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HomeMy WebLinkAbout2732 Resolution r 4 A RESOLUTION NO. A RESOLUTION authorizing the sale of certain surplus real property at. located at the northwest corner of 511, Avenue and West Marie Street. WHEREAS, the parcel at the northwest corner of North 50, Avenue and West Marie Street is surplus to the present and future needs of the City; and WHEREAS, the nature and scale of development of the property is of primary concern to the City Council in assuring the long-term quality of development and associated improvement of the City's tax base; and WHEREAS, sale of this parcel can best fulfill the City's objeCives if accomplished through negotiated sales to include appropriate terms and conditions regarding the nature, scale, and timing of development; and WHEREAS, the local law firm known as Davidson Law Offices, has agreed to terms and conditions for its purchase and development of approximately 27,825 square feet or up to one-half the parcel at the southwest corner of North 5thAvenue and West Marie Street for an office, such terms and conditions being appropriate to fulfill the City's objectives; NOW, THEREFORE THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON DO RESOLVE AS FOLLOWS: 1. That the sale of up to one-half of surplus real property at the southwest corner of North 5th Avenue and West Marie Street to Davidson Law Offices, be approved subject to all terms and conditions in the attached Purchase and Sale Agreement. 2. The City Manager is hereby authorized execute all documents necessary to effect the sale of the property in accordance with the Purchase and Sale Agreement. y y Passed b the City Council of the city of Pasco, at a regular meeting this _ day of remTteFy, 2003. ro, C,k i o C Mayor Attest: ppr ed As To Form: i Catherine Se an, Leland B. Kerr, City Attorney Deputy City Clerk EXT-11f3l 1.1 A. W COURT S'll W BROWN ST /* z xx ... W MARIE ST Lo ---------- -------- W OCTAVE ST E- I F- I F- W HENRY ST W HENRY ST ------------------------- E- Pasco, Washington, February 18, 2003 REAL ESTATE PURCHASE AND SALE AGREEMENT (Please read carefully before signing.) Received from, Michael Davidson (Buyer) the sum of $2,000 in the form of check for $2,000, which will be deposited with Benton-Franklin Title Company Inc. by City of Pasco (Seller) within 10 days after mutual acceptance. The earnest money will be applied as a credit to Buyer on the closing of this transaction. The Property to be sold in this transaction is comprised of approximately 27,875 square feet and is shown on the map marked Exhibit "A" and by this reference is made apart of this Agreement. The precise boundary shall be determined by a survey satisfactory to both parties. Subject property is located in the City of Pasco corporate boundaries and is legally described as all of Block 7, Sylvester's 2"d Addition, Franklin County Assessor's Parcel Number 112-152-019, Records of Franklin County, Washington. Seller will survey subject property and stake each point in the metes and bounds description. Within 90 days of closing the Seller, at no expense to the Buyer, shall cause the bus stop and concrete slab adjacent to the property to be relocated to a site not abutting the property being sold. 1. PURCHASE PRICE: The total price shall be $49,250.00 for approximately 27,875 square feet of land as shown on the map marked "Exhibit A." Purchase price shall be paid, on closing, including earnest money as follows: $49,250.00 shall be paid to the Seller in cash. The sale price of $49,250.00 for 27,875 square feet of land will be adjusted upward or downward at a rate of $2.00 per square foot to reflect the amount of land actually purchased. 2. CONTINGENCIES. A. Prior to closing $4,000.00 shall be placed by the Buyer in a surety instrument satisfactory to the City Attorney and governed by a separate agreement detailing the terms and conditions of paragraph 20. 3. TITLE: Title to the property shall be marketable at closing. Rights, reservations, covenants, conditions and restrictions presently of record or of apparent use, easements and encroachments of record or apparent use, not materially affecting the value of the property or unduly interfering with Buyer's intended use of the property shall not cause the title to be considered unmarketable. Additionally, the property is subject to the standard policy printed exceptions of Benton-Franklin Title Company Inc., and the encumbrances, if any, retained by Seller for security as set forth in this Agreement. Buyer accepts the property subject to all easements and encroachments of record or of apparent use, including, but not limited to, easements granted to or retained or held by public utilities or governmental entities, and subject to restrictions and reservations for the supply of water and water rights and future assessments thereof. Buyer shall conclusively be deemed to have accepted the condition of title unless Seller receives notice of Buyer's objections within seven (7) days after preliminary commitment for the title insurance is received by and made available to Buyer. 