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Home My WebLink About13960 RESOLUTION NO. 13960 A RESOLUTION APPROVING A FIRST AMENDMENT TO A CONTRACT TO BUY AND SELL REAL ESTATE FOR THE PURCHASE BY THE CITY OF PUEBLO, A COLORADO MUNICIPAL CORPORATION OF A 34.61 ACRE PARCEL OF VACANT LAND AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAID FIRST AMENDMENT TO CONTRACT BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The First Amendment to a Contract to Buy and Sell Real Estate dated April 23, 2018, a copy of which is attached hereto and incorporated herein by this reference, 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 said First Amendment in the name of the City and the Acting City Clerk is directed to affix the seal of the City thereto and attest same. The President of the City Council is further authorized to execute and deliver all related documents to close the purchase transaction which is hereby approved. SECTION 2. The officers and staff of the City are authorized and directed to perform any and all acts consistent with this Resolution and the attached amendment which are necessary or desirable to implement the purchase transaction described therein. SECTION 3. This Resolution shall become effective immediately upon final passage. INTRODUCED: May 14, 2018 BY: Ed Brown MEMBER OF CITY COUNCIL APPROVED: PRESIDENT OF CITY COUNCIL ATTESTED BY: ACTING CITY CLERK City Clerk’s Office Item # M-3 Background Paper for Proposed Resolution COUNCIL MEETING DATE: May 14, 2018 TO: Christopher A. Nicoll and Members of City Council CC: Sam Azad, City Manager VIA: Brenda Armijo, Acting City Clerk FROM: Daniel C. Kogovsek. City Attorney SUBJECT: A RESOLUTION APPROVING A FIRST AMENDMENT TO A CONTRACT TO BUY AND SELL REAL ESTATE FOR THE PURCHASE BY THE CITY OF PUEBLO, A COLORADO MUNICIPAL CORPORATION OF A 34.61 ACRE PARCEL OF VACANT LAND AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAID FIRST AMENDMENT TO CONTRACT SUMMARY: Attached is a Resolution approving and authorizing the President of City Council to sign an amendment to a contract for the City to purchase an unimproved parcel of land containing 34.61 acres, located near the intersection of Troy Avenue and U.S. Highway 50 (“subject property”). PREVIOUS COUNCIL ACTION: On March 26, 2018, by Resolution No. 13914, the City Council approved the original contract to purchase the subject property for $192,500. BACKGROUND: A Phase 1 Environmental Report revealed the presence of trash, tires and other rubbish on the subject property. Under the attached amended contract, the cost of remediating and removing the trash, tires and other rubbish will be deducted from the $192,500 purchase price. FINANCIAL IMPLICATIONS: The cost of remediating and removing the trash, tires and other rubbish from the subject property will be paid by the current owners of the property. BOARD/COMMISSION RECOMMENDATION: Not applicable to this Resolution. STAKEHOLDER PROCESS: Not applicable to this Resolution. ALTERNATIVES: If this Resolution is not approved, the City will not be able to move forward with the development of the subject property including use as a softball field. RECOMMENDATION: Approve the Resolution. Attachments: Proposed Resolution; proposed First Amendment to Contract to Buy and Sell Real Estate FIRST AMENDMENT TO CONTRACT TO BUY AND SELL REAL ESTATE This First Amendment to Contract to Buy and Sell Real Estate ("First Amendment"), is executed to be effective as of May 14, 2018, by and between the City of Pueblo, Colorado, a Colorado municipal corporation, ("Buyer") and the Gerald S. Stein M. D. Revocable Trust; Stein Family LLLP and Gary L. Horton(collectively "Sellers"). WHEREAS, Buyer and Sellers entered into that certain Contract to Buy and Sell Real Estate dated March 26, 2018 (the "Contract"). Capitalized terms not otherwise defined in this First Amendment shall have the meanings assigned to them in the Contract. WHEREAS,Buyer and Sellers desire to modify the Contract pursuant to the provisions set forth herein. NOW, THEREFORE, in consideration of the foregoing premises, the mutual promises set forth herein and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, Buyer and Sellers hereby agree to the following: AGREEMENT a. Replacement of Paragraph 2 of the Contract. The parties hereby agree that paragraph 2 of the Contract is stricken and is hereby replaced and amended to read as follows: 2. Purchase Price and Terms. The Purchase Price for the Property shall be payable as follows: Description Amount Original Purchase Price $192,500.00 Cost of Environmental Remediation ($ 1,450.44) New Purchase Price $191,049.56 All amounts paid by Buyer shall be cash, electronic transfer funds, certified check, or cashier's check. b. Successors and Assigns. This First Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. c. Ratification. Except as expressly stated herein, the Contract shall remain in full force and effect. If there is any conflict between the Contract and the terms of this First Amendment, the terms of this First Amendment shall control. d. Counterparts. This First Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which shall constitute one and the same document with the same effect as if all parties had signed the same original. Furthermore, the undersigned 1 agree that transmission of this First Amendment by telecopy or via e-mail in a PDF format shall be deemed transmission of the original First Amendment for all purposes. IN WITNESS WHEREOF,the parties to this First Amendment to Contract to Buy and Sell Real Estate have set forth their hand, to be effective as of the Effective Date. BUYER: CITY OF PUEBLO, COLORADO, a Colorado muni '.. .e rporation By: 41( `4e"" Name. ristopher A. Nicoll Title: City Council President ATTESTED BY!•--12)-tir\CIA Acting City Clerk SELLERS: Gerald S. Steei M.D. Reyocable Trust Gerald S(Stein M.D:' rustee By: Marvin Stein, Attorney-in-Fact Stein Family LLL • By: Maryin N. Stein, General Partner Gari .,. Horton By: Marvin N. Stein, Attorney-in-Fact STATE OF COLORADO ) ss. COUNTY OF PUEBLO ) The foregoing instrument was acknowledged before me thisr)3 day ofd� ! 2018, by Marvin Stein as Attorney-in-fact of the Gerald S. Stein M.D. Revocable Trust; Stein Marvin N. Stein, General Partner of the Stein Family LLP and Marvin N. Stein, as Attorney-in-fact for Gary L. Horton. My commission expires: i/- .1C /41Witness my hand and o eta seal: KIMBERLY A. ODMS NOTARY PUBLIC 2 STATE OF COLORADO NOTARY ID 19984032.49 MY COMMISSION EXPIRES NOVEMBER 20.2018