Laserfiche WebLink
MINUTES <br />CITY COUNCIL <br />OCTOBER 27, 1999 <br />Pedersen asked if something could come up that would cause North Wild <br />to walk away from the deal. <br />The City Attorney pointed out that the property is being purchased from <br />the seller. The seller has guaranteed title, and they do not have title to the <br />pond property. The status at this point is that the title is not marketable. <br />The City Administrator indicated that there are some title issues with the <br />other two parcels; however, these can be cleared up at closing. <br />Pedersen asked if all three parcels were necessary for the Goodyear <br />project. The City Administrator replied that the lay-out of the building <br />would be impacted without the pond property. <br />Pedersen asked what the City's risk was in closing on the two parcels at <br />this time and delaying the closing on the third. The City Attorney pointed <br />ouY that the purchase agreement provides that the seller will deliver all <br />three parcels. They are not able to do that at this time. <br />Fahey agreed there was some risk to the City in proceeding with the <br />purchase of the two parcels without the third. <br />Morelan asked about the sale of a portion of the pond property to Frank <br />Frattalone. The City Administrator indicated that it was his <br />recommendation that the portion of the pond property abuttin~ Park Street <br />be divided and sold to Frattalone for combination with his existing parcel <br />on Park. The Administrator noted that this piece has no value to the <br />Goodyear project, and the project can recover some costs in selling this <br />piece to Frattalone. <br />Reiling indicated that North Wild would like to proceed with the closing <br />and is willing to escrow funds for the pond property until the title issue <br />can be resolved. Reiling felt it was unreasonable for RJ Marco to delay <br />the closing at North Wild's expense. He also indicated that in signing the <br />purchase agreement, they anticipated closing on October 15'" and that they <br />would have use of their money at that point. Delaying the closing is <br />costing them money. <br />Scalze indicated that she agreed with Fahey that the closing should <br />proceed with an escrow for the pond property until title is cleared. <br />Reiling felt there was a lot more incentive for them to clear up the title <br />problem if the closing occurs as quickly as it can. <br />Mr. Fahey introduced the following resolution and moved its adoption: <br />21 <br />