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File #: 14-0174    Version: 1 Name: 2/3/14 Resolution to Exercise Right of First Refusal
Type: Resolution Status: Defeated
File created: 2/3/2014 In control: City Council
On agenda: 2/24/2014 Final action: 2/24/2014
Enactment date: 2/24/2014 Enactment #:
Title: Resolution to Approve Exercise of Right of First Refusal for Acquisition of 2500-2550 S. State Street, Appropriate Necessary Funds, and Direct the City Administrator to Notify and Confirm Edward Brothers Malloy of the Exercise of this Right (8 Votes Required) Whereas, City Council approved an Industrial Facilities Exemption Certificate Agreement between the City of Ann Arbor and Edward Brothers Inc. (now Edwards Brothers Malloy, Inc. ("Edwards Brothers") (R-11-019) which included a provision granting to the City of Ann Arbor the Right of First Refusal to purchase the property; Whereas, Edwards Brothers offered the property for sale and executed a Term Sheet for the sale of the property with the University of Michigan subject to the City's Right of First Refusal ("Offer"); Whereas, Edwards Brothers provided notice to the City on November 27, 2013 of the principal terms of the Term Sheet between Edwards Brothers Malloy, Inc. (as to 2500 S. State St.) and Edwards Property Managem...
Attachments: 1. Edward Bros ROFR Acquisition IPA Financing Res EB 20140224 DEFEATED, 2. Edward Bros ROFR Acquisition IPA Financing Res EB 20140224, 3. Memo to Council - EB due dilligence, 4. Chart - Edwards Brothers
Title
Resolution to Approve Exercise of Right of First Refusal for Acquisition of 2500-2550 S. State Street, Appropriate Necessary Funds, and Direct the City Administrator to Notify and Confirm Edward Brothers Malloy of the Exercise of this Right (8 Votes Required)

Whereas, City Council approved an Industrial Facilities Exemption Certificate Agreement between the City of Ann Arbor and Edward Brothers Inc. (now Edwards Brothers Malloy, Inc. ("Edwards Brothers") (R-11-019) which included a provision granting to the City of Ann Arbor the Right of First Refusal to purchase the property;

Whereas, Edwards Brothers offered the property for sale and executed a Term Sheet for the sale of the property with the University of Michigan subject to the City's Right of First Refusal ("Offer");

Whereas, Edwards Brothers provided notice to the City on November 27, 2013 of the principal terms of the Term Sheet between Edwards Brothers Malloy, Inc. (as to 2500 S. State St.) and Edwards Property Management, LLC (as to 2550 S. State St.) and the University of Michigan for the purchase and sale of the property and the City has sixty business days after the date of receipt of notice of the Offer and its terms to accept the Offer;

Whereas, City Council directed the City Administrator and the City Attorney to gather appropriate information to be used by City Council to evaluate whether to exercise the City's Right of First Refusal and to explore options to make this financially feasible (R-14-012);

Whereas, In response to City Council's directive, the Administration and the City Attorney has completed all appropriate inquiries regarding the title, boundaries, environmental conditions and physical condition of the property and the buildings and structures thereon;

Whereas, The City of Ann Arbor, Michigan (the "City") is authorized, pursuant to Act No. 99 of the Michigan Public Acts of 1933, as amended ("Act 99"), to enter into contracts for the purchase of lands, propert...

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