2010/11/03 Council Agenda Packet

< B\TERETt:CITY CQCJNCIT AOEh1DA ITEM COVER SHEET PROJECT TITLE: 5 Amendment No. 6 to Property 11-3-10 Briefing COUNCIL BILL# Purchase Agreement with Proposed Action Originating Department Real Property Touchstone Corporation for the Consent Contact Person Mike Palacios Purchase and Redevelopment 11-10-10 Action Phone Number 425-257-8938 of the Allen Buick Property First Reading FOR AGENDA OF 11-3-10 extending the Project Review Second Reading 11-10-10 Period to January 16,2011 Third Reading Public Hearing Initialed by: Department Head CAA Council President 0--ge Location Preceding Action Attachments Department(s)Approval Allen