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Page 1 of 2 Ogden City Council Meeting: September12, 2017 TRANSFER OF REAL ESTATE PURCHASE CONTRACT FROM REDEVELOPMENT AGENCY TO OGDEN CITY – Courtyard Inn Motel - 445 25th Street - Tax ID #01-015-0023 (0.22 Acres) Action: Approve or Not Approve Resolution Executive Summary The Council will consider a Resolution authorizing the Mayor to execute documents to effect the transfer of the Real Estate Purchase Contract and Promissory Note for the Courtyard Inn Motel located at 445 25th Street from the Redevelopment Agency to Ogden City. Background July 11, 2017 The Redevelopment Agency Board Office received an Administrative Transmittal requesting approval of the purchase of the Courtyard Inn Motel located at 445 25th Street. August 22, 2017 The Redevelopment Agency Board adopted Resolution 2017-7 authorizing the Executive Director to execute a Real Estate Purchase Contract and Promissory Note (REPC) for purchase of property at 445 25th Street located on the southwest corner of 25th and Ogden Avenue. A summary of the REPC follows: Sellers: Jayhoun S. Saissan and Jalal A. Afnane Description: Tax ID # 01-015-0023 (0.22 acres) Purchase Price: $970,000 Terms: $50,000 Earnest Money (applicable to Purchase Price), Due July 11, 2017 Cash Due at Closing $200,000 Promissory Note for $720,000 to be paid within one year of Closing Closing Costs: Fees shall be split equally, Seller pays commissions. Closing Date: Not later than October 2, 2017 ---PAGE BREAK--- Page 2 of 2 Ogden City Council Meeting: September12, 2017 September 7, 2017 The Council Office received an Administrative Transmittal requesting that the REPC for purchase of 445 25th Street be assigned to Ogden City prior to completion of the purchase transaction. Board Staff requested that a similar Transmittal and Resolution be submitted for action by the Board to authorize the Agency’s transaction. September 11, 2017 The Board Office received an Administrative Transmittal requesting that the REPC for purchase of 445 25th Street be transferred from the Redevelopment Agency to Ogden City prior to completion of the purchase transaction. Proposal The Administration is requesting that the Council authorize the Mayor to execute a First Amendment to the Real Estate Purchase Contract and Novation Agreement (Amendment). Under the terms of the Amendment, the REPC and Promissory Note would be transferred from the Redevelopment Agency to Ogden City and the City would be treated as the original party to the Contract. Funding for the initial $250,000 down payment was funded in the FY18 Capital Improvement Fund. Attachments Plat Map – 660 W. 24th Street Google Street View – 445 25th Street Questions 1. Please review the terms of the REPC, First Amendment, and Promissory Note. 2. Please explain why the purchase is best completed by Ogden City and not the Redevelopment Agency. Council Staff Contact: Janene Eller-Smith, (801)629-8165 ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- 2017-19 ---PAGE BREAK--- ---PAGE BREAK--- Attachment A ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- Attachment B ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- Attachment C ---PAGE BREAK---