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2013_1118_packet
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11/14/2013 2:38:12 PM
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ks�bWSEN+EhE <br />REQUEST FOR COUNCIL ACTION <br />Date: 11/18/13 <br />Item No.: 7.h <br />Department Approval City Manager Approval <br />Item Description: Consider Amendment to Settlement Agreement and Assessment <br />Agreement with PIK Terminal Company and Adopt Assessments for PIK <br />Terminal Company <br />BACKGROUND <br />On June 18, 2012, the City Council approved the Settlement agreement for the purchase of land <br />from PIK Terminal Co. Limited Partnership. One of the terms of settlement included in this <br />agreement was the City would undertake the demolition of the existing structures on the PIK <br />parcels and PIK would be assessed all costs associated with the demolition (e.g. engineering <br />6 reports, city staff time, building removal, etc.). The terms of the assessment would include: <br />7 • A twelve year assessment with a two year repayment deferral with no interest accruing <br />s and a ten -year repayment schedule; <br />9 • An interest rate of six percent <br />• Full repayment of the assessment would be due upon sale of the PIK property. <br />On January 28, 2013, the City Council awarded a contract for demolition of the buildings on the <br />PIK Terminal Co. Limited Partnership property located at 2680/ 2690 Prior Avenue. The project <br />was completed in accordance with the plans and specifications and final acceptance was <br />116 approved by the City Council on August 12, 2013. <br />15 There was a clerical error in the approved Assessment agreement; the parcel identification <br />numbers listed do not reference the parcels on which the demolished buildings were located. The <br />City Attorney recommends an amendment to the agreement be approved prior to adopting the <br />'16 assessments, so that all documents and agreements accurately reflect the parcels to be assessed. <br />19 POLICY OBJECTIVE <br />20 Per the settlement agreement, the City will assess the property owner for the project costs. The <br />21 assessment roll has been prepared in accordance with the agreement, listing the correct parcel <br />22 identification numbers. <br />d FINANCIAL IMPACTS <br />24 The cost of demolition of the PIK buildings totaled $39,571.00. Engineering, staff time, permit <br />25 fees, and environmental assessments totaled $16,442.18. The total assessment, $56,013.18, will <br />26 be divided between the two parcels based on the lot areas. The City paid for the initial demolition <br />27 through TIF District 17 funds. The TIF District will be paid back over a period of 12 years per <br />28 the assessment agreement. <br />Page 1 of 2 <br />
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