Title
A Resolution To Terminate The Purchase And Sale Agreement Between The City of Foley And Retail Markets Group, LLC And/OR Assigns
Summary
Description of Topic: (who, what, where, when, why and how much)
On January 23, 2019, the City entered into a Purchase and Sale Agreement with Retail Markets Group, LLC And/OR Assigns for the sale of the Foley Historic Bakery/Cactus Cafe Building. Retail Markets Group, LLC And/OR Assigns has failed to close on the property as stipulated in the Evaluation Period of the agreement. Therefore, the City of Foley desires to terminate the Purchase And Sale Agreement with Retail Markets Group, LLC And/OR Assigns.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
____ Not budgeted requiring increase to account #___________ in the amount of $____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital - Departmental **Capital Purchase Worksheet form must be attached**
____ 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 #_____________**Request to Increase OR Request toTransfer Departmental Budget Dollars form must be attached**
____ Not Budgeted - account #____________ requires budget increase of $_____________.**Request to Increase Departmental Budget Dollars form must be attached**
Capital Project - **If requesting to start a project, a Capital Project Worksheet form must be attached**
In current year Capital Projects Plan:
_____ Yes, described as __________________________, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________.
_____ No, requesting an increase of $___________ to an already approved project titled ________________________ that is being tracked under Account No. ___________________.
Body
WHEREAS, on January 23, 2019, the City entered into a Purchase and Sale Agreement with Retail Markets Group, LLC And/OR Assigns for the sale of the Foley Historic Bakery/Cactus Cafe Building, and
WHEREAS, Retail Markets Group, LLC And/OR Assigns has failed to cose on the property as stipulated in the Evaluation Period of the agreement, and
WHEREAS, the City of Foley desires to terminate the Purchase And Sale Agreement with Retail Markets Group, LLC And/OR Assigns.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves the termination of the Purchase and Sale Agreement between the City of Foley and Retail Markets Group, LLC And/OR Assigns for the purchase of Foley Historic Bakery/Cactus Cafe Building.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.