Title of Item:
AUTHORIZATION TO PERFECT REAL ESTATE CONTRACT FOR WELLS FARGO BANK BUILDING AND ADJACENT PROPERTIES. (RC):
RESOLUTION No. 64-2019; A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF STUART, FLORIDA AUTHORIZING THE CITY MANAGER OR CITY ATTORNEY TO EXECUTE A REAL ESTATE PURCHASE AGREEMENT AND COMPLIANCE WITH ALL REAL ESTATE CONTRACT TERMS AS THEY BECOME DUE; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES.
Summary Explanation/Background Information on Agenda Request:
The City Commission passed Resolution 18-2019 which authorized the City Manager to negotiate and enter a due diligence contract for the properties located at 301 E. Ocean Blvd., in Stuart, Florida. After performing due diligence on the property, it appears suitable for the future needs of the City of Stuart. Pursuant to the terms of the agreement, the City Commission must ratify the Contract and pay the deposit no later than June 30, 2019. Once the deposit has been paid, the City must purchase the property if the seller can provide the adequate space by June, 2021. In the event that the Seller can not provide the space, the City shall have the option to close on the property at its own discretion but the City can also demand return of the deposit and void the contract as well.
Funding Source:
General Fund as well as bonding as discussed at the workshop with the City Commission
Recommended Action:
Motion to approve Resolution 64-2019 and authorize the Mayor execute and perfect the Contract for the purchase of the Wells Fargo property. | | |