Title
Resolution to Direct the City Attorney Regarding the 319 S. Fifth Avenue a/k/a/ the "Library Lot"
Staff
Prepared by: Matthew Rechtien, Senior Assistant City Attorney
Reviewed by: Stephen K. Postema, City Attorney
Approved by: Howard S. Lazarus, City Administrator
Body
Whereas, On March 17, 2014, City Council adopted Resolution R-14-98, which directed the City Administrator to market the Library Lot for sale;
Whereas, On January 19, 2016, following a competitive bidding process, selection of two finalist potential buyers, public engagement, including meetings, open houses, and an online survey, and submission of "best and final" offers, City Council adopted a resolution approving CORE Spaces as the selected developer of the Library Lot and authorizing the City Administrator and City Attorney to begin the negotiation process for sale of the property;
Whereas, On April 17, 2017, City Council voted 8-3 to, among other things, "authorize the sale of the above ground development rights of" the Library Lot "to Core Spaces with the terms stated in Core Spaces' response to the City's Offering Memorandum, Core Spaces' Supplemental Letter and the additional terms stated in this Resolution ..." and to authorize "the Mayor, Clerk and City Administrator ... to execute necessary documentation, after approval as to form and substance by the City Attorney, to complete the sale ...;"
Whereas, On May 31, 2018, the City and CORE Spaces executed a contract (the "Contract"), which conditions any duty to close on there being "[n]o litigation or administrative proceeding ... commenced or threatened, and no legislative action ... taken or enacted, that could, in the City Administrator's sole judgment and discretion, and/or in the reasonable judgment of the Purchaser, have the effect of preventing or impairing Purchaser's or Seller's ability to carry out the terms of this Agreement or the construction and completion of Purchaser's project as contemplated hereby;"
Wher...
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