2016/06/29 Council Agenda Packet

EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET 9 PROJECT TITLE: Adopt Resolution and Briefing COUNCIL BILL# authorize the Mayor to sign Proposed Action Originating Department Real Property Purchase and Sale Agreement Consent Contact Person Mike Palacios with SSLM Properties LLC,in Tom Hingson substantially the form as 6/29/16 Action Phone Number 425-257-8938 attached and take all other 425-257-8939 actions necessary for the First Reading FOR AGENDA OF June 29,2016 acquisition of property located Second Reading at 3600 Smith Avenue. Third Reading Initialed by: Public Hearing Department Head Budget Advisory CAA Council President Location Preceding Action Attachments Department(s)Approval 3600 Smith Avenue Purchase and Sale Administration,Legal, Agreement, Map Transit,Real Property Amount Budgeted $4,000,000.00 plus closing Expenditure Required $4,000,000.00 plus closing Account Number(s): Fund 425 Budget Remaining -0- Additional Required -0- DETAILED SUMMARY STATEMENT: The City proposes to acquire the former Smith Street Mill site located at 3600 Smith Avenue which is adjacent to and immediately south of the Everett Station. The site will be.used for Transit operations with the initial use as bus parking allowing Transit to discontinue leasing space at 2911 California Avenue. The site will also provide a potential placeholder for the City to meet its obligation to Sound Transit for a future 100 space parking lot for the Everett Station. The site is approximately 4.72 acres in size and extends from Everett Station on the north to just south of 37th Street and runs along the west side of the BNSF railroad right of way. The purchase agreement provides for a 90-day due diligence period to investigate the condition of the site. Upon the City's satisfaction of its due diligence,the City can exercise its rights and acquire the site for$4,000,000.00 plus closing costs. RECOMMENDATION: Adopt Resolution and authorize the Mayor to sign Purchase and Sale Agreement with SSLM Properties LLC,in substantially the form as attached and take all other actions necessary for the acquisition of property located at 3600 Smith Avenue in the amount of$4,08(000.00 plus closing costs.