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#17-38 - Authorizing the Purchase and Sale Agreement with Gavora Inc. for Lot 2, Addition #5, Sleepy Hollow Subdivision in the Amount of $975,000
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SUBMITTED BY: Sheri Pierce, MMC, City Clerk
FISCAL NOTES:
Expenditure Required: $975,000
Unencumbered Balance: Approx. 1.8 Million
Funding Source: Reserve: Land Development/Snow Lot Act# 350-8000-55000.580
RECOMMENDATION:
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SUMMARY STATEMENT:
At the regular city council meeting on July 5th the city council authorized the city manager to negotiate a purchase and sales agreement with Gavora, Inc. for a 14.96 acre parcel land described at Lot 2, Addition #5, Sleepy Hollow Subdivision in an amount not to exceed 1 million dollars.
Following negotiations, Gavora Inc. and the city manager agreed on a purchase price of $975.000.00 for the land. The city attorney entered into discussions with Gavora Inc. to develop a purchase and sales agreement. The attached agreement has been fully executed by Gavora Inc. and is pending final approval by resolution of the city council authorizing the purchase and sale agreement.
Whereas the purchase and sale agreement is a standard legal document between the buyer and seller, the resolution is the vehicle that should be used by council to establish specific conditions associated with the future development or use of the property.
The city council has determined that the primary use of this property will be to construct a new fire station to replace the fire station located at city hall. There has been discussion by council about the need to establish a development plan for the remaining property not used for the new fire station. Some council members have expressed a specific desire to subdivide the remaining parcel of land and offer it for sale to the public.
As written, the resolution makes the specific statement that a portion of the land will be dedicated to the construction of a new fire station and makes a broad s...
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