2009/04/08 Council Agenda Packet

EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET PROJECT TITLE: Amendment to Property Consent COUNCIL BILL# Purchase Agreement with X Action Originating Department Real Property Touchstone Corporation for the First Reading Contact Person Mike Palacios Purchase and Redevelopment Second Reading Phone Number 425-257-8938 of the Allen Buick Property by Third Reading FOR AGENDA OF April 8, 2009 extending the feasibility period Public Hearing for six (6) months. Initialed by: Department Head (� CAA Council President Location Preceding Action Attachments Department(s) Approval Allen Buick Property, 10/15/08 Resolution and Amendment Legal SE Corner of Colby Ave Property Purchase Real Property and Wall Street Agreement Approval Amount Budgeted -0- Expenditure Required -0- Account Number(s): Budget Remaining -0- Additional Required -0- DETAILED SUMMARY STATEMENT: On October 15, 2008, City Council adopted Resolution No. 6068 declaring as surplus the City owned real property commonly known as the Allen-Buick Property and authorized the Mayor to execute the Property Purchase Agreement with Touchstone Corporation for the sale of the property. Section 4(a) and (b) of the Property Purchase Agreement provided for a six (6)month feasibility period to conduct studies and to determine that the property is economically and otherwise feasible for Purchaser's intended use prior to the transaction closing. The six (6)month period provided will end on April 16, 2009. Touchstone has completed studies of the Property including; a site Survey; a Phase I and Phase II Environmental Site Assessment; and Geotechnical Evaluation of the Property for the proposed hotel project to be constructed on the site. These studies have resulted in the need for additional time to address concerns raised by Purchaser relating to; environmental issues; geotechnical issues;and Project Design concerns regarding parking for the project relating to access, location, and costs of parking for the Project. A six (6) month extension is requested for the purposes of permitting sufficient time to consider these issues. The six(6) month extension period will end on October 16,2009. RECOMMENDATION (Exact action requested of Council): Approve Amendment to Property Purchase Agreement with Touchstone Corporation for the Purchase and Redevelopment of the Allen Buick Property by extending the feasibility period for six(6)months.