4. TITLE INSURANCE: The parties authorize the closing agent, at Seller's expense, to apply for a standard form owner's policy of title insurance to be issued by Benton-Franklin Title Company Inc. The title insurance shall contain no exceptions other than those contained in said standard form, those referred to in this Agreement, those accepted by the Buyer, and those not inconsistent with this Agreement. If title is not so insurable and cannot be made so insurable prior to closing, Buyer may elect either to waive such encumbrances or defects and proceed with the closing, or to terminate this Agreement and receive a refund of the earnest money, at which time, this Agreement shall be at an end. Buyer acknowledges that a standard form title insurance does not insure the location of boundaries, and that an extended form of insurance is available at additional cost, with such additional cost to be borne by the Buyer. 5. CONVEYANCE: Title shall be conveyed by general warranty deed free of encumbrances and defects except those included in this Agreement or otherwise acceptable to Buyer. 6. PROPERTY CONDITION: Seller represents for Buyer's benefit that, to Seller's best knowledge (a) no Hazardous Material has been released on the property; action with respect to the release of any hazardous material affecting the property; (b) Seller has not entered into or been subject to any consent decree, compliance order or administrative order with respect to the Release of any Hazardous Material affecting the Property; (c) Seller has not received any demand letter, compliance, or administrative inquiry concerning the Release or Threat of Release, of any Hazardous Material affecting the Property; and (d) Seller has not been subject to or threatened with any government or citizen enforcement action with respect to the Release of any Hazardous Material affecting the property. 7. CLOSING: This sale shall be closed by Benton-Franklin Title Company Inc. within 30 days after mutual acceptance. "Closing," means the date on which all documents are recorded and the sale proceeds are available to Seller. Buyer and Seller shall deposit with closing agent all documents and monies required to complete this sale in accordance with this Agreement. 8. CLOSING COSTS AND PRORATION& Seller shall pay all customary and usual closing costs paid by Sellers of Real Estate in Franklin County, Washington, including title insurance premiums, excise tax, one-half of document preparation, one-half of escrow fees, and pro-ratable items. Buyer shall pay all customary and usual closing costs paid by Buyers of Real Estate in Franklin County, 2 Washington, including recording fees, one-half of document preparation, one-half of escrow fees, sales or use tax, and pro-ratable items. 9. POSSESSION: Buyer shall be entitled to possession on closing. 10. ASSIGNMENT: Buyer's rights under this Agreement may not be assigned by Buyer without Seller's prior written consent. 11. AGENCY DISCLOSURE: At the signing of this Agreement, Buyer is represented by itself and the Seller is represented by itself. Buyer will be solely responsible for the payment of any real estate commission, which may be due. 12. FIRPTA COMPLIANCE This sale may be subject to the withholding and reporting requirements of the Foreign Investment In Real property Tax Act (FIRPTA), unless Seller furnishes to Buyer an affidavit on non-foreign status. Seller and Buyer agree to comply with FIRPTA, if applicable. Seller is a Washington State Municipal Corporation. Buyer is an individual. 13. NOTICES: Unless otherwise specified in this Agreement, any and all notices required to be given under this Agreement must be given in writing. Notices to Seller must be signed by at least one Buyer and shall be deemed to be given when actually received by or at the residence of the Seller. Notices to Buyer must be signed by Seller and shall be deemed to be given when actually received by or at the address of the Buyer. 14. COMPUTATION OF TIME: Unless otherwise expressly specified herein, any period of time specified in this Agreement shall expire at 9:00 p.m. of the last calendar day of the specified period of time, unless the last day is Saturday, Sunday or a legal holiday, as prescribed in RCW 1.16.050, in which event the specified period of time shall expire at 9:00 p.m. of the next business day. Any specified period of seven (7) days or less shall include business days only. 15. DEFAULT/TERMINATION: In the event Buyer fails, without legal excuse to complete the purchase of the property then the earnest money shall be forfeited to Seller as liquidated damages and the Seller may. seek specific performance or monetary damages arising as a result of the Buyer's failure to perform. 