HomeMy WebLinkAbout09/05/2012 7A AGENDA BILL
CITY OF BREMERTON 7A
CITY COUNCIL
SUBJECT: Approval of the Real Estate Study Session Date August 22, 2012
Purchase and Sale Agreement and COUNCIL MEETING Date September 5, 2012
Amendments for sale of Park Avenue pad to Department
Lorax Presenter Gary Sexton
Phone
SUMMARY: On August 2, 2010 the City and Lorax Partners, LLC entered into an Agreement for the
sale and purchase of an airspace pad located at the property known as Park Avenue Plaza On July
19, 2011 the parties entered into Amendment No 1 to the Agreement to defer payment owed to
Lorax from the sale of the cinema pad The parties now desire to enter into Amendment No 2 to the
Agreement and authorize the sale of the residential pad and the execution of a related parking
agreement with Lorax Partners, LLC
ATTACHMENTS: Purchase and Sale Agreement, Amendment No 1 to Real Estate Purchase and
Sale Agreement, Amendment No 2 to Real Estate Purchase and Sale Agreement and Draft Parking
Lease
FISCAL IMPACTS (Include Budgeted Amount)
APPROVALS:
DEPARTMENT DIRECTOR
CITY ATTORNEY - = - --
FINANCE DIRECTOR
MAYOR
RECOMMENDED MOTION: Move to appro the Real Estate Purchase and Sale Agreement for
sale of Park Avenue pad to Lorax, the amendments to Agreement, and further authorize the Mayor to
finalize and execute Amendment No 2 to Agreement and further to negotiate and execute a Parking
Agreement or Lease,subject to bond counsel approval, with substantially the same terms and
conditions as presented
STUDY SESSION ACTION: ❑ Consent Agenda [General Business ❑ Public Hearing
COUNCIL PRESIDENT
COUNCIL ACTION: [Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 11/02/2011