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HomeMy WebLinkAbout12129RESOLUTION NO. 12129 A RESOLUTION DECLARING PROPERTY SURPLUS AND APPROVING A CONTRACT TO BUY AND SELL REAL ESTATE BETWEEN THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, AND PUEBLO DEVELOPMENT FOUNDATION, RELATING TO LOT 5, PUEBLO MEMORIAL AIRPORT INDUSTRIAL PARK SUBDIVISION, THIRD FILING, AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. City Council finds and determines that $793,078.98 has been expended from the 1992-2016 Sales and Use Tax Capital Improvement Projects Fund (the Fund) in "" connection with obtaining a deed of release upon Lot 5, Pueblo Memorial Airport Industrial Park Subdivision, Third Filing, Pueblo County, Colorado, and the construction of an approximately 25,000 square foot shell building and other improvements thereon (collectively, the Property), all in compliance with the intent and purpose of the criteria "" and standards of Ordinance No. 6381. Council further finds that the Property is surplus to the City’s current needs for primary job creating capital improvement projects, and that it would be in the best interests of the City to sell the Property, recover such expenditures and return the proceeds to the Fund. SECTION 2. The Contract to Buy and Sell Real Estate dated April 25, 2011 between the City of Pueblo, a Municipal Corporation and Pueblo Development Foundation, a Colorado Nonprofit Corporation (Contract), a copy of which is attached hereto, having been "" approved as to form by the City Attorney, is hereby approved. The President of the City Council is authorized to execute and deliver in the name of the City the Contract and the City Clerk to attest same. SECTION 3. The President of the City Council is authorized, in accordance with and subject to the terms of the Contract, to execute and deliver a Special Warranty Deed in the form attached to the Contract. The officers of the City are directed and authorized to perform any and all acts consistent with this Resolution and the Contract to effectuate the transaction described therein. The City Attorney is authorized to execute on behalf of the City all closing documents necessary and required in connection with the sale. SECTION 4. This Resolution shall become effective upon passage and approval. INTRODUCED: April 25, 2011 BY: Judy Weaver COUNCILPERSON Background Paper for Proposed RESOLUTION DATE: AGENDA ITEM # M-6 April 25, 2011 DEPARTMENT: Law Department Thomas J. Florczak, City Attorney TITLE A RESOLUTION DECLARING PROPERTY SURPLUS AND APPROVING A CONTRACT TO BUY AND SELL REAL ESTATE BETWEEN THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, AND PUEBLO DEVELOPMENT FOUNDATION, RELATING TO LOT 5, PUEBLO MEMORIAL AIRPORT INDUSTRIAL PARK SUBDIVISION, THIRD FILING, AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME ISSUE Should City Council approve the sale of 4 Jetway Court, located at the Pueblo Memorial Airport Industrial Park, to Pueblo Development Foundation (PDF)? "" RECOMMENDATION PEDCO recommends approval. BACKGROUND The Pueblo Economic Development Corporation (PEDCO) has represented to City "" Council that Bechtel Corporation needs a facility to provide training of workers for the Chem Demil project. The jobs involved are necessary and committed for the chemical weapons neutralization project, and do not constitute new primary jobs eligible for economic assistance under the 1992-2016 Sales and Use Tax Capital Improvement Projects Fund (1/2 cent sales tax). "" The land and building located at 4 Jetway were acquired in 2006 with 1/2 cent sales tax funds in the aggregate amount of $793,078.98 under provisions of the criteria ordinance authorizing the use of such funds for the construction of shell buildings. (Ord. 6381, §5) Since the building has been vacant since its construction, Council may find it is surplus to its original intended purpose, and sell same with the proceeds returned to the 1/2 cent sales tax fund. This Resolution would (a) declare 4 Jetway surplus to the Citys needs as a shell ' building for job creating capital improvement projects, and (b) approve a contract for sale of the property to PDF for $793,078.98 which would be returned to the 1/2 cent sales tax fund. City staff has been advised by PEDCO that it is PDFs intention to finish ' the building with tenant improvements and lease the property to Bechtel. FINANCIAL IMPACT The 1/2 cent sales tax fund would be repaid the amount of all funds invested in the property. Rev 4 -14 -11 CONTRACT TO BUY AND SELL REAL ESTATE THIS CONTRACT entered into as of April 25, 2011 between City of Pueblo, a Municipal Corporation (the "Seller ") and Pueblo Development Foundation, a Colorado Nonprofit Corporation (the "Buyer "), WITNESSETH Recitals A. Seller is the owner of certain land located in Pueblo County, Colorado B Buyer is desirous of purchasing the land from Seller C Seller is willing to sell the land to Buyer upon the terms and conditions hereinafter set forth. Agreement NOW, THEREFORE, in consideration of the foregoing Recitals and the mutual covenants contained herein, Seller and Buyer agree as follows 1 Property Seller agrees to sell and Buyer agrees to purchase the land and building improvements located thereon legally described as Lot 5, Pueblo Memorial Airport Industrial Park Subdivision, Third Filing, County of Pueblo, State of Colorado, with all its appurtenances, and known as 4 Jetway Court, Pueblo, Colorado, 81001, (the "Property ") on the terms and conditions set forth in this Contract. 