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Home My WebLink About6822RESOLUTION NO. 6822 A RESOLUTION APPROVING A PURCHASE OPTION AGREEMENT GIVEN BY THE CITY OF PUEBLO, A MUNICIPAL CORPORATION TO THE PUEBLO SENIOR CITIZEN RESOURCE DEVELOPMENT AND COORDINATING AGENCY, A COLORADO NONPROFIT CORPORATION FOR THE PURCHASE OF CERTAIN REAL PROPERTY AND AUTHORIZING THE PRESIDENT OF THE COUNCIL TO EXECUTE SAME BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The President of the City Council is hereby authorized to execute the Attached Purchase Option Agreement given by the City of Pueblo, a Municipal Corporation, as owner, to the Pueblo Senior Citizen Resource Development and Coordinating Agency, a Colorado Nonprofit Corporation, for the purchase of the real property located in the City of Pueblo, County of Pueblo, and State of Colorado, and described particularly in the Attached Agreement for the sum of one dollar ($1). INTRODUCED September 23, 1991 BY: HOWARD WHITLOCK Council Person APPR D: President of the Council ATTEST: '- #13A fdzji City Clerk PURCHASE OPTION AGREEMENT THIS PURCHASE OPTION AGREEMENT dated September 21, 1991, is given by the City of Pueblo, a Municipal Corporation ( "Seller "), to Senior Citizen Resource Development & Coordinating Agency, a Colorado Nonprofit Corporation ( "Buyer "). The Seller is the owner of the real property together with the improvements thereon located in the City of Pueblo, State of Colorado, which is more particularly described on Exhibit A attached hereto as a part of this Agreement (the "Property "). The Buyer desires to obtain an option to purchase the Property on the terms set forth below. In consideration of the sum of One Dollars ($1.00) paid by the Buyer to the Seller, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Grant of Option. The Seller offers to sell and convey to the Buyer and hereby grants to the Buyer the exclusive and irrevocable option to purchase the Property, together with the improvements thereon in their condition at Closing, and all privileges and appurtenances belonging or in anywise appertaining thereto, subject to the terms and conditions set forth below. 2. Term of Option The term of the option (the "Option Term ") shall commence on the date hereof and shall expire at 5:00 p.m. on July 31, 1992. 3. Manner of Exercise and Closin Provided Buyer is not in default under any term or provision of this Agreement, the option may be exercised by Buyer's delivery to Seller, prior to expiration of the Option Term, written notice of such exercise. Closing shall take place in Pueblo, Colorado within sixty (60) days after receipt by Seller of Buyer's notice of exercise of option on such date, time and location as Seller shall determine. 4. Purchase Price. The purchase price for the Property shall be $125,000.00, or the amount paid by the United States Department of Housing and Urban Development to the Buyer as reimbursement for the value of the Property, whichever is greater. 5. Title and Deed. Buyer shall have the right to inspect all title documents to determine the status of Seller's title to the Property prior to Closing. If, prior to Closing, Buyer deter- mines that Seller's title is unmerchantable or has notice of any other unsatisfactory title condition, Buyer shall give Seller written notice of such defects or conditions. If Seller fails to correct said defects or unsatisfactory title conditions on or before the date of Closing, Buyer may elect to either terminate this Agreement or waive objection to said unsatisfactory title conditions or defects and close upon the purchase of the Property. Conveyance of title to the Property shall be made by good and sufficient quit claim deed, conveying the Property free and clear of all liens, encumbrances, restrictive covenants and taxes except the general taxes for the year of Closing and title defects or conditions waived or approved by Buyer. 6. Contingencies This option and Buyer's exercise hereof are subject to and contingent upon Buyer's receipt and acceptance of a United States Department of Housing and Urban Development, Section 202 fund reservation (the "grant ") for the construction of an approximately 45 unit elderly housing project (the "Section 202 Housing Project ") on the Property. 