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