2008/10/15 Council Agenda Packet

., ,mss- tt e tr CS ' r y,4 '�.`` �.y.�*{' "J�at'�W�:"ry` r ro '� ' .a.,rte. " it. < "� • Sa= {� r ...�., .... r .��..... u,..iP i �wa...:.. $i,w.ac +�&� at2^'.s..... t..9 �:' aahEk i1.3.5.:;"''S.'Y+``•k PROJECT TITLE: Resolution declaring as surplus Consent COUNCIL BILL# the City owned real property X Action Originating Department Facilities & located at the southeast corner Property Mgt. of Colby Ave and Wall Street First Reading Contact Person Mike Palacios commonly known as the Allen- Second Reading Phone Number 257-8938 Buick Property and authorizing Third Reading FOR AGENDA OF October 15, the Mayor to execute its sale to 2008 Touchstone Corporation per Public Hearing the Property Purchase Initialed by: Agreement. Department Head CAA Council President Location Preceding Action Attachments Department(s)Approval Southeast corner of Colby 6/11/08 RFP Award 1.Resolution All Ave and Wall Street 9/3/08 RFP Extension 2.Property Purchase Agreement Amount Budgeted -0- Expenditure Required -0- Account Number(s): N/A Budget Remaining -0- Additional Required -0- DETAILED SUMMARY STATEMENT: The City of Everett requested proposals(RFP 2007-114) from qualified developers to purchase and develop a mixed use building on the City owned property located at the southeast corner of Colby Ave and Wall Street commonly known as the Allen Buick property which is an approximately .44 acre site that is zoned B-3 Community Business and presently improved with a surface parking lot. On June 11, 2008, City Council awarded RFP 2007-114 to Touchstone Corporation for the purchase and redevelopment of the Allen Buick Property and authorized the Mayor and City Attorney's office to undertake negotiations with Touchstone Corporation pursuant to the RFP. On September 3,2008, City Council granted a thirty(30)day extension for the City and Touchstone to conclude negotiations on a final form of an agreement for the purchase and redevelopment of the property. A final agreement has been reached with Touchstone Corporation which sets forth the complete terms and conditions for the sale and redevelopment of the property. At a minimum the agreement requires: 1)the development of an eight (8) story mixed use building consisting of a hotel, retail, and below grade parking; 2)City review and approval of the. building design prior to submittal for construction; 3) sales price of$1.6 million; and 4)restrictions on the conveyance of the property after construction completion. RECOMMENDATION(Exact action requested of Council): Adopt Resolution declaring as surplus the City owned real property located at the southeast corner of Colby Ave and Wall Street commonly known as the Allen-Buick Property and authorizing the Mayor to execute its sale to Touchstone Corporation per the Property Purchase Agreement.