City Council Minutes 2008 09 02 - Laserfiche WebLink

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City Council Meeting Minutes September 2, 2008 Page 6 of 13 PROPERTY ACQUISITION (DOWNTOWN POST OFFICE PROPERTY) ORDINANCE No. 1540, SERIES 2008 - AN ORDINANCE AUTHORIZING THE PAYMENT OF CITY MONEYS FOR THE ACQUISITION OF PROPERTY LEGALLY DESCRIBED AS LOTS 1, 2, 3, 4, 5 AND 6, BLOCK 4, TOWN OF LOUISVILLE -PUBLIC HEARING RESOLUTION No. 40, SERIES 2008 - A RESOLUTION APPROVING A PURCHASE CONTRACT TO BUY AND SELL REAL ESTATE FOR ACQUISITION OF PROPERTY LEGALLY DESCRIBED AS LOTS 1, 2, 3, 4, 5 AND 6, BLOCK 4, TOWN OF LOUISVILLE AND RATIFYING AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH Mayor Sisk requested a City Attorney introduction. City Attorney Light read Ordinance No. 1540, Series 2008, and reviewed the accompanying Resolution No. 40, Series 2008. Mayor Sisk opened the public hearing and requested a Staff presentation. City Manager Fleming explained Ordinance No.1540, Series 2008 authorizes payment for the purchase of the Post Office site. The City and owner of the property have entered into a purchase contract to buy and sell the property at a purchase price of $1,500,000, plus additional costs for an appraisal, survey and other closing costs. The purchase will be funded from the Capital Projects Fund. The closing for the property is scheduled for November however the property may close as early as October. He reported the property has been appraised at $1,800,000. The property is currently leased by the Post Office until February of 2009. The City will negotiate with the Post Office to continue the lease contact. Resolution No. 40, Series 2008 authorizes the purchase contract to purchase the Post Office property. The Mayor or City Manager is authorized to execute amendments to the purchase contract as deemed necessary for the protection of the City, so long as the essential terrns and conditions of the Purchase Contract are not altered. Mayor Sisk requested public comment and hearing none, closed the public hearing. MOTION: Councilor Ron Sackett moved to approve Ordinance No. 1540, Series 2008, seconded by Councilor Yarnell Roll call vote was taken. The motion carried by a vote of 7-0.