06-14-2021 Council Packet - Laserfiche WebLink

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CITY COUNCIL AGENDA ITEM 6C STAFF ORIGINATOR: Michael Grochala, Community Development Director MEETING DATE: June 14, 2021 TOPIC: Consider 2nd Reading of Ordinance 04-21, Approving Sale of Land to Vaquero Ventures Management, LLC. VOTE REQUIRED: 3/5 INTRODUCTION Staff is requesting City Council consideration for the sale of land to Vaquero Ventures Management, LLC (Buyer). BACKGROUND Lots 12 & 13, Block 2 of Carole’s Estates 2nd Addition are immediately south of the American Legion and currently undeveloped. The property is approximately 2 acres in area. Vaquero Management has agreed to a purchase price of $525,000 ($6.00 SF). The purchase is subject to a 120 day buyer contingency period with options for 2-60 day extensions. Under the terms of the agreement, buyer will execute a restrictive covenant prohibiting use of property for automobile/truck repair or a Motor Fuel station with the exception of ancillary operations customary to a retail store selling automobile parts and accessories. The city will also retain the right to repurchase the property at the original sale price if buyer does not procure a building permit and commence construction within two years. The sale is also contingent on approval between both parties of a subsequent agreement regarding relocation of 77th Street, vacation of existing 77th Street, and provision of drainage easements for existing ponding on the site. The purchase is also contingent on the acquisition of an adjacent residential property, south of 77th, by the buyer. The City Council approved the First Reading of Ordinance 04-21 on May 24, 2021. RECOMMENDATION Staff is recommending approval of the 2nd Reading of Ordinance No. 04-21. ATTACHMENTS 1. Ordinance No. 04-21 2. General Location Map 3. Draft Purchase Agreement