Summary
To: Town Commission
From: JP Murphy
Date: 5/12/2017
______________________________________________________________________
Subject:
Title
Second Reading of Ordinance 514
Summary:
The Code of Ordinances requires that the town must sell real property by ordinance. This ordinance provides the authority to the Mayor or Town Manager to close on the property for $3,800,000.00 dollars and the satisfaction of all of the requirements to close as enumerated in the purchase sale agreement. Also attached is the Deed in Escrow Agreement which is the mechanism that grants the town the perpetual conservation agreement, also attached, following the completion of the renovations to the property.
End
Body
Previous Commission Action: Approved on first reading May 2, 2017
Background/Problem Discussion: Ordinance 514 is the formal action required to sell the property.
Expenditure Challenges N/A
Financial Implications: The agreed upon sale price is $3,800,000 dollars. Other terms of the sale are included in the attached Purchase Sale Agreement that was previously approved. Of note, the purchaser is responsible for any early termination fee owed to the current lessee of the property, Green Golf Partners.
Recommendation: Staff recommends approval.
Proposed Motion I move approval/denial of Ordinance 514 on second and final reading (as amended, if required).