Title
Approval of Resolution to Authorize Exercise of Options to Purchase Real Estate Owned by D.R. Horton and Wonderland Holdings LLC and Purchase the Properties
Recommended Action
Committee Recommendation:
Not referred to a committee
City Manager Recommendation:
Move to approve the resolution to exercise the option to purchase real estate owned by D.R. Horton and Wonderland Holdings LLC and authorize the City Manager to execute the options to purchase and to purchase the properties.
Report
Issue:
Whether to exercise the options to purchase and proceed with the purchase of the properties known as Trillium/Ashton Woods and Kaiser Heights
Staff Contact:
Paul Simmons, Parks, Arts and Recreation Director, 753.8462
Mark Barber, City Attorney, 753.8338
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
On July 21, 2015, the City Council approved an Option to Purchase Real Estate from SSHI, LLC dba Horton Seattle Division (the D.R. Horton Option) for the property commonly known as Trillium/Ashton Woods. Pursuant to the terms of the D.R. Horton Option, on March 24, 2016, the City extended its option to purchase the Trillium/Ashton Woods property to June 30, 2017, with an additional option payment of $250,000. The two option payments totaling $500,000 will be credited toward the purchase price of $5 million.
On August 12, 2015, the City Council approved an Option to Purchase Real Estate from Wonderland Holdings, LLC (the Wonderland Holdings Option) for property commonly known as Kaiser Heights. Pursuant to the terms of the Wonderland Holdings Option, on January 22, 2016, the City extended its option to purchase the Kaiser Heights property to October 1, 2016, with an additional option payment of $150,000. The two option payments totaling $300,000 will be credited toward the purchase price of $1.1 million.
Neighborhood/Community Interests (if known):
In 2004, the citizens of Olympia voted in favor of creating a ne...
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