Focus Area: Legal
Staff Contact: Ron Shaver
Subject: Real Estate Contract with Falco, LLC for the sale of 1114 E. Santa Fe Street.
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title:
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Consideration of a Real Estate Contract with Falco, LLC for the sale of 1114 E. Santa Fe Street.
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Summary:
Staff has negotiated a real estate contract to sell 1114 E. Santa Fe Street to Falco, LLC. The property will include approximately 1 acre of land, inclusive of a former Jiffy Lube property and a portion of the former Sutherland Lumber Co. site, both of which were acquired by the City earlier this year. The boundaries of the area to be sold to Falco will be determined by a survey. It is anticipated that Falco will redevelop the site for commercial purposes.
The purchase price is $590,000. Closing would take place within 90 days of the City completing its development obligations related to redevelopment of the Sutherland site for the Animal Shelter project, including demolition of the former Jiffy Lube building, replatting of the parcel, environmental remediation, and rough grading.
The real estate contract is included as Attachment A.
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Financial Impact:
The City will receive $590,000 at closing for sale of the property.
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Action Needed:
Approve the Real Estate Contract with Falco, LLC for the sale of 1114 E. Santa Fe Street.
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Attachment(s):
A: 1114 E. Santa Fe Street Real Estate Contract