HomeMy WebLinkAboutR-1258 - Authorizing the sale of certain real property owned by the city and approving the terms of an installment sales contractCIT Y 0 F MAR Y S V ILL E
Marysville,Washington
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RESOLUTION NO.I:J-S?(
A RESOLUTION OF THE CITY OF MARYSVILLE AUTHORIZING THE
SALE OF CERTAIN REAL PROPERTY OWNED BY THE CITY AND
APPROVING THE TERMS OF AN INSTALLMENT SALES CONTRACT.
WHEREAS,by Resolution 1224A,passed by the City Council on
August 25,1986,certain real property owned by the City in the
downtown business district was declared to be surplus,and the
sale of the same to private developers of a shopping mall was
authorized;and
WHEREAS,said real estate transaction is prepared to close
on April 30,1987 on the following terms:
Purchasers:Towne Centre Mall Associates,a general
partnership,consisting of Lawrence S.McLean,Melvin L.
Brook,Kenneth W.Stanger,Joseph D.Holmes Jr.,and C. E.
Loveless.
Price:$820,000.00
Down Payment:$580,000.00
Promissory Note:$240,000.00;three-year term;~j(%
interest per annum.
Security:A second deed of trust encumbering the shopping
mall property,subordinate to a first deed of trust in favor
of Seattle First National Bank in the amount of up to $14.5
million.
WHEREAS,the City finds that the downtown business district
is in a blighted condition,as previously declared in Resolution
1011,and said condition has deteriorated even more during the
pendency of the shopping mall project;and
WHEREAS,the City finds that the development of the downtown
business district will increase trade and commerce,employment,
property tax revenue,sales tax revenue,and will stimulate a
much needed revitalization of this portion of the City;and
WHEREAS,the City finds that it is in the public interest,
and a sound business jUdgment,for the City to sell the above-
described real estate to Towne Centre Mall Associates on finan-
cial terms which are attainable by said developer and which will
encourage and allow the prompt and efficient development of the
shopping mall to a high standard of quality;and
Resolution - 1
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WHEREAS,the City finds that it will benefit from the
development and operation of the shopping mall in such sig-
nificant ways,that the subordinated security position offered
for the deferred payment of $240,000.00 is an acceptable risk;
NOW,THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARYS-
VILLE,WASHINGTON,AS FOLLOWS:
1.Mayor Norman Anderson is hereby authorized to sign
statutory warranty deeds on behalf of the City of Marysville
conveying the real property described in Resolution l224A to
Towne Centre Mall Associates,a general partnership.
2.The above-described deeds may be immediately tendered
into escrow in consideration for the payment of $820,000.00.
Said payment shall be in the form of $580,000.00 cash,and a
$240,000.00 promissory note secured by a deed of trust.The form
of said promissory note and deed of trust are attached hereto and
incorporated herein by this reference.
3.A condition of this transaction is that the purchaser
shall pay all closing costs,and shall provide any occupants of
the subject property,including City departments,with not less
than 30 days'advance notice of the date on which they must
vacate the premises.The City reserves the right,but not the
obligation,to remove all personal property,fixtures and
equipment from the premises prior to vacating the same.Any such
property not so removed shall be construed as being abandoned,
and of no further public use or necessity.
~PASSED b~the City Council and APPROVED by the Mayor this.22..:.day of /-iP13/L/,1987.
ATTEST:
MAYOR
CLERK
APPROVED AS TO FORM:
Byc+..,.~.(1"d ~V-CITY~ORNEY
Resolution - 2
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