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RESOLUTION NO. 48 <br />SERIES 2015 <br />A RESOLUTION APPROVING A PURCHASE AND SALE AGREEMENT FOR THE <br />CITY'S DISPOSITION OF PROPERTY LEGALLY DESCRIBED AS LOTS 1 AND 2, <br />BLOCK 4, TOWN OF LOUISVILLE, BOULDER COUNTY, COLORADO, AND <br />AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH <br />WHEREAS, the City of Louisville desires to dispose of certain real property consisting of <br />approximately 14,000 square feet to Front Street Ventures, LLC (the "Purchaser "), and legally <br />described as Lots 1 and 2, Block 4, Town of Louisville, County of Boulder, State of Colorado (the <br />"Property "); and <br />WHEREAS, the City desires to sell the Property to Purchaser, and there has been <br />submitted to City Council a Purchase and Sale Agreement ( "Purchase Contract ") for sale and <br />purchase of the Property upon terms and conditions mutually agreeable to the City and Purchaser; <br />and <br />WHEREAS, the City Council by this Resolution desires to approve the Purchase Contract <br />and approve other actions in connection with the acquisition of the Property; and <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF LOUISVILLE, COLORADO: <br />Section 1. That certain Purchase and Sale Agreement between the City of Louisville <br />and Front Street Ventures, LLC, for the City's disposition of the Property (the "Purchase <br />Contract "), a copy of which Purchase Contract accompanies this Resolution, is hereby approved. <br />Section 2. The Mayor and City Manager, or either of them, is authorized to execute the <br />Purchase Contract, except that the Mayor and City Manager are hereby granted the authority to <br />negotiate and approve such revisions to said Purchase Contract as they determine are necessary or <br />desirable for the protection of the City, so long as the essential terms and conditions of the Purchase <br />Contract are not altered. <br />Section 3. The Mayor, City Manager, City Clerk and City Staff are further authorized <br />to do all things necessary on behalf of the City to perform the obligations of the City under the <br />Purchase Contract, and are further authorized to execute and deliver any and all documents <br />necessary to effect the sale of the Property under the terms and conditions of said Purchase <br />Contract, including but not limited to execution and delivery of closing documents required by the <br />Purchase Contract or the title company in connection with closing. <br />Resolution No. 48, Series 2015 <br />Page 1 of 2 <br />