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DATE SUBMITTED: 3-16-05 BILL # 05-- 09.:1-
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
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SUBJECT: Purchase & Sale Agreement Committee Meeting Date: 3-22-05
between the City ofBremerton and East Park COUNCIL MEETING Date: 3-30-05
LLC for the sale of East park Department: Economic Dev.
Presenter: Gary Sexton
Phone: 473-5282
SUMMARY: Staff is recommending that the City sell the property commonly known as Eastpark to
) East Park LLC for the sum of $2,100,000.00. The terms are $925,000.00, including earnest money of
$5,000.00, to be paid by Purchaser at time of closing which is April 22, 2005. The purchase price
includes $250,000.00 to be applied to any off site storm sewer improvements, modifications or repairs
for water conveyance from the property to Puget Sound. The buyer is proposing to build
approximately 300 or more housing units including not less than 75 multifamily units and agrees that
build out of the project will occur within not more than four phases over a period not to exceed four
years from the receipt offmal Plat and/or Planned Unit Development approval.
ATTACHMENTS: Purchase/Sale Agreement and Quit Claim Deed executed 12/4/02
FISCAL IMPACTS (Include Budgeted Amount): Pursuant to the Purchase & Sale Agreement and
the Quit Claim Deed Covenants, sales proceeds must used for 1) $250,000 for offsite storm sewer
improvements for Eastpark; 2) the purchase/development of property of equal value for use for public
health, public safety, education, affordable housing or public recreation.
APPROVALS:
DEPARTMENT DIRECTOR'
CITY ATTORNEY: /
FINANCE DIRECTOR:
MAYOR:
FISCAL/BUDGET: . /
CONSENT AGENDA 0
OPERATIONS: /J! "e. d ~
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COUNCIL PRESIDENT: ~
RECOMMENDED MOTION:
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Move to approve the Real Estate Purchase and S:ale Agreement with Earnest Money Provision
between the City ofBremerton and East Park LtC for the sale of Eastpark for the sum of
$2,100,000 and authorize the Mayor to execu e t ~eement in substantially the same form as ~
p....ented. c:r.+d :::f!::::/" ~ i~ ~ a41d "<41
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~~NCIL ACTION: [S}i\pprove 0 Deny 0 Table D Continue 0 No Action
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