SUBJECT: Consent
Title
A Resolution Of The Board of Trustees of The Town of Erie to Enter Into A Purchase And Sale Agreement for The Purchase Of Real Property, Leases, Easements, Improvements and Related Assets for the Purposes of Economic Development.
Body
DEPARTMENT: Administration
PRESENTER: Farrell Buller, Acting Town Administrator
FISCAL INFORMATION:
Cost as Recommended: $ 6,457,000.00
Balance Available: $ 0
Budget Line Item Number: 100-80-110-604000-100312
New Appropriation Required: Yes
STAFF RECOMMENDATION:
Recommendation
Approve resolution authorizing the purchase and sale agreement.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town wishes to acquire approximately 255 acres that it for the purpose of economic development. Negotiations have been completed with the agreed upon price per acre of $25,000.00. Approval of the resolution will authorize the Town to sign the purchase and sale agreement and authorize the expenditure of funds for realtor fees and due diligence costs. Below shows the breakdown of the total authorization expenditure.
Purchase price $ 6,375,000.00
Relator fees 32,000.00
Due Diligence 50,000.00
Total $ 6,457,000.00
After approval of resolution, earnest money in the amount of $50,000.00 will be delivered to Stewart Title to be held in escrow until the final closing.
ATTACHMENTS:
1. Resolution
2. Purchase and Sale Agreement