2 Purchase Price and Terms The purchase price of the Property shall be $793,078 98 and shall be paid in good funds on Closing Date contemporaneously with Buyer's receipt of the Special Warranty Deed described in paragraph 6 hereof. 3 Evidence of Title Buyer shall at its expense obtain title insurance and satisfy itself as to the condition of title to the Property If Buyer is not satisfied with the condition of title, Buyer may terminate this Contract by written notice given to Seller within thirty (30) days from date hereof. 4 Inspection. Buyer or any designee, shall have the right to have inspection of the physical condition of the Property at Buyer's expense Buyer is responsible for and shall pay for any damage which occurs to the Property as a result of such inspection. If Buyer is not satisfied with the physical condition of the Property, Buyer may terminate this Contract by written notice given to Seller within thirty (30) days from date hereof 5 Condition Precedent. The obligation of Buyer to consummate and close upon the purchase of the Property as set forth herein shall be conditioned upon Buyer s and a prospective tenant's execution of a Lease Agreement for the Property within 60 days of the date of the execution of this Agreement. Buyer represents and warrants that it is engaged in negotiations with a prospective tenant and will diligently pursue, in good faith, the completion and execution of a Lease Agreement for the Property Buyer shall notify Seller of the satisfaction of this condition precedent within three (3) days of the execution of the Lease Agreement. In the event of a failure of this condition precedent within the 60 day period, then this Agreement shall, unless extended by mutual agreement of the parties, be null and void and of no further force and effect. 6 Date of Closing. Closing shall take place within 65 days after the date of this Contract. The date of Closing and the hour and place of Closing shall be designated by Seller ( "Closing Date ") 7 Transfer of Title. Subject to payment of the Purchase Price, and compliance by Buyer with the other terms and provisions hereof, Seller shall execute and deliver to Buyer the Special Warranty Deed attached hereto conveying title to the Property to Buyer subject to the restrictions, reservations, covenants, easements, and conditions contained in the Special Warranty Deed. 8 Condition of the Property Buyer warrants, agrees and acknowledges that. (a) Other than the warranty of title contained in the Special Warranty Deed, Seller has not made and hereby disclaims any warranty or representation, express or implied, with respect to the Property or any aspect, portion or component of the Property including, but not limited to (i) the condition, nature, quantity, or quality of the Property, including, but not limited to, the quality of soils on or under the Property; (ii) the fitness of the Property for any particular use, (iii) the presence or suspected presence of hazardous materials on, in, under or about the Property; (iv) the financial benefits, income, expenses, profits or losses to be achieved, derived or incurred as a result of the ownership, operation, leasing, renovating, or management of the Property; or (v) compliance with existing or proposed governmental laws or regulations applicable to the Property, or the further development or changing use thereof, including environmental laws and laws or regulations relating to zoning, land use, subdivision or buildings, or the existence of any approvals or authorizations of any kind or nature of or from any governmental authority Seller has disclaimed any warranty or representation, express or implied, with respect to any surveys, reports, studies or other documents, if any, pertaining to the Property and delivered by Seller to Buyer (b) In entering into this Contract, Buyer has not relied on any representation, statement, or warranty of Seller, other than the warranty of title contained in the Special Warranty Deed, or anyone acting for or on behalf of Seller and all matters concerning the Property have been or will be independently verified by Buyer If Buyer purchases the Property Buyer agrees that it shall have relied entirely on its own investigation, examination and inspection of the Property and all matters pertaining thereto, Buyer is purchasing the Property "AS IS WHERE IS, WITH ALL ITS FAULTS" in its condition on the Closing Date. 9 Closing Costs, Documents and Services Buyer and Seller shall sign and complete all customary or required documents at or before Closing. Fees for real estate closing services, if any, shall be paid at Closing by Buyer At Closing, Buyer shall furnish copies of documents evidencing that Buyer is authorized to acquire the Property, and has authorized the execution of this Contract by the appropriate and authorized officers of the Buyer in the name of and on behalf of Buyer 10 Prorations. General taxes for the year of Closing, if any, based on the taxes for the calendar year immediately preceding Closing, assessments, water, sewer, utility charges, combined service fees, and other usual and customary items shall be prorated to date of Closing. 