Title
A Resolution Approving The Buy-Back Purchase Of Real Property
Summary
Description of Topic: (who, what, where, when, why and how much)
Bhavis Real Estate Holdings, LLC entered into a purchase agreement with the City to purchase Lot 5 of the Wilson Pecan Property on June 2, 2017. The City has first right of refusal to purchase the property in the event that the buyer could not develop the property. The buyer is unable to obtain the financing needed to develop the property.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
____ Not budgeted requiring increase to account #___________ in the amount of $____________.
Capital - Departmental
____ Budgeted under account #______________ for $___________ and described in budget as __________________________________.
Additional amount needed, if any: Increase in budget of $_____________ OR, transfer of $___________ from Account #____________ to Account #_______________
____ Not Budgeted - account #____________ requires budget increase of $_____________.
Capital Project - **THE PRE-PROJECT CHECKLIST AND BUDGET CHECKLIST MUST BE ATTACHED TO THIS FILE**
In current year Capital Projects Plan:
_____ Yes, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________
Body
WHEREAS, Bhavis Real Estate Holdings, LLC entered into a purchase agreement with the City to purchase Lot 5 of the Wilson Pecan Property on June 2, 2017, and
WHEREAS, The City has first right of refusal to purchase the property in the event that the buyer could not develop the property, and
WHEREAS, The buyer is unable to obtain the financing needed to develop the property.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves the buy-back purchase of Lot 5 of the Wilson Pecan Property.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.