HomeMy WebLinkAbout3925 ResolutionRESOLUTION NO. 3925
A RESOLUTION OF THE CITY OF PASCO, WASHINGTON AUTHORIZING
AN AMENDMENT TO THE PURCHASE AND SALE AGREEMENT BY AND
BETWEEN THE CITY OF PASCO AND CBC STUDENT HOUSING, LLC
WHEREAS, on June 20, 2016, the Pasco City Council approved and authorized execution
of a Purchase and Sale Agreement (hereinafter "Original Agreement") by and between the City of
Pasco (hereinafter "City") and CBC Student Housing, LLC (hereinafter "Developer"; and
WHEREAS, the Original Agreement outlined within Section 5, terms and deadlines for
development of subsequent sub -parcel B and C; and
WHEREAS, the Developer has requested of the City that the new date to exercise the
option to purchase and commence Sub -parcel B from January 1, 2020 to January 1, 2022.
WHEREAS, the Developer agrees to solicit City approval for any potential ownership
changes during the defined 48 -month reversionary clause period; and
WHEREAS, to formalize this request, the Developer requests to formally amend the
Original Agreement through resolution of the Pasco City Council;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PASCO, WASHINGTON:
That the City Manager is authorized to sign and execute an Amendment to the Purchase
and Sale agreement by and between the City and Developer, and
Be It Further Resolved, that this resolution shall take effect immediately.
PASSED by the City Council of the City of Pasco this 9th day of December, 2019.
Matt Watkins
Mayor
ATTEST:
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Debra Barham, CMC
City Clerk
APPROVED AS TO FORM:
A�yAttorney
guson Law PLLC