11 Possession. Possession of the Property shall be delivered "AS IS, WHERE IS, WITH ALL ITS FAULTS" to Buyer by Seller on Closing Date. 12 Time of Essence /Remedies. Time is of the essence hereof If any obligation is not performed there shall be the following remedies (a) If Buyer is in Default. Seller shall have the right to specific performance but not to damages. (b) If Seller is in Default Buyer shall have the right to specific performance but not to damages. (c) Costs and Expenses. Anything to the contrary herein notwithstanding, in the event of litigation arising out of this Contract, the court shall award to the prevailing party all reasonable costs and expenses, including attorney fees. Venue and jurisdiction for any such litigation shall exclusively be in the Colorado District Court for Pueblo County, Colorado 13 Representations and Warranties of Seller The Seller represents and warrants to Buyer as follows. (a) Seller has full power, capacity and authority to execute and deliver this Contract and all other documents required to be executed and delivered by Seller under this Contract and to perform its obligations hereunder (b) This Contract has been, duly authorized, executed and delivered by Seller and constitutes, the legal, valid and binding obligations of Seller enforceable against Seller in accordance with its terms (c) The Property and improvements, as of the date of this Contract and at Closing, do not violate Section 2 of the Special Warranty Deed attached hereto, nor violate the covenants in Subsections 4(a), 4(d) and 4(k) of said deed. 14 Representations and Warranties of Buyer Buyer represents, warrants and covenants as follows (a) Buyer has full power, capacity and authority to execute and deliver this Contract and all other documents required to be executed and delivered by Buyer under this Contract and to perform its obligations hereunder (b) This Contract has been duly authorized, executed and delivered by Buyer and constitutes the legal, valid and binding obligations of Buyer, enforceable against Buyer in accordance with its terms 15 Notices. Any notice required or permitted to be given or delivered under this Contract shall be in writing and shall be given (a) If to Seller, by personal delivery, or by the United States Postal Service, by registered or certified mail, postage prepaid, addressed to City Manager City of Pueblo 200 S Main Street Pueblo, Colorado 81003 and to City Attorney Pueblo Law Department 503 N Main Street, Suite 203 Pueblo, Colorado 81003 (b) If to Buyer by personal delivery, or by the United States Postal Service, by registered or certified mail, postage prepaid, addressed to Pueblo Development Foundation Attention. Robert L. Root 301 N Main Street, Suite 200 Pueblo, Colorado 81003 , or to such other address or person as any party may from time to time specify in a writing delivered to the other party in the manner provided in this paragraph. Notices given hereunder shall be deemed given, in the case of personal delivery on the date delivered, in the case of delivery by mail, on the second business day after delivery to the United States Postal Service. 16 Assignment. This Contract shall not be assignable by Buyer without Seller's City Council's prior written consent which may be withheld in City Council's sole and absolute discretion. Except as so restricted, this Contract shall inure to the benefit of and be binding upon the parties and their respective successors and assigns. 17 Modification. No subsequent modification of any of the terms of this Contract shall be valid or binding upon the parties or enforceable unless made in writing and signed by the parties. 18 Entire Contract. This Contract, along with any attachments hereto, constitutes the entire contract and agreement between the parties and supersedes all previous understandings and agreements between the parties, whether oral or written. 19 Captions. The captions in this Contract are inserted for convenience of reference only and in no way define, describe or limit the scope or intent of this Contract or any of the provisions hereof 20 Validity If any provision of this Contract shall be held to be invalid or unenforceable, the same shall not affect in any respect whatsoever the validity or enforceability of the remainder of this Contract. 