HomeMy WebLinkAboutExhibit 32
EXHIBIT "B"
Purchase Price: An amount equal to the average of 2 recent appraisals procured by
the City or $3,000,000, whichever is lower.
Due Diligence: Satisfactory survey, title, environmental condition and zoning and
City Attorney's approval of the terms of the Covenant.
Park Contribution: Execution of the Purchase Agreement or acceptance and
assumption of the assignment of the Commercial Contract shall not occur until the City
Manager receives a commitment of private funds, in the amount of $250,000, to be
applied to the development of the park.
Purchase through The Trust for Public Land ("Trust"): If the Trust can negotiate
terms more favorable than the terms of the Commercial Contract, or terms negotiated by
the City, then the City Manager may enter into an agreement with the Trust, for the City's
acquisition of the Property from the Trust, on substantially the following terms:
(i) City has the option to purchase the Property, at a Purchase Price not higher
than that paid by the Trust, within a term of 3 years.
(ii) City shall pay Base Rent during the term of the agreement in the amount
of the Purchase Price as follows:
(a)
Year 1:
20%
(b)
Year 2:
40%
(c)
Year 3:
40%
Additionally, with each annual payment of Base Rent the City shall pay
interest on the unpaid balance of the Base Rent at a rate not to exceed 2%
over prime. All payments of Base Rent (but not the payments of interest)
shall be credited by the Trust toward payment of the Purchase Price, at the
time of closing.
(iii) Other terms, such as the amount, and terms of payment, of a cancellation
fee, shall be as commonly found in Trust transactions.