2009/10/07 Council Agenda Packet

_ Gyc �1 C � �oii�Cl, gCe 1 ,\�[ �1[ r � 5g � 1 PROJECT TITLE: 13' Amendment No. 2 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 Third Reading FOR AGENDA OF 10/07/2009 Public Hearing Initialed by: Department Head CAA Council President aa. Location Preceding Action Attachments Department(s)Approval Allen Buick Property, 10/15/08 Resolution and Amendment No.2 Legal SE Corner of Colby Ave Property Purchase Real Property and Wall Street Agreement Approval 4/8/09 Amendment No. 1 9/16/09 R.E. Committee 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. On April 14,2009,the City and Touchstone executed Amendment No. 1 to the Agreement extending the feasibility period to October 16,2009. Touchstone has completed studies of the property including;a site Survey,a Phase I and Phase II Environmental Site Assessment,a Geotechnical Evaluation of the property,and Conceptual Design Plans for the proposed hotel project to be constructed on the site. The City and Touchstone have made significant progress related to the specific environmental issues,geotechnical issues, and project design concerns for the hotel project including parking access,location,and costs of parking. An extension to February 16, 2010 is requested for the purposes of permitting sufficient time to complete discussions and further negotiations regarding remaining issues. RECOMMENDATION (Exact action requested of Council): Authorize the Mayor to sign Amendment No.2 to Property Purchase Agreement with Touchstone Corporation for the Purchase and Redevelopment of the Allen Buick Property extending the feasibility period to February 16,2010. 45