21 Broker Seller agrees to indemnify, defend and hold Buyer harmless from and against any and all claims, loss, liability, costs and expenses (including reasonable attorneys' fees), resulting from any claims that may be made against Buyer by any broker or other person claiming a commission, fee or other compensation by reason of the transaction contemplated hereby if the same shall arise by, through or on account of Seller Buyer agrees to indemnify, defend and hold Seller harmless from and against any and all claims, loss, liability, costs and expenses (including reasonable attorneys' fees), resulting from any claims that may be made against Seller by any broker or other person claiming a commission, fee or other compensation by reason of the transaction contemplated hereby if the same shall arise by, through or on account of Buyer 22 Applicable Law This Contract will be construed and enforced in accordance with the laws of the State of Colorado (without giving effect to its choice of law principles). 23 Interpretation. Whenever the context so requires, the singular number shall include the plural and the plural the singular, and the use of any gender shall include all genders. 24 Survival of Representation. Except for the representations of Seller contained in paragraph 12 which shall survive the Closing of the transaction contemplated hereby, no other representations or warranties of Seller, if any, in this Contract shall survive the Closing of the transaction contemplated hereby The representations, warranties, covenants and agreements of Buyer in this Contract are and shall be construed to be covenants running with the Property, shall survive the Closing of the transaction contemplated hereby, may be enforced by Seller after Closing Date, and shall not be merged or be deemed to be merged into the Special Warranty Deed. 25 Counterparts This Contract may be executed in one or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one agreement. 26 Third Parties. Buyer and Seller are the only parties to this Contract and are the only parties entitled to enforce this Contract. Nothing contained in this Contract nor any provision hereof is intended to give or shall be construed to give or confer, directly or indirectly, or otherwise, upon any third party any right, remedy or benefit hereunder IN WITNESS WHEREOF, the parties have signed this Contract as of the day and year first above written. SELLER. BUYER. PUEBLO, PUEBLO DEVELOPMENT FOUNDATION, A MUNICIPAL CORPORATION A COLORADO NONPROFIT CORPORATION 1 / 6 /4 By Prestc.ent of the Ci y Council By Name Robert Robert L. Root Attest: Title President City ■lerk Approved as to form Attest.. Name TIMIllt i 9triefri2- :7 City Attorney SPECIAL WARRANTY DEED THIS DEED, made this day of , 2011 by and between Pueblo, a Municipal Corporation (herein "City ") and Pueblo Development Foundation, a Colorado Nonprofit Corporation (herein "Grantee "), WITNES SETH For and in consideration of the sum of $10 00 and other good and valuable consideration to City in hand paid by Grantee, the receipt whereof is hereby confessed and acknowledged, the City has granted, bargained, sold and conveyed, and by these presents does grant, bargain, sell, convey and confirm unto Grantee, its successors and assigns forever, the real property described as follows Lot 5, Pueblo Memorial Airport Subdivision, Third Filing, Pueblo County, Colorado, and commonly known and numbered as 4 Jetway Court, Pueblo, Colorado, (herein "Property), with all its appurtenances, and warrants the title against all persons claiming the whole or any part thereof, by, through or under the City, subject to easements, rights of way, restrictions and reservations of record and easements for existing utilities, sanitary sewer, water, irrigation and natural gas lines on, over or under the Property and subject to the following covenants, conditions, easements and restrictions which are and shall be construed to be covenants running with the land described herein and binding upon Grantee, its successors and assigns and inuring to the benefit of the City, its successors and assigns 1 City reserves unto itself and its successors and assigns, for use and benefit of the public, an easement and a right of flight for the passage of aircraft in the airspace above the surface of the Property, together with the right to cause in the airspace above the surface of the Property such noise as be inherent in the operation of any aircraft now known or hereafter used for navigation of or flight in said airspace, and for use of the airspace above the surface of the Property for landing on, taking off from, or operation on or over the Pueblo Memorial Airport. 2 Grantee expressly agrees for itself, its successors and assigns to restrict the height of structures, objects of natural growth and other obstructions on the Property, to a height of not more than 4,709 feet above mean sea level In the event this covenant is breached, City reserves the right to enter upon the Property at the expense of Grantee to remove the offending structure or object and to cut the offending growth. 3 Grantee expressly agrees for itself, its successors and assigns, that it will prevent any use of the Property which would interfere with landing or taking off of aircraft at the Pueblo Memorial Airport, or otherwise constitute an airport hazard or hazard to air navigation. In the event this covenant is breached, City reserves the right to enter upon the Property at the expense of Grantee to remove the interference or hazard. 