7. Off -Site and On -Site Improvements and On -Site Demolition Seller shall be responsible, at its sole cost and expense, for completing all on -site demolition necessary to demolish any existing improvements or other structures on the site not funded by or paid out of the grant. Buyer, at its sole cost and expense, shall be responsible for the construction of all on -site and off - site improvements including without limitation the Section 202 Housing Project and related off - street parking facilities in accordance with Seller's redevelopment plans for the area and the plans and specifications for the Section 202 Housing Project approved by the Seller. If construction of the Section 202 Housing Project in accordance with plans and specifications approved by Seller is not commenced within 120 days after Closing and thereafter diligently pursued to completion, title to the Property, free of all liens, encumbrances, covenants and conditions caused by or resulting from the acts or defaults of Buyer shall revert to Seller. The provisions of this paragraph shall survive Closing. 8. Notice All notices or communications hereunder shall be sent or delivered to the Seller, or Buyer, respectively, at the following addresses: Seller: City of Pueblo, a Municipal Corporation 1 City Hall Place Pueblo, Colorado 81003 Attention: City Manager Buyer: Senior Citizen Resource Develop- ment & Coordinating Agency 228 N. Union Avenue Pueblo, Colorado 81003 Attention: President No notice of exercise of the option shall be of any force or effect unless actually received by Seller prior to the expiration of the Option Term at the foregoing address during regular business hours. 9. Binding Effect and Assignment. This Agreement shall be binding upon and inure to the benefit of Seller and Buyer and -2- their respective successors and assigns. Buyer shall not assign this Agreement or any interest herein without the prior written consent of Seller. Any such assignment or attempted assignment by Buyer without the prior written consent of Seller shall terminate this Agreement. 10. Controlling Law. This Agreement shall be governed by and construed under Colorado law. IN WITNESS WHEREOF, the parties have executed this Purchase Option Agreement on the date first above written. SELLER: CITY OF PUEBLO, A MUNICIPAL CORPORATION By President o he City 'Council BUYER: SENIOR RESOURCE DEVELOPMENT & COORDINATING AGENCY, A NONPROFIT CORPORATION I By f ly Pre'sfdent TJ 54.13 -3- EXHIBIT "A" LEGAL DESCRIPTION The Northeast 20.1 feet of Lot 11 and all of Lots 12, 13, 14, 15, and 16, Block 44, Krets-chmer's Subdivision of Block 44, of original City of Pueblo, according to the recorded plat thereof; also that portion of fractional Block 62 of Hobson's Subdivision to Pueblo as filed for record on August 8, 1888, in Book 3 of plats at page 3 lying West of the Alley as shown on said plat; and also all that portion of River Street shown upon the original plat of the Town of Pueblo which lies Southeast of Union Avenue and Southwest of Richmond Avenue, as said streets now exist, County of Pueblo, State of Colorado. ♦ � ��_ gIILRO�D ♦�, MIXED USE RIVERFRONT ♦♦ DEVELOPMENT.' UNION SRDA OPTION l 1 F El F E:1 ❑ ❑❑ ,-A a F-1 0 z N I c', El F W F-1 Q � ❑❑ El ❑❑ W ❑ ❑ ❑' z TM sTa - CENTRAL BUSINESS r [DISTRICT EL PUEBLO.. -... —I �--J . y T HERITAGE COMPLEX 1 F 11 PUBLIC REC. D. -- - - -- ARTS /CONFERENCE .FACILITY � ;yw� <. - �yYr, CENTER T Ll �- '- - � OFFICE_j �__) ° ` M AW i sr ST HOTEL /CONVENTION CENTER I ' SENIOR COMPLEX CITY HALL / AVENUE PUEBLO ��<�� °''' DOWNTOWN CENTER PUEBLO T Q 3P° sDO ;x epo I HISTORIC DISTRICT!��-- \ \,� Sc "T - - not to scale `TT Mal T M �W C :VG F- VC J m W Q J m 2 = ' CL a a ♦ � ��_ gIILRO�D ♦�, MIXED USE RIVERFRONT ♦♦ DEVELOPMENT.' UNION SRDA OPTION l 1 F El F E:1 ❑ ❑❑ ,-A a F-1 0 z N I c', El F W F-1 Q � ❑❑ El ❑❑ W ❑ ❑ ❑' z TM sTa - CENTRAL BUSINESS r [DISTRICT EL PUEBLO.. -... —I �--J . y T HERITAGE COMPLEX 1 F 11 PUBLIC REC. D. -- - - -- ARTS /CONFERENCE .FACILITY � ;yw� <. - �yYr, CENTER T Ll �- '- - � OFFICE_j �__) ° ` M AW i sr ST HOTEL /CONVENTION CENTER I ' SENIOR COMPLEX CITY HALL / AVENUE PUEBLO ��<�� °''' DOWNTOWN CENTER PUEBLO T Q 3P° sDO ;x epo I HISTORIC DISTRICT!��-- \ \,� Sc "T - - not to scale `TT Mal T M y ♦ � ��_ gIILRO�D ♦�, MIXED USE RIVERFRONT ♦♦ DEVELOPMENT.' UNION SRDA OPTION l 1 F El F E:1 ❑ ❑❑ ,-A a F-1 0 z N I c', El F W F-1 Q � ❑❑ El ❑❑ W ❑ ❑ ❑' z TM sTa - CENTRAL BUSINESS r [DISTRICT EL PUEBLO.. -... —I �--J . y T HERITAGE COMPLEX 1 F 11 PUBLIC REC. D. -- - - -- ARTS /CONFERENCE .FACILITY � ;yw� <. - �yYr, CENTER T Ll �- '- - � OFFICE_j �__) ° ` M AW i sr ST HOTEL /CONVENTION CENTER I ' SENIOR COMPLEX CITY HALL / AVENUE PUEBLO ��<�� °''' DOWNTOWN CENTER PUEBLO T Q 3P° sDO ;x epo I HISTORIC DISTRICT!��-- \ \,� Sc "T - - not to scale `TT Mal T M