Title
Approval of Resolution Authorizing Extension of the Option to Purchase Real Estate Owned by D.R. Horton and Ratifying Extension of the Option to Purchase Real Estate Owned by Wonderland Holdings, LLC
Recommended Action
Committee Recommendation:
Not referred to committee.
City Manager Recommendation:
Move to approve and authorize the Mayor to sign the Resolution Authorizing Extension of the Option to Purchase Real Estate Owned by D.R. Horton and Ratifying Extension of the Option to Purchase Real Estate Owned by Wonderland Holdings, LLC.
Report
Issue:
Whether to extend the Option to Purchase Real Estate Owned by D.R. Horton and to ratify of the extension of the Option to Purchase Real Estate Owned by Wonderland Holdings, LLC
Staff Contact:
Paul Simmons, Director, Olympia Parks, Arts and Recreation Department, 360.753.8462
Presenter:
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 D.R. 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, the option to purchase the Trillium/Ashton Woods property can be extended to June 30, 2017, with an additional option payment of $250,000 on or before March 30, 2016. The additional option payment would be credited toward the purchase price if the option is exercised by the City.
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 additional option payment will be credited toward the purchase price if the option is exercised by the City....
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