4 The Property and its use are further subject to the following Restrictive Covenants (a) The Property shall not be used for any purpose or business which constitutes a nuisance, or which exceeds the state air pollution control standards. Gasoline or cliesel fuel used in connection with any business conducted on the Property, but not for sale at retail or wholesale, may be stored on the Property in an environmentally sound manner (b) Parking areas for vehicles and roads on the Property shall be paved. (c) The Property shall not be subdivided and no building or structure over thirty -five (35) feet in height shall be installed or constructed on the Property This limitation is in addition to the height limitations set forth in Section 2 of this Deed. (d) Minimum set -back along Jetway Court is sixty -five (65) feet. Minimum side and rear yard set -backs shall be twenty -five (25) feet. No structure or building shall be constructed within said set - backs. 2 (e) Grantee shall keep and maintain the Property and all buildings , landscaping and improvements located thereon in a good, clean, safe and orderly condition free of waste, rubbish, debris and trash. Grantee shall enclose and screen from public view all outside storage and unsightly areas of the Property (0 Grantee shall comply with notifications and review requirements of the Federal Aviation Administration, or any successor entity thereto, prior to the construction, modification or alteration of any building or structure on the Property (g) Grantee shall, at its own expense, cause all utilities and roads used or to be used on the Property to be extended from adjacent streets and utilities, installed on the Property, and kept and maintained in good order and condition. (h) Grantee shall pay to City a combined service fee with respect to the Property for services and facilities now furnished by City at the Pueblo Memorial Airport Industrial Park, namely• public street maintenance, fire protection, and street lighting established by Section 3 -1 -14 of the Pueblo Municipal Code, or by any successor ordinance or code, payable monthly City may, from time to time, reduce or eliminate any or all of the services or facilities presently being furnished and may modify, increase, or decrease the annual combined service fee provided (i) such services and fee shall be non - discriminatory among other tenants and owners of land at Pueblo Memorial Airport Industrial Park receiving such services and facilities, and (n) such fee shall be reasonable in relation to City's actual cost and expense of furnishing the services and facilities then being furnished. City's cost may include the cost of capital improvements amortized over the useful life of the improvements. If wastewater discharged from the Property is transported through City's wastewater collection system and treated at City's waste water treatment facilities, Grantee and the wastewater so transported and treated shall be subject to the same restrictions, limitations, conditions, fees, and charges as other users of City's sanitary sewer system and facilities Grantee shall only discharge domestic wastewater into the City's sanitary sewer system. (i) If Grantee constructs any building or other permanent structure on the Property, Grantee shall provide for storm water drainage which shall include the construction and installation of storm water detention facilities on the Property The detention facility shall be capable of storing the developed on -site runoff from a 100 -year frequency storm. The maximum release rate from the detention facility at the ponding depth corresponding to the 10 -year volume shall be .30 cfs /acre and 1 00 cfs /acre for the 100 -year ponding depth. All calculations and details shall conform with the latest version of the City of Pueblo Storm Drainage Criteria Manual The point of discharge from the detention facility shall be at a location approved by the Director of Public Works. (j) Before commencing the construction, installation or alteration of any building, structure, parking facility, outdoor sign, or other permanent improvement, or 3 landscaping on the Property, Grantee shall submit to and have approved by the City in wrrtmg the site plans and plans and specifications therefor Grantee shall use its best efforts to assure that all buildings constructed on the Property will be architecturally and aesthetically compatible with buildings constructed at the Pueblo Memorial Airport industrial park since 1985 All buildings, improvements and activities on the Property shall be constructed and conducted in compliance with all applicable federal, state and local law, regulations, and codes. (k) The Property abuts the Pueblo Memorial Airport. Grantee shall not cut or disturb the Pueblo Memorial Airport perimeter fence, nor enter Pueblo Memorial Airport from the Property (1) City reserves the right to waive in writing all or any part of these Restrictive Covenants. 5 Invalidation of any one of the foregoing covenants, conditions, restrictions or reservations by judgment or court order or otherwise shall not affect any of the other of said covenants, reservations, restrictions, easements or conditions which shall remain in full force and effect. 