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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br /> PROJECT TITLE: <br /> Amendment No. 5 to Property Consent COUNCIL BILL# <br /> Purchase Agreement with Action Originating Department Real Property/Legal <br /> Touchstone Corporation for First Reading Contact Person Michael Palacios <br /> the Purchase and <br /> Redevelopment of the Allen Tim Benedict <br /> Buick Property Second Reading Phone Number (425) 257-8938 <br /> (425)257-8669 <br /> Third Reading FOR AGENDA OF <br /> Public Hearing <br /> Proposed Action Initialed by: <br /> Department Head &CD <br /> CAA <br /> Council President /< <br /> Location Preceding Action Attachments Department(s)Approval <br /> Allen Buick Property, 10/15/08 Resolution and Amendment No. 5 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 /> 2/10/10 AmendmentNo.3 <br /> 6/16/10Amendment No.4 <br /> Amount Budgeted $450,000.00 <br /> Expenditure Required Up to $450,000.00 Account Number(s): Fund 162—CIP 4 <br /> Budget Remaining $450,000.00 <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 <br /> property commonly known as the Allen-Buick Property and authorized the Mayor to execute the Property <br /> Purchase Agreement with Touchstone Corporation for the sale of the property. <br /> Subsequent amendments to the Property Purchase Agreement were approved by Council extending the <br /> feasibility period to conduct studies and determine if the property is economically and otherwise feasible for <br /> Purchaser's intended use prior to the transaction closing. <br /> The City and Touchstone have tentatively reached agreement on the substantive conditions for the purchase and <br /> development of the property including: a parking easement in exchange for the$1.6 million dollar purchase <br /> price, covenants restricting the site to a hotel development and specifying certain design requirements for the <br /> project,and City and developer responsibilities related to site issues relative to the proposed hotel development. <br /> RECOMMENDATION (Exact action requested of Council): <br /> Authorize the Mayor to sign Amendment No. 5 to Property Purchase Agreement with Touchstone <br /> Corporation for the Purchase and Redevelopment of tte9k1len Buick Property. <br />