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<br /> <br /> City Council Agenda Item Cover Sheet <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Project title: Purchase and Sale Agreement and Authorization of the Sale of 1st Place West to AMA Ventures LLC <br />Council Bill # interoffice use <br /> <br />Project: Purchase and Sale Agreement with AMA Ventures LLC <br />Partner/Supplier: AMA Ventures LLC <br /> Location: 1st Place West and 100th Street SW <br />Preceding action: 11/14/2018 <br />Fund: General Fund Property 146 <br />Agenda dates requested: <br /> <br /> <br />Briefing <br />Proposed action <br />Consent 5/22/2024 <br />Action <br />Ordinance <br />Public hearing <br /> Yes X No <br /> <br />Budget amendment: <br /> Yes X No <br /> <br />PowerPoint presentation: <br /> Yes X No <br /> <br />Attachments: <br />Purchase and Sale Agreement <br /> <br />Department(s) involved: <br />Real Property <br />Parks & Facilities <br /> <br />Contact person: <br />Bob Leonard <br /> <br />Phone number: <br />425-257-8335 <br /> <br />Email: <br />bleonard@everettwa.gov <br />Initialed by: <br />RML <br />Department head <br /> <br />Administration <br /> <br />Council President <br />Fiscal summary statement: <br />The City’s property located at 1st Place West and 100th Street SE was listed for sale in December <br />2023. The City received an offer of $225,000 from AMA Ventures LLC (“Buyer”). The offered <br />purchase price is within the fair market value range. The Purchase and Sale Agreement provides <br />that Buyer will deposit $10,000 in earnest money into escrow and has 7 days for feasibility. <br />Closing is to occur no later than 90 days from the effective date of the Purchase and Sale <br />Agreement. The effective date of the Agreement is May 2, 2024. <br />Project summary statement: <br />In November 2018, City Council adopted Resolution No. 7309, declaring certain City properties as <br />surplus and authorizing the sale of those properties. The City’s property located at 1st Place West <br />and 100th Street SE was among those identified as surplus and was listed for sale in December <br />2023. The City received an offer of $225,000 from AMA Ventures LLC. The Buyer intends to build <br />multi-family housing on the property, as is permissible under current zoning. <br />The effective date of the Purchase and Sale Agreement is upon execution by both parties. Per the <br />agreement, the Mayor may sign to establish the effective date and the closing of the transaction <br />is subject to City Council approval and authorization of the sale. <br />Recommendation (exact action requested of Council): <br />Approve the Purchase and Sale Agreement and authorization of the sale of 1st Place West to AMA <br />Ventures LLC. <br />