HomeMy WebLinkAboutReg 2023-08-21 Item 8 - Agreement - Longacres Property Purchase and Sale Agreement with Unico Longacres Investment Partners for $4,250,000COUNCIL AGENDA SYNOPSIS
A. 4, Initials
ITEM No.
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Meeting Date
Prepared by
Mayors review
Council review
GI
8/21/23
133M
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/90$
ITEM INFORMATION
STAFF SPONSOR: B. MILES
ORIGINAL AGENDA DATE: 8/21/23
AGENDA ITEM TITLE Authorize the Mayor to execute a purchase and sale agreement for the City property
generally known as the "Longacres Property."
CATEGORY ❑ Discussion
Mtg Date
a Motion
Mtg Date 8/21/23
❑ Resolution
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❑ Ordinance
Mtg Date
❑ Bid Award
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❑ Public Hearing
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❑ Other
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SPONSOR ❑ Council
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Mayor ❑ Admin Svcs ❑ DCD ❑ Finance ❑ Fire ❑ P&R ❑ Police ❑ PW
SPONSOR'S Unico Longacres Investement Partners, LP has made an offer to purchase the City's
SUMMARY Longacres property, which is located directly north of Sounder train station. The City
Council previsouly declared the property surplus in 2018. Unico has offered to pay
$4,250,000 for the property. The Mayor's Office and City Attorney's Office will begin to
negotiate a purchase and sale agreement.
REVIEWED BY ❑ Trans&Infrastructure Svcs ❑ Community Svcs/Safety ❑ Finance & Governance ❑ Planning & Community Dev.
❑ LTAC ❑ Arts Comm. ❑ Parks Comm. ❑ Planning Comm.
DATE: N/A COMMITTEE CHAIR: N/A
RECOMMENDATIONS:
SPONSOR/ADMIN. Mayor/Economic Development
COMMITTEE N/A
COST IMPACT / FUND SOURCE
EXPENDITURE REQUIRED AMOUNT BUDGETED APPROPRIATION REQUIRED
$N/A $N/A $N/A
Fund Source: N/A
Comments: Upon completion of the transaction the City will receive $4,250,000 less closing costs.
MTG. DATE
RECORD OF COUNCIL ACTION
8/21/23
MTG. DATE
ATTACHMENTS
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