16. GENERAL PROVISIONS: Time is of the essence. There are no verbal agreements, which modify this Agreement. This Agreement constitutes the full understanding between Seller and Buyer. Buyer has personally observed the property and has reached Buyer's own conclusion as to the adequacy and acceptability of the property based upon such personal inspection. Unless otherwise expressly specified herein, square footage, dimensions and/or boundaries used in marketing the property are understood to be approximations and are not intended to be relied upon to determine the fitness or value of the property. 3 17. LEGAL AND TAX RAPLICATIONS: This Agreement affects your legal rights and obligations and may have tax implications. If you have any questions regarding this Agreement and the addendums, attachments or other related documents, you should consult an attorney or tax advisor. Further, if a dispute arises regarding this transaction, the prevailing party shall recover costs and reasonable attorney's fees, including those for appeals. 18. FACSIMILE TRANSMISSION: Facsimile transmissions of any signed original document and re-transmission of any signed transmission shall be the same as transmission of any original. At the request of either party or closing agent, the parties will confirm facsimile transmitted signatures by signing the original document. 19. CONDITION OF PROPERTY REPRESENTATION: Buyer has inspected the subject property in this transaction, and is familiar with the conditions of all property, which is the object of this agreement. Buyer accepts and agrees to purchase the property, which is the object of this agreement in its present condition, "as is", without reliance upon any representation made by Seller as to the condition or suitability of said property. There are no warranties, express or implied, which are the object of this offer beyond the description on the face hereof. Seller has made no representations regarding the conditions or suitability for any purpose of the land or installation of utilities, which are the object of this transaction, except as provided in Paragraph 6 hereof. Buyer is relying solely on his own judgment in entering into this agreement, 20. BUILDING CONSTRUCTION: Buyer intends to construct an office building on subject property. Buyer shall "substantially complete" construction of a professional office building which shall not be less than (2,500) square feet in size, within eighteen (18) months from the date of closing. For purposes of this agreement, "substantially complete" shall mean that the foundation, walls and roof are in place and the office building is enclosed. If the office building is substantially completed within (18) months from the date of closing, the seller shall, through the surety instrument, within 30 days, release the $4,000.00 to the Buyer plus accrued interest thereon. Should the Buyer fail to meet his obligation under this section, the $4,000.00 plus accrued interest thereon, shall be paid to the City within 30 days. 21. ENTIRE AGREEMENT: This document constitutes the entire agreement of the parties. There are no verbal or other agreements, which modify or alter this agreement. Buyer and Seller further agree that they have read and understand all of the contents of this Real Estate Purchase Agreement and its attached. 22. OFFER TO PURCHASE: Buyer offers to purchase the property on the above terms and condition. Seller shall have until 9:00 p.m. on February 28, 2003 to accept this offer, unless sooner withdrawn. Acceptance by Seller shall not be effective until a signed copy hereof is actually received by Buyer. If this offer is not so e refunded to Buyer. the earnest money y accepted, �t shall lapse and y shall b BUYER. y: i B er's Ad s (City, State, Zip) Buyer's Phone (H / W) SELLER: The City of Pasco, a municipal corporation of the State of Washington Gary C field, City Manager DEFAULT/TERMINATION: In the event Buyer fails, without legal excuse to complete the purchase of the property then the earnest money shall be forfeited to Seller as liquidated damages and the Seller may seek specific performance or monetary damages arising as a result of the Buyer's failure to perform. Approved as to Form: Leland B. Kerr, City Attorney 525 North 3rd Avenue, Pasco WA. 99301 (509) 545-3404 Seller's Address (City, State, Zip Seller's Phone (W) Receipt: On this date: ) 2003, Buyer acknowledges receipt of a copy of this Agreement signed by both parties. If Seller has made a counter offer, Buyer accepts the counter offer. BUYER 5