HomeMy WebLinkAbout08/05/2024 09.E. Resolution amending the Commercial & Investment Real Estate Purchase and Sale Agreement with the Greater Yakima Chamber of Commerce i4
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BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. 9.E.
For Meeting of: August 5, 2024
ITEM TITLE: Resolution amending the Commercial & Investment Real Estate
Purchase and Sale Agreement with the Greater Yakima Chamber of
Commerce
SUBMITTED BY: Dave Zabel!, Interim City Manager
SUMMARY EXPLANATION:
On June 18, 2024, the City Council approved a Purchase and Sale Agreement with the Greater Yakima
Chamber of Commerce to purchase property generally known as 10 North 9th Street in Yakima. The
Agreement required the City to obtain a Phase 1 Environmental Assessment. The City has contracted
with Landau to conduct the assessment and provide a report. Landau has not yet completed that report.
Per the Agreement, the City has 30 days after the assessment to evaluate it and determine if it wishes
to purchase the building (the feasibility period). The closing date on the Agreement is August 15, 2024.
Without the feasibility assessment, the feasibility period cannot begin running. As such, to ensure the
City has a full opportunity to review and evaluate the report (and so the Chamber can do the same), the
parties have agreed to extend the Closing Date to a date on or before October 31, 2024.
The original Agreement can be found here:
https://apps.yakimawa.gov/WebLink/DocView.aspx?id=921383&dbid=0&repo=CityOfYakima
ITEM BUDGETED: Yes
STRATEGIC PRIORITY: Investment In Infrastructure
RECOMMENDATION: Adopt Resolution.
ATTACHMENTS:
Res-Chamber_Closing Extension.docx
Chamber_P&SA Closing Date Amendment.doc
237
RESOLUTION NO. R-2024-
A RESOLUTION amending the Commercial & Investment Real Estate Purchase and Sale
Agreement between the City of Yakima and the Greater Yakima Chamber
of Commerce.
WHEREAS, the parties previously entered into a purchase and sale agreement for
property that is generally known as the Chamber building located at 10 North 9th Street, Yakima,
and which is fully described in the purchase and sale agreement; and
WHEREAS, the Feasibility Period is to start on the date a Phase 1 Environmental
Assessment is provided to the Buyer; and
WHEREAS, the Phase 1 has not been completed as of the date of this Amendment,
necessitating an extension of the closing date to provide for obtaining the Phase 1, and the
required 30 day feasibility period for Buyer and Seller review under the Purchase and Sale
Agreement; and
WHEREAS, it has been determined by both parties that the Agreement should be
amended to extend the closing date as outlined below;
WHEREAS, the City Council of the City of Yakima finds that it is in the best interest of the
City and its residents, to extend the closing date for the Purchase and Sale Agreement to allow
for additional time to conduct the Phase 1 Environmental Assessment and for the feasibility
period; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
The Interim City Manager is authorized and directed to execute the Amendment to the
Commercial & Investment Real Estate Purchase and Sale Agreement between the City of Yakima
and the Greater Yakima Chamber of Commerce, attached hereto and incorporated herein.
ADOPTED BY THE CITY COUNCIL this 5th day of August, 2024.
ATTEST: Patricia Byers, Mayor
Rosalinda Ibarra, City Clerk
238
AMENDMENT TO COMMERCIAL & INVESTMENT REAL ESTATE PURCHASE AND
SALE AGREEMENT BETWEEN THE CITY OF YAKIMA AND GREATER YAKIMA
CHAMBER OF COMMERCE
THIS AMENDMENT TO THE PURCHASE AND SALE AGREEMENT is made
and entered into by and between the CITY OF YAKIMA, a Washington municipal
corporation ("Buyer") and GREATER YAKIMA CHAMBER OF COMMERCE ("Seller").
WHEREAS, the Parties previously entered into a purchase and sale agreement
for property that is generally known as the Chamber building located at 10 North 9th
Street, Yakima, and which is fully described in the purchase and sale agreement; and
WHEREAS, the Feasibility Period is to start on the date a Phase 1
Environmental Assessment is provided to the Buyer; and
WHEREAS, the Phase 1 has not been completed as of the date of this
Amendment, necessitating an extension of the closing date to provide for obtaining the
Phase 1, and the required 30 day feasibility period for Buyer and Seller review under the
Purchase and Sale Agreement; and
WHEREAS, it has been determined by both parties that the Agreement should
be amended to extend the closing date as outlined below;
NOW, THEREFORE, in consideration of the mutual covenants, promises, and
agreements set forth herein, it is agreed by and between the Buyer and Seller as
follows:
Section 1: The Closing Date shall be amended to be on or before October 31, 2024.
Section 2: Except as expressly modified herein, all other terms and conditions of the
attached Agreement and its amendments shall remain in full force and effect.
Section 3: Severability. If any section, subsection, paragraph, sentence, clause or
phrase of this Amendment is declared invalid or unconstitutional for any reason, such
decision shall not affect the validity of the remaining portions of this Amendment.
CITY OF YAKIMA GREATER YAKIMA CHAMBER OF
COMMERCE
Dave Zabel!, Interim City Manager Kristi Foster, Executive Director
Date: Date:
ATTEST:
City Clerk
239