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<br /> PROJECT TITLE: 6
<br /> Amendment No. 3 to Property Consent- COUNCIL BILL#
<br /> Purchase Agreement with X Action Originating Department Real Property
<br /> Touchstone Corporation for the First Reading Contact Person Mike Palacios
<br /> purchase and redevelopment of Second Reading Phone Number 425-257-8938
<br /> the Allen Buick Property Third Reading FOR AGENDA OF Feb. 10,2010
<br /> extending the feasibility period Public Hearing
<br /> to June 16, 2010 Initialed by:
<br /> Department Head Air
<br /> CAA I_ lb
<br /> Council President
<br /> Location Preceding Action Attachments Department(s)Approval
<br /> Allen Buick Property, 10/15/08 Resolution and Amendment No. 3 Legal
<br /> SE Corner of Colby Ave Property Purchase Real Property
<br /> and Wall Street Agreement Approval
<br /> 4/8/09 Amendment No. 1
<br /> 10/7/09 Amendment No.
<br /> 2
<br /> Amount Budgeted -0-
<br /> ' Expenditure Required -0- Account Number(s):
<br /> Budget Remaining -0-
<br /> Additional Required -0-
<br /> DETAILED SUMMARY STATEMENT:
<br /> On October 15,2008,City Council adopted Resolution No. 6068 declaring as surplus the City-owned real property
<br /> commonly known as the Allen-Buick Property,and authorized the Mayor to execute the Property Purchase Agreement
<br /> with Touchstone Corporation for the sale of the property.
<br /> Section 4(a) and(b)of the Property Purchase Agreement provided for a six-month feasibility period to conduct studies
<br /> and to determine that the property is economically and otherwise feasible for the purchaser's intended use,prior to the
<br /> transaction closing. On April 14,2009,the City and Touchstone executed Amendment No. 1 to the agreement,
<br /> extending the feasibility period to October 16,2009,with a second Amendment approved on October 7,2009,which
<br /> extended the feasibility period to February 16,2010.
<br /> Touchstone has completed studies of the property including a site Survey,a Phase I and Phase II Environmental Site
<br /> Assessment,a Geotechnical Evaluation of the property and various Conceptual Design Plans for the proposed hotel
<br /> project to be constructed on the site.
<br /> The City and Touchstone have made significant progress related to the specific environmental issues,geotechnical issues
<br /> and project design concerns for the hotel project,including parking access,location,and costs of parking. Amendment
<br /> No. 3 will extend the agreement to June 16,2010,and allow for sufficient time to complete discussions and negotiations
<br /> regarding remaining issues.
<br /> RECOMMENDATION:
<br /> Authorize the Mayor to sign Amendment No. 3 to Property Purchase Agreement with Touchstone Corporation for the
<br /> purchase and redevelopment of the Allen Buick Property extending the feasibility period to June 16,2010.
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