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14-0174
| 1 | DS-1 | 2/3/14 Resolution to Exercise Right of First Refusal | Resolution | 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 p | Approved | Fail |
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