6 City shall have the right to enforce the covenants, conditions, restrictions, easements and reservations hereof by injunction or other lawful procedure and to recover damages, costs, and expenses, including reasonable attorney fees, resulting from any violation thereof or arising out of their enforcement. In the event any action is commenced by City seeking a preliminary injunction to enforce the covenants, conditions, restrictions, easements or reservations provided herein, it shall be presumed that the violation of the covenant, condition, restriction, easement or reservation. (a) presents a danger of real, immediate and irreparable injury, (b) that there is no plain, speedy and adequate remedy at law and (c) that the granting of the injunction will serve the public interest. [SEAL] PUEBLO, A MUNICIPAL CORPORATION 4 ATEST By City Clerk President of the City Council COUNTY OF PUEBLO ) ) ss. STATE OF COLORADO ) The foregoing instrument was acknowledged before me this day of , 2011 by Ray Aguilera as President of the City Council, and Gina Dutcher as City Clerk of Pueblo, a Municipal Corporation. Witness my hand and official seal [SEAL] My commission expires Notary Public ACCEPTANCE The foregoing Special Warranty Deed is hereby accepted by Grantee according to its terms, and subject to the covenants, conditions, restrictions, easements and reservations set forth therein. GRANTEE PUEBLO DEVELOPMENT FOUNDATION, A COLORADO NONPROFIT CORPORATION By Title COUNTY OF PUEBLO ) ) ss. STATE OF COLORADO ) The foregoing Acceptance was acknowledged before me this day of , 2011 by as President of Pueblo Development Foundation, a Colorado Nonprofit Corporation. Witness my hand and official seal [SEAL] My commission expires. Notary Public S \Files-E (for all new C ity work) \CITY \ECONOMIC DEVELOPMENT \Bechtel \Special Warranty Deed (201 1) doc 5 ADDENDUM NO 1 TO CONTRACT TO BUY AND SELL REAL ESTATE THIS ADDENDUM NO 1 (Addendum ") is an amendment to that certain Contract to Buy and Sell Real Estate dated April 25, 2011 between the City of Pueblo, a Municipal Corporation (the "Seller ") and Pueblo Development Foundation, a Colorado Nonprofit Corporation (the "Buyer ") This Addendum is made and entered into this,50# day of August, 2011 by and between the same parties referenced above Recitals A. The parties to this Addendum are parties to that certain Contract to Buy and Sell Real Estate dated April 25, 2011 ( the "Contract ") B The Buyer has proceeded with diligence in attempting to bring the purchase to closing The title information has been reviewed by and is satisfactory to the Buyer; likewise the Buyer has inspected the Property and Buyer is satisfied with the physical condition of the Property C A condition precedent to the Buyer's obligation to consummate the purchase transaction was that Buyer had to have entered into a lease agreement for the Property being purchased within sixty (60) days of the date of the execution of the Contract. Closing on the transaction was to have occurred within five (5) days after the date upon which Buyer had obtained an execution of a lease agreement for the property D Buyer is still engaged in the negotiation with a prospective tenant for a lease agreement for the Property and believes, in good faith, that a suitable lease agreement will be forthcoming E Buyer has requested and Seller has agreed that the original dates in Contract, even though the same have expired, be extended in order to allow it to proceed to closing on the Contract. Seller is agreeable to a reasonable extension of the time periods referred F The City Manager of Seller is authorized to execute this amendment pursuant to Section 1 -5 -2 (2) f, Pueblo Municipal Code as a minor amendment to a contract. Agreement NOW, THEREFORE, in consideration of the foregoing Recitals and in further consideration of the mutual covenants, terms and conditions contained in the Contract, and in further consideration of the mutual covenants contained herein, Seller and Buyer agree as follows 1 Extension of Condition Precedent. The time period set forth in Section 5 Condition Precedent, of the Contract is hereby extended for an additional sixty (60) days from the date of the execution of this Addendum 2 Amended Date of Closing The parties agree that closing shall take place within sixty -five (65) days after the date of the execution of this Addendum The date of closing and the hour and place of closing shall be designated by Seller 3 Waiver Each of the parties hereto agrees to waive any objection they may otherwise have to this Addendum on the grounds that the Contract has, according to its terms, expired 4 Extension The parties hereto agree to extend the Contract in accordance with the time periods set forth in Sections 1 and 2. above In all other respects the parties hereby reaffirm and restate the terms and conditions of the Contract to Buy and Sell Real Estate between the parties dated April 25, 2011 Buyer, in particular, represents and warrants that the evidence of title previously provided to Buyer by the Seller is satisfactory and Buyer hereby waives any further right to object to the condition of title In addition Buyer represents and warrants that it has inspected the subject Property and that it is satisfied with the physical condition of the Property and Buyer waives any right to terminate the Contract on the grounds of the condition of the Property In all other respects all of the terms and conditions of the Contract are hereby restated and reaffirmed and shall continue to be binding upon the parties and their respective successors and assigns IN WITNESS WHEREOF, the parties have signed this Addendum as of the day and year first above written SELLER. BUYER. PUEBL• PUEBLO DEVELOPMENT FOUNDATION A d ICIP . CORPO - ' TION A COLORADO NONPROFIT �� � / CORPORATION By tea By I %C� %��—� Jerry M �!c eco, City Manager ame Robert L. Root Title President Attest: :- A r City airk �0 Approved as to form Attes AP, .