HomeMy WebLinkAbout111 - 10/19/1993 - APPROVING AN ADDENDUM TO THE AGREEMENT OF SALE OF REAL PROPERTY TO THE SHIELDS STREET CORPORATION ORDINANCE NO. 111, 1993
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING AN ADDENDUM TO THE AGREEMENT OF PURCHASE AND SALE
OF REAL PROPERTY FOR THE SALE TO THE SHIELDS STREET CORPORATION
WHEREAS, on July 20, 1993, the Council of the City of Fort Collins ("the
Council") adopted Ordinance No. 79, 1993, authorizing the City to sell a tract
of land in the Cunningham Corner PUD ("the Property") to the Shields Street
Corporation ("Shields Street") ; and
WHEREAS, in connection with its authorization, the Council also approved
the Agreement of Purchase and Sale of Real Property dated June 28, 1993, between
the City and Shields Street ("the Purchase Agreement") pursuant to which the City
agreed to sell the Property to Shields Street for Two Hundred and Sixty Thousand
Dollars ($260,000) ; and
WHEREAS, paragraph 6. of the Purchase Agreement provides that the closing
for the sale of the Property is to occur on or before December 1, 1993; and
WHEREAS, paragraph 21.B. of the Purchase Agreement provides that the
closing of this transaction is contingent upon Shields Street obtaining on or
before December 1, 1993, certain financing for its development on the Property;
and
WHEREAS, additional time is needed to obtain the necessary financing to
satisfy the financing contingency of the Purchase Agreement; and
WHEREAS, Shields Street has requested the City to enter into an Addendum
Agreement amending the Purchase Agreement to provide for a new closing date of
March 31, 1994, and extending the deadline for satisfying the financing
contingency until March 31, 1994.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
1. That the Council hereby approves an amendment of paragraph 6. of the
Purchase Agreement to provide for a new closing date of March 31, 1994, and an
amendment of paragraph 21.B. of the Purchase Agreement for March 31, 1994, to be
the new date by which the financing contingency must be satisfied.
2. That the Mayor is hereby authorized to execute such agreements as are
necessary for the City and Shields Street to amend the Purchase Agreement to
provide for a new closing date of March 31, 1994, and a new financing contingency
date of March 31, 1994.
Introduced, considered favorably on first reading, and ordered published
this 5th day of October, A.D. 1993, and to be presente final passagg the
19th day of October, A.D. 1993. �-
i
ayor
ATTEST:
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City Clerk
Passed and adopted on final reading this 19th day of October, A.D. 1993.
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ATTEST1(:�, /1�L
City Clerk