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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