�■. ��-- Name :m Alps Title 5+ t.yc ET ( y City Attorney ADDENDUM NO. 2 TO CONTRACT TO BUY AND SELL REAL ESTATE THIS ADDENDUM NO. 2 is an amendment to that certain Contract to Buy and Sell Real Estate dated April 25, 2011 between the City of Pueblo, a Municipal Corporation (the "Seller ") and Pueblo Development Foundation, a Colorado Nonprofit Corporation (the 'Buyer "). This Addendum is made and entered into this„274 of December, 2011 by and between the same parties referenced above. Recitals • • A. The parties to this Addendum are parties to that certain Contract to Buy and Sell Real Estate dated April 25, 2011 (the "Contract "). On August 30, 2011 the parties executed Addendum No. 1 to the Contract which extended the date for satisfaction of a condition precedent in the original Contract to October 30, 2011. . B. The Buyer has proceeded with diligence in attempting to bring the purchase to closing. The title information has been reviewed by and is satisfactory to the Buyer; likewise the Buyer has inspected the Property and Buyer is satisfied with the physical condition of the Property. C. A condition precedent to the Buyer's obligation to consummate the purchase transaction was that Buyer had to have entered into a lease agreement for the Property being purchased within sixty (60) days of the date of the execution of the Contract. Closing on the transaction was to have occurred within five (5) days after the date upon which Buyer had obtained an execution of a lease agreement for the property. Addendum No. 1 extended this time period for entering into a lease agreement for the property up to and including October 30, 2011. D. Buyer is still engaged in the negotiation with a prospective tenant for a lease agreement for the Property and believes, in good faith, that a suitable lease agreement will be forthcoming. E. Buyer has requested and Seller has agreed that the original dates in the Contract and in Addendum No. 1, even though the same have expired, be extended in order to allow it to proceed to closing on the Contract. Seller is agreeable to a reasonable extension of the time periods referred. F. The City Manager of Seller is authorized to execute this amendment pursuant to Section 1 -5 -2 (2) f, Pueblo Municipal Code as a minor amendment to a contract. Agreement NOW, THEREFORE, in consideration of the foregoing Recitals and in further consideration of the mutual covenants, terms and conditions contained in the Contract, and in further consideration of the mutual covenants contained herein, Seller and Buyer agree as follows: 1. Extension of Condition Precedent. The time period set forth in Section 5. Condition Precedent, of the Contract is hereby extended for an additional period of time up to and including March 1, 2012. 2. Amended Date of Closing. The parties agree that closing shall take place on or before March 6, 2012. The date of closing and the hour and place of closing shall be designated by Seller. 3. Waiver. Each of the parties hereto agrees to waive any objection they may otherwise have to this Addendum No. 2 on the grounds that the Contract, as modified by Addendum No. 1, has, according to its terms, expired. t } k� 4. Extension. The parties hereto agree to extend the Contract in accordance with the time periods set forth in Sections 1. and 2. above. In all other respects the parties hereby reaffirm and restate the terms and conditions of the Contract to Buy and Sell Real Estate between the parties dated April 25, 2011. Buyer, in particular, represents and warrants that the evidence of title previously provided to Buyer by the Seller is satisfactory and Buyer hereby waives any further right to object to the condition of title. In addition Buyer represents and warrants that it has inspected the subject Property and that it is satisfied with the physical condition of the Property and Buyer waives any right to terminate the Contract on the grounds of the condition of the Property. In all other respects all of the terms and conditions of the Contract are hereby restated and reaffirmed and shall continue to be binding upon the parties and their respective successors and assigns. IN WITNESS WHEREOF, the parties have signed this Addendum No. 2 as of the day and year first above written. SELLER: BUYER: PUEB ', PUEBLO DEVELOPMENT FOUNDATION A MU ICIPAL . oRPORAT N A COLORADO NONPROFIT Iro CORPORATION By By - • "'- • " Cull moult( Nar e: