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COUNCIL AGENDA MEMO — (March 23, 2010) <br /> 1‘.4 <br /> DEPARTMENT: Legal <br /> AGENDA ITEM: Approval of purchase agreement for the purchase of real property from <br /> the Stone Living Trust in the Thumb Butte Estates for purchase price of $220,000.00, <br /> $8,000 to be accepted as a donation from the Seller and the remaining sum of$212,000 to <br /> be paid by the City to Seller <br /> Approved By: <br /> Date: <br /> Department Head: Gary D. Kidd <br /> Finance Director: Mark Woodfill A / <br /> City Manager: Steve Norwood lc, <br /> Item Summary: <br /> Consideration and possible purchase of real property from the Stone Living Trust known <br /> as Lot 18 located in the Thumb Butte Estates for the purpose of building a water storage <br /> reservoir on the property <br /> Background: <br /> In the absence of employee contacts in Public Works who were all on vacation, the <br /> Legal Department has prepared this council agenda memo. Therefore, the background <br /> portion of this memo is limited to the terms of the purchase agreement. The Stone <br /> property consists of Lot 18 in the Thumb Butte Estates, and is in the Thumb Butte area, <br /> Yavapai County, which the council has identified as one of its priority areas for the <br /> purpose of building a water storage reservoir. The proposed purchase agreement <br /> provides for a purchase price of $220,000, $8,000 to be accepted as a donation from <br /> the Seller, and the remaining sum of Two Hundred Twelve Thousand and no/100 <br /> ($212,000) to be paid by the City to Seller, which is payable as $10,000 earnest money <br /> deposit at the inception of escrow and a final lump sum payment at the close of escrow <br /> of$202,000. <br /> The other terms of the purchase agreement are standard and incorporate our <br /> customary City boilerplate language in such transactions. <br /> Attachments - Proposed Real Estate Purchase Agreement and attachments <br /> Recommended Action: MOVE to approve the proposed purchase agreement for the <br /> purchase of the real property from the Stone Living Trust in the Thumb Butte Estates <br /> and to authorize the Mayor and City staff to execute all documents necessary to <br /> complete the purchase of this property. <br /> 1 <br />