HomeMy WebLinkAbout3966 Resolution - PSA Admendment_Moore Holdings CoRESOLUTION NO. 3966
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 MOORE HOLDINGS COMPANY,
LLC
WHEREAS, on August 6, 2018, 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 Moore Holding Company, LLC (hereinafter
"Developer"); and
WHEREAS, Amendment No. 1 to the Original Agreement outlined within Section 1(b),
terms and deadlines for submittal of building plans to the City and commencement of construction;
and
WHEREAS, Amendment No. 6 to the Original Agreement outlined within Section 4,
terms and deadlines for an option to purchase Lot#2; and
WHEREAS, the Developer has requested of the City a six (6) month extension of all
deadlines as described in the aforementioned section; 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 this and subsequent Amendments
to the Purchase and Sale Agreement by and between the City and the Developer, and
BE IT FURTHER RESOLVED, that this Resolution shall take effect immediately.
PASSED by the City Council of the City of Pasco this 15th day of June, 2020.
Saul Martinez
Mayor
ATTEST:
Debrallarham
City Clerk
Resolution — Amendment 8 to PSA - 1
APPROVED AS TO FORM:
erguson Law, PLLC
City Attorney
Exhibit to Resolution No. 3966
AMENDMENT NO. 8
PURCHASE AND SALE AGREEMENT
THIS AMENDMENT dated this 15th day of June, 2020, by and between the City of Pasco,
a Washington Municipal Corporation, hereinafter referred to as the "City", and Moore Holding
Company, LLC, a Washington Limited Liability Company, hereinafter referred to as "Purchaser."
WHEREAS, the parties have entered into the Purchase and Sale Agreement, wherein
Purchaser bought land from the City to develop an automotive sales outlet, and the Agreement
included options to purchase additional sub -parcels of land for that purpose; and
WHEREAS, the parties desire to modify the terms of the Amended Addendum No.1 of
the Purchase and Sale Agreement originally executed between the parties on August 6, 2018;
WHEREAS, additionally, the parties desire to modify the terms of Amendment No. 6 to
the Real Estate Purchase and Sale Agreement executed between the parties on September 23, 2019;
NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained
herein, it is agreed as follows:
Section 1. To amend the Amended Addendum No.l to Real Estate Purchase and Sale
Agreement dated August 6, 2018:
Section 1(b), shall be and hereby is amended through incorporation of a new
subsection and shall read as follows:
1(b) If the buyer fails to submit an application to the Seller for approval of building
plans consistent with subsection (a) above, with six (6) '"'^" one (1) year of Closing,
the Seller reserves the right to reclaim title to this Property. If the Buyer does not initiate
construction within twelve "" mef4 s eighteen (18) months of closing, the Seller
reserves the right to reclaim title to this Property. The Seller shall reclaim this Property by
refunding 90% of the original Purchase Price in the sum of One Million, Three Hundred
Eighteen Thousand, Five Hundred Dollar ($1,318,500) without interest. The Seller will not
assume any liability for expenses incurred by the Buyer in conducting this transaction. The
Buyer agrees to re -convey title to the Seller within sixty (60) days receipt of notification
of Seller's decision to seek re -conveyance of Property. The reversionary right is exclusive
to the Seller and shall be exercised sat the sole discretion of the Seller.
Section 2. To amend the Amendment No. 6 to Real Estate Purchase and Sale
Agreement dates September 23, 2019:
Section 4, shall be and hereby is amended and shall read as follows:
Amendment No. 8
Moore Holding Company LLC - Purchase and Sale Agreement -
4. The purchase price for Lot#2 (Sale #2) shale be $465,000.00 if the sale closes
on or before January 15, 2020. If the sale of Lot #2 (Sale #2) closes after January 15, 2020,
but on or before july 15, 2020 January 15, 2021, the purchase price shall be $486,780.
Sale of lot #2 (Sale #2) shall close no later than July 15, 2020 January 15, 2021.
Section 3. The remaining terms and conditions of the Agreement, subsequent
Addenda, and Amendments thereto, shall remain unaltered.
IN WITNESS WHEREOF, the parties have hereunto set their hands as of the date first
above written.
CITY OF PASCO
Dave Zabell, City Manager
APPROVED AS TO FORM:
R -a
Kerr Ferguson Law, PLLC
City Attorney
STATE OF WASHINGTON)
:ss
County of Franklin )
MOORE HOLDINGS COMPANY, LLC
an
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John Paul Moore
Kathryn Moore
APPROVED AS TO FORM:
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On this day personally appeared before me Dave Zabell, City Manager for the City of
Pasco, Washington, described in and who executed the within and foregoing instrument, and
acknowledged that he signed the same as his free and voluntary act and deed for the uses and
purposes therein mentioned.
GIVEN under my hand and official seal this day of 12020.
Notary Public in and for the State of Washington
Residing at
My Commission Expires
Amendment No. 8
Moore Holding Company LLC - Purchase and Sale Agreement -
STATE OF WASHINGTON)
ss
County of Franklin
On this day personally appeared before John Paul Moore and Kathryn Moore, Moore
Holding Company, LLC, described in and who executed the within and foregoing instrument, and
acknowledged that he signed the same as his free and voluntary act and deed for the uses and
purposes therein mentioned.
GIVEN under my hand and official seal this day of , 2020.
Notary Public in and for the State of Washington
Residing at
My Commission Expires
Amendment No. 8
Moore Holding Company LLC - Purchase and Sale Agreement -