Robert L. Root Title: President Attest: City rk Approved as to form: Attes Name: ,Te ry C. Sh4iv � — Title: Tt. s City Attorne r 4 ORIGINAL ADDENDUM NO. 3 TO CONTRACT TO BUY AND SELL REAL ESTATE THIS ADDENDUM NO. 3 is an amendment to that certain Contract to Buy and Sell Real Estate dated April 25, 2011 between the City of Pueblo, a Municipal Corporation (the "Seller ") and Pueblo Development Foundation, a Colorado Nonprofit Corporation (the 'Buyer "). This Addendum is made and entered into this day of March, 2012 by and between the same parties referenced above. Recitals A. The parties to this Addendum are parties to that certain Contract to Buy and Sell Real Estate dated April 25, 2011 (the "Contract "). On August 30, 2011 the parties executed Addendum No. 1 to the Contract which extended the date for satisfaction of a condition precedent in the original Contract to October 30, 2011. On December 27, 2011 the parties executed addendum No. 2 to the Contract which extended the date for satisfaction of a condition precedent in the original Contract to March 1, 2012. B. The Buyer has proceeded with diligence in attempting to bring the purchase to closing. The title information has been reviewed by and is satisfactory to the Buyer; likewise the Buyer has inspected the Property and Buyer is satisfied with the physical condition of the Property. C. A condition precedent to the Buyer's obligation to consummate the purchase transaction was that Buyer had to have entered into a lease agreement for the Property being purchased within sixty (60) days of the date of the execution of the Contract. Closing on the transaction was to have occurred within five (5) days after the date upon which Buyer had obtained an execution of a lease agreement for the property. Addendum No. 1 extended this time period for entering into a lease agreement for the property up to and including October 30, 2011. Addendum No. 2 extended this time period for entering into a lease agreement for the property up to and including March 1, 2012. D. Buyer and the prospective tenant have concluded their negotiations; the lease agreement has been finalized and has been circulated for signatures. In addition, the tenant is in the process of obtaining a required approval of an agency of the United States government. The parties to the lease have a good faith belief that the approval will be forthcoming within the next fifteen to thirty (15 -30) days. E. Buyer has requested and Seller has agreed that the original dates in the Contract and in Addendums No. 1 and No. 2, even though the same have expired, be extended in order to allow it to proceed to closing on the Contract. Seller is agreeable to a reasonable extension of the time periods referred. F. The City Manager of Seller is authorized to execute this amendment pursuant to Section 1 -5 -2 (2) f, Pueblo Municipal Code as a minor amendment to a contract. Agreement NOW, THEREFORE, in consideration of the foregoing Recitals and in further consideration of the mutual covenants, terms and conditions contained in the Contract, and in further consideration of the mutual covenants contained herein, Seller and Buyer agree as follows: 1. Extension of Condition Precedent. The time period set forth in Section 5. Condition Precedent, of the Contract is hereby extended for an additional period of time up to and including April 2, 2012. 2. Amended Date of Closing. The parties agree that closing shall take place on or before April 6, 2012. The date of closing and the hour and place of closing shall be designated by Seller. 3. Waiver. Each of the parties hereto agrees to waive any objection they may otherwise have to this Addendum No. 3 on the grounds that the Contract, as modified by Addendums No. 1 and No. 2, have, according to their terms, expired. 4. Extension. The parties hereto agree to extend the Contract in accordance with the time periods set forth in Sections 1. and 2. above. In all other respects the parties hereby reaffirm and restate the terms and conditions of the Contract to Buy and Sell Real Estate between the parties dated April 25, 2011. Buyer, in particular, represents and warrants that the evidence of title previously provided to Buyer by the Seller is satisfactory and Buyer hereby waives any further right to object to the condition of title. In addition Buyer represents and warrants that it has inspected the subject Property and that it is satisfied with the physical condition of the Property and Buyer waives any right to terminate the Contract on the grounds of the condition of the Property. In all other respects all of the terms and conditions of the Contract are hereby restated and reaffirmed and shall continue to be binding upon the parties and their respective successors and assigns. IN WITNESS WHEREOF, the parties have signed this Addendum No. 3 as of the day and year first above written. SELLER: BUYER: PUEBLO, PUEBLO DEVELOPMENT FOUNDATION A MUNI ' • ORPOR '`TION A COLORADO NONPROFIT CORPORATION 11111 By _ By - •- - - • • it N e: Robert L. Roo / • :.7 V14040,40 Title: President Attest: City C k Approved as to form: Attes •--;� Name: Qc7 (. /!'�lf• Title: r••�sM, City Attorney