HomeMy WebLinkAbout04/05/2016 05G 5511 Summitview Avenue Purchase and Sale Agreement with Vegabond Properties, LLCBUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDASTATEMENT
Item No. 5.G.
For Meeting of: April 5, 2016
ITEM TITLE: Resolution approving the Purchase and Sale Agreement with
Vegabond Properties, LLC for the property at 5511 Summitview
Avenue
SUBMITTED BY: Sean Hawkins, Economic Development Manager, 575 -6274
SUMMARY EXPLANATION:
The attached Purchase and Sales Agreement between Vegabond Properties and the City of
Yakima is awaiting the City Manager's signature to execute. An addendum has been prepared for
the agreement which contains the language "contingenent upon a No FurtherAction Letter from
the Department of Ecology" which we expect to receive in the next two weeks. The purchase
price is for $550,000.
ITEM BUDGETED:
STRATEGIC PRIORITY: Economic Development
APPROVED FOR SUBMITTAL: Interim City Manager
STAFF RECOMMENDATION:
BOARD /COMMITTEE RECOMMENDATION:
The resolution was discussed with the Council Economic Development Committee
members (Coffey, A Gutierrez, Adkison) at the March 24th committee meeting. The Council
members recommended bringing the resolution to the full council for its consideration at the April
5, 2016 meeting.
ATTACHMENTS:
Description Upload Date Type
RESOLUTION NO. R -2016-
A RESOLUTION approving the Purchase and Sale Agreement between the City of
Yakima and Vegabond Properties, LLC for the property at 5511
Summitview Avenue, Yakima, Washington, 98908, and approving
the City Manager to sign the same.
WHEREAS, the City of Yakima ( "City ") purchased the property at 5511
Summitview Avenue, Yakima, Washington, 98908 ( "Subject Property ") in February of
2014, along with several other Tiger Oil Corporation sites in the City for a total amount of
$744,724.00; and
WHEREAS, the City has worked diligently with the Department of Ecology ( "DOE ")
to finalize site clean -up and remediation as required by DOE; and
WHEREAS, the City Council declared the Subject Property surplus on April 5,
2016; and
WHEREAS, the City Council has reviewed the Purchase and Sale Agreement and
finds that the purchase price of $550,000.00 exceeds the fair market value, and the
Agreement meets all the other conditions outlined in the resolution authorizing surplus;
and
WHEREAS, the City Council finds and determines that authorizing the City
Manager to enter into the Purchase and Sale Agreement for in the best interests of the
residents of the City of Yakima and will promote the general health, safety and welfare,
now, therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
The City Manager is authorized to sign and enter into a Purchase and Sale Agreement
between the City of Yakima and Vegabond Properties, LLC to sell the property commonly
known as 5511 Summitview Avenue, Yakima, Washington, 98908 pursuant to the terms
and conditions listed in the Agreement, Exhibit 1," attached hereto and fully incorporated
herein.
ADOPTED BY THE CITY COUNCIL this day of '2016.
ATTEST:
Sonya Claar Tee, City Clerk
Avina Gutierrez, Mayor
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