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RESOLUTION NO.18 failed SERIES 2015 A RESOLUTION APPROVING A PURCHASE CONTRACT TO BUY AND SELL REAL ESTATE FOR THE CITY'S ACQUISTION OF APPROXIMATELY 0.39 ACRES OF PROPERTY LOCATED AT 1125 PINE STREET IN THE CITY OF LOUISVILLE WHEREAS, the City of Louisville desires to acquire certain real property consisting of approximately 039 acres owned by Petra Properties, L.L.C., located at 1125 Pine Street in Louisville and legally described as Tract 699 -A & Tract 2578 A, Section 8, Township 1 South, Range 69 West of the 6th P.M. (Assessor's Parcel No. 157508400009) and Tract 2578 Less A & B, Section 8, Township 1 South, Range 69 West of the 6th P.M. (Assessor's Parcel No. 157508400005), City of Louisville, Boulder County, Colorado (the "Property"); and WHEREAS, the owner of the Property desires to sell the Property to Louisville, and there has been submitted to City Council a Purchase Contract to Buy and Sell Real Estate ( "Purchase Contract ") for sale and purchase of the Property upon terms and conditions mutually agreeable to the City and owner; and WHEREAS, the City Council by this Resolution desires to approve the Purchase Contract and approve other actions in connection with the acquisition of the Property; NOW, THEREFORE, 13E IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. That certain Purchase Contract to Buy and Sell Real Estate between the City of Louisville and Petra Properties, L.L.C., for the City's acquisition of the Property (the "Purchase Contract "), a copy of which Purchase Contract accompanies this Resolution, is hereby approved. Section 2. The Mayor and City Manager, or either of them, is authorized to execute the Purchase Contract, except that the Mayor and City Manager are hereby granted the authority to negotiate and approve such revisions to said Purchase Contract as they determine are necessary or desirable for the protection of the City, so long as the essential terms and conditions of the Purchase Contract are not altered. Section 3. The Mayor, City Manager, City Clerk and City Staff are further authorized to do all things necessary on behalf of the City to perform the obligations of the City under the Purchase Contract, and are further authorized to execute and deliver any and all documents necessary to effect the purchase of the Property under the terms and conditions of said Purchase Contract, including but not limited to execution and delivery of closing documents required by the Purchase Contract or the title company in connection with closing. Resolution No. 18, Series 2015 Page 1 of 2