be provided from Project Account PB0699.
NOTICE TO EXERCISE PURCHASE OPTION
September 27, 2010
Larry Romero and Debbie L Romero
110 Cleveland St.
Pueblo, CO 81004
VIA FedEx
Dear Mr and Mrs. Romero
Notice is hereby given that the City of Pueblo, a Municipal Corporation ( "Buyer "), under that
certain Option Agreement dated the 19 day of July, 2010, as amended by the Option Agreement
Extension dated the 3rd day of September, 2010, does hereby exercise its purchase option under
said Option Agreement to purchase the property located within the County of Pueblo, State of
Colorado, at 215 E. "B" Street, Pueblo Colorado and more particularly described as
Lot 1 + 2, BLK 68 SOUTH PUEBLO
Lot 3 + 4, BLK 68 SOUTH PUEBLO
Buyer is prepared to deposit the earnest money of ten thousand dollars ($10,000 00) in escrow
with a financial institution agreeable to you, or with your approval, with a title company, in
accordance with the terms of the Option Agreement. Please advise us Mr Scott Hobson, 211 E
"D" Street, Pueblo, Colorado 719 -553 -2244 promptly of your choice of institution or title
company
Please note that on receipt of this Notice, you should give appropriate notice of the exercise of
this option with copies of this Notice, the Option Agreement, and the Option Agreement
Extension to the Lamar Companies in accordance with the Sign Location Leases between Lamar
Companies and you dated October 17, 2008 to afford the Lamar Companies the right to exercise
its rights of first refusal.
City of Pueblo, a Municipal Corporation
BY J O/4
President of City Council