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<br />~ <br />~~HILLS <br /> <br />. <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />January 26,2005 <br /> <br />Agenda Item 6.A <br /> <br />FROM: <br /> <br />Mayor and City Council <br />Michelle Wolfe, City Administrator <br /> <br />Scott Clark, Community Development Directo@ <br /> <br />TO: <br /> <br />SUBJECT: <br /> <br />Indykiewicz Property Purchase Agreement <br /> <br />As discussed at the January 24, 2005 Council Wark Session, Holiday Stationstores has submitted <br />a purchase agreement to the City to purchase the Indykiewicz property. City Attorney Filla and <br />staff met with Holiday and made a few minor revisions. The City Attorney is now satisfied with <br />the legal terms of the agreement. Key points include: <br /> <br />1) A purchase price of$800,OOO. <br /> <br />2) A closing on or before September 30, 2005. <br /> <br />3) Purchase agreement contingent on City approvals for site plans, building permits and <br />other land use requirements. <br />4) A right of repurchase clause (section 21) states that if Holiday does not begin <br />construction by December 31, 2005 the City has the right to repurchase based on the <br />conditions given. <br /> <br />. <br /> <br />Also attached is a resolution City Attorney Filla has prepared that is required to be acted on by a <br />public entity that is selling City owned property. <br /> <br />\\Earth\Planning\Misc Files\Indy Property\01-26-05 Purchase Agreement Memo.doc <br /> <br />e <br />