HomeMy WebLinkAbout6950RESOLUTION NO. 6950
A RESOLUTION APPROVING A CONTRACT FOR THE SALE
OF LAND TO THE SENIOR CITIZEN RESOURCE DEVEL-
OPMENT & COORDINATING AGENCY AND AUTHORIZING
THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE
SAME
WHEREAS, the City Council by Resolution No. 6822 approved a
Purchase Option Agreement granting to the Senior Citizen Resource
Development & Coordinating Agency ( "SRDA ") an option to purchase
land, and
WHEREAS, SRDA desires to exercise said option with certain
modifications with respect to the time of closing, and City is
willing to approve such modification; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
CPrTTnN 1_
The Contract To Buy And Sell Real Estate (the "Contract ")
dated June 22, 1992 between the City of Pueblo, a municipal
corporation as Seller and Senior Citizen Resource Development &
Coordinating Agency as Buyer, a copy of which is attached hereto,
having been approved as to form by the City Attorney, is hereby
approved.
CPrTTnN 7 _
The President of the City Council is authorized to execute
the contract in the name of the City and the City Clerk is
directed to affix the seal of the City thereto and attest same.
gP.C'TTON I _
This Resolution shall become effective upon final passage.
INTRODUCED: June 22, 1992
By JOYCE LAWRENCE
Councilper_son
ATTEST: APPROVED:
City-Clerk Pre s dent of the City Council
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TJ 61.6 -2-
CONTRACT TO BUY AND SELL REAL ESTATE
THIS CONTRACT entered into as of June 22, 1992 between the
City of Pueblo, a Municipal Corporation ( "Seller ") and Senior
Citizen Resource Development & Coordinating Agency, a Colorado
Nonprofit Corporation ( "Buyer "). WITNESSETH:
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 Contract (the "Property ").
The Buyer desires to purchase and Seller is willing to sell
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. Sale and Purchase. The Seller will sell and convey to
the Buyer and Buyer will purchase the Property in its condition at
Closing, and all privileges and appurtenances belonging or in
anywise appertaining thereto, subject to the terms and conditions
set forth below.
2. Closing The purchase and sale of the Property shall be
closed on or before July 1, 1993 (the "Closing ") and the time and
place of Closing shall be determined by Seller. If the sale is
not closed on or before Closing Date, or such other date as the
parties may mutually agree in writing, this Contract will become
null and void and each party released from all obligations
hereunder.
3. 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.
The purchase price will be paid to Seller at Closing in cash or
certified funds.
4. 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 Buyer determines 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 at least thirty (30) days prior to closing.
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 Contract or waive objection to said
unsatisfactory title conditions or defects and close upon the
purchase of the Property. Upon such termination of the Contract
by Buyer, all parties shall be released from all obligations
2� L J�`f
hereunder. Conveyance of title to the Property shall be made at
Closing by good and sufficient special warranty deed, conveying
the Property free and clear of all liens and taxes except the
general taxes for the year of Closing, title defects or conditions
waived or approved by Buyer, and subject to all easements, rights
of way, restrictions and reservations of record.
5. Contingencies. This Contract is 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.
6. 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 180 days after Closing
and thereafter diligently pursued to completion, title to the
Property, free of aII 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.
7. 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
8. Binding Effect and Assignment. This Contract shall be
binding upon and inure to the benefit of Seller and Buyer and
their respective successors and assigns provided that Buyer shall
not assign this Contract or any interest herein without the prior
written consent of Seller. Any such assignment or attempted
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assignment by Buyer without the prior written consent of Seller
shalt terminate this Contract.
9. Prior Agreements All prior agreements between the
parties with respect to the purchase and sale transaction
contemplated hereby including the Purchase Option Agreement dated
September 21, 1991 are cancelled and superseded by this Contract
which incorporates and sets forth the complete and entire
understanding and agreement of the parties.
10. Controlling Law This Contract shall be governed by and
construed under Colorado law.
IN WITNESS WHEREOF, the parties have executed this Contract
on the date first above written.
SELLER:
[S E A L]
CITY OF PUEBLO,
A MUNICIPAL CORPORATION
ATTEST: BY
Cif Clerk Presi e n of_ he City Council
BUYER:
[S E A L]
ATTEST:
Secreta�
6ty
SENIOR RESOURCE DEVELOPMENT
& COORDINATING AGENCY,
A NONPROFIT CORPORATION
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B y
A la --
Pre dent
TJ 61.7 -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, Kretschm -er'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.