HomeMy WebLinkAboutR-1275 - Amending Resolutions No. 1258 and 1260 to change the terms of the installment sales contract for real property in the downtown business districtCIT Y 0 F MAR Y S V ILL E
Marysville,Washington-RESOLUTION NO.t27.!;)
A RESOLUTION OF THE CITY OF MARYSVILLE
AMENDING RESOLUTIONS NO.1258 AND 1260 TO
CHANGE THE TERMS OF THE INSTALLMENT SALES
CONTRACT FOR REAL PROPERTY IN THE DOWNTOWN
BUSINESS DISTRICT.
WHEREAS,on April 27,1987 the City Council passed Resolu-
tion No.1258 approving the terms of an installment sales
contract of certain publicly-owned real property in the downtown
business district;and
WHEREAS,on May 1,1987 the City Council passed Resolution
No.1260 amending the terms of said installment sales contract;
and
WHEREAS,after the Purchaser took possession of the subject
property it was discovered that certain unanticipated conditions
exist thereon relating to the storm sewer and sanitary sewer
systems.The City feels partially responsible for upgrading
these systems to a usable condition,and is willing to reduce the
sales price for the subject property by the sum of $75,283.66;
NOW,THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARYS-
VILLE,WASHINGTON AS FOLLOWS:
Resolution 1258,passed by the City Council on April 27,
1987,and Resolution 1260,passed by the City Council on May 1,
1987,relating to the terms of an installment sales contract of
publicly-owned real property in the downtown business district,
are hereby amended as follows:
1.The price for the property is hereby reduced from
$820,000.00 to $744,716.34.This downward adjustment shall
be accounted for by the execution of Amended Escrow Instruc-
tions relating to the Hazardous Waste Hold-Back Account.
2.The short term promissory note in the amount of
$350,000.00 which is referred to in Resolution 1260 was
unnecessary because the Purchaser was able to pay said
amount,in full,at closing.All references to said note in
Resolution 1260 should be stricken.
Resolution - 1
~PASSED b~the City Council and APPROVED by the Mayor this
_J_day of C/er-,1987.
MAYOR
::~~C:f.f.{CLERK
APPROVED AS TO FORM:
Resolution - 2