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HomeMy WebLinkAboutTarragon LLC - Purchase & Sale Agreement for S Rd 40 E Seventh Addendum Amendment No. 7 to the Purchase and Sale Agreement (Draft) 10.6.2022 The following is part of the Purchase and Sale Agreement with Reference Date October 6, 2021 between Tarragon LLC and/or assigns (“Buyer”) and City of Pasco (“Seller” or “City”) regarding the sale of the property located at TBD S. Road 40 E. City of Pasco, Franklin County, Washington (the “Property”). RECITALS The Buyer has submitted applications for entitlements with the City for a 111-acre industrial development project that includes the subject Property and the adjacent parcel (112-540-082) (the “Project”), as depicted on Exhibit A. The City is requiring 60 feet of right-of-way (the “ROW”) on the north end of the Project site for consideration of a future roadway connection between S. Road 40 E. and Heritage Blvd, once extended south (the “ROW Condition”). NOW THERFORE, IT IS AGREED BETWEEN THE BUYER AND SELLER AS FOLLOWS: 1.PURCHASE PRICE. The Purchase Price is reduced to $3,151,379 in consideration for the ROW Condition. 2.FEASIBILITY CONTINGENCY DATE. The Feasibility Date shall be amended to be 10-days following the completion of the following conditions (the “Feasibility Conditions”). Notwithstanding anything to the contrary herein, the parties acknowledge and agree that in the event the Feasibility Conditions are not satisfied by March 1st, 2023, then Buyer shall have the option to terminate the Agreement and shall receive a refund of the Earnest Money. a)A Development Agreement approved and signed by the City which shall set forth the development standards and other provisions that shall apply to, govern and vest the Project and the ROW Condition (the “Development Agreement”). The Development Agreement shall be approved, fully executed, and binding on both parties and subject only to closing of the transaction between Buyer and Seller. The Development Agreement will be recorded concurrent on the Closing Date.. b)A boundary line adjustment/short plat creating a 60-foot- wide tax parcel spanning the northern boundary of the Property (the “ROW Parcel”) as depicted on Exhibit A. The ROW Parcel shall be established as a separate legal tax parcel. The ROW Parcel will not be included in the Property transferred to Buyer at closing. c)The issuance of a mutually acceptable SEPA determination and expiration of all applicable comment and appeal periods for the Project. 3.CLOSING DATE. The closing date shall be amended to be 20-days following the satisfaction of the Feasibility Conditions. Buyer Date Buyer Date Seller Date Seller Date DocuSign Envelope ID: 7E7EE84E-C336-4ED8-A64F-31148337A679 10/13/2022 EXHIBIT A Project & ROW Parcel Depiction 2 Buyer Date Buyer Date Seller Date Seller Date DocuSign Envelope ID: 7E7EE84E-C336-4ED8-A64F-31148337A679 10/13/2022