Title
Agenda Item:
Approval of Purchase and Sale Agreement for Purchase of Isthmus Parcels
Body
Issue:
The City and Capital Shores Investments, LLC have mutually agreed upon terms for a Purchase and Sale Agreement for the purchase of properties located at 505 and 529 4th Avenue W.
Committee Recommendation:
N/A
City Manager’s Recommendation:
Move to authorize the City Manager to sign the Purchase and Sale Agreement for the acquisition of the Capital Shores Investments parcels located at 505 and 529 4th Avenue W, Olympia
Staff Contact:
Jay Burney, Assistant City Manager, 360.753.8740
Tom Morrill, City Attorney, 360.753.8223
Presenter(s):
Jay Burney, Assistant City Manager
Background and Analysis:
The City Council directed staff to work with partners to develop an acquisition strategy for the Isthmus properties, shown in Attachment 1. Since 2011, staff has been working with the Olympia Capitol Park Foundation, Thurston County, and the State of Washington to look for opportunities to acquire these properties.
Council placed a priority on the acquisition of the Capital Shores Investments (Larida) parcels shown in Attachment 2, committing $1,700,000 in City funds, matched with $600,000 in Conservation Futures funding from Thurston County towards these parcels.
Staff has been in active negotiations with the property owner for the past year. During this time, staff has performed due diligence on the properties, including completing both a Phase I and a Phase II environmental assessment.
Staff and Capital Shores Investments have reached agreement on a Purchase and Sale Agreement (PSA), which sets the purchase price at $3,100,000 plus payment of all real property taxes on the parcels, estimated at around $200,000. The PSA contains a clause that the acquisition is contingent upon the City receiving money through the State, as well as a clause that purchase is contingent on the City receiving favorable results from its environmental assessment of the propertie...
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