Title
Resolution Authorizing the Purchase of Certain Real Property
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Approving the purchase of the Penn Air property in the amount of $400,000.
SOURCE OF FUNDING:
Please provide the amount requested: ____________
Is this a budgeted item? Yes /No
Please provide the budgeted amount: $_____________ Account No. ___________________________
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
WHEREAS, Pen Air Federal Credit Union is the owner of certain real property which it has contracted to sell to Happy Investments, LLC; and
WHEREAS, Happy Investments, LLC has offered to assign its purchase rights to the Pen Air property to the City of Foley; and
WHEREAS, the City of Foley desires to purchase said property upon the general terms and conditions contained herein because said purchase is in the best interests of the City of Foley;
NOW THEREFORE, be it resolved by the City Council of the City of Foley at its meeting the 19th day of November, 2012 as follows:
1. That the Mayor, City Clerk, and other municipal officials, are hereby authorized and directed to execute such documents and to pay such sums of money as are necessary or required to carry forward the assignment of the purchase agreement and the closing of the purchase of the property on the general terms and conditions contained in the Purchase Agreement which is attached hereto as Exhibit A. This authorization is contingent on and subject to the Mayor and City Administrator’s satisfaction with their due diligence review of the transaction and on their receipt of a formal approved jurisdictional determination from the Corps of Engineers that the interior 8 to 9 acre wetland is considered isolated and does n...
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