Fiscal Note
No fiscal impact.
Title
Amending Resolution Enactment No. RES-16-00567, which authorizes the execution of a Purchase and Sale Agreement between the City and Greywolf Partners, Inc. for the purchase of City-owned Lots 21-23 and Lots 32-34 in The Center for Industry & Commerce to extend the due diligence period.
Body
WHEREAS, on August 2, 2016 the execution of a Purchase and Sale Agreement with Greywolf Partners, Inc. (“Buyer”) to acquire the City owned lots 21-23 and Lots 32-34 in The Center for Industry and Commerce (“Property”) was approved by the Common Council via Resolution Enactment No. RES-16-00567, File No. 43702 as amended on September 20, 2016 by RES-16-00702, File No. 44236 (together the “Resolution”); and
WHEREAS, during the Due Diligence Period, the Buyer decided that it does not need the northern portion of Grasskamp Way to be built and City Engineering agrees to discontinue and vacate this short street given the southern portion of this road already was vacated; and
WHEREAS, the Buyer has been working with a Fortune 500 company to lease space in the Building, but the lease has not been signed yet; and
WHEREAS, the Buyer requests an additional 180 day extension to the Due Diligence Period in exchange for an additional $25,000 Earnest Money deposit.
NOW, THEREFORE, BE IT RESOLVED that the Resolution is hereby amended as follows:
1. Section 1 - “Property” is hereby amended to replace the stated square footage with 386,343.
2. Section 3 - “Purchase Price” is hereby amended to replace the stated Purchase Price with Nine Hundred Sixty Five Thousand Eight Hundred Fifty Seven and 50/100 Dollars ($965,857.50).
3. Section 4- “Earnest Money” is hereby deleted in its entirety and replaced with the following:
The Buyer acknowledges that the previous Earnest Money deposit (the “First Earnest Money Deposit”) is non-refundable as of the Second Amendment Effective Date, except as otherwise provided in Paragraphs 6, 13, 19 and 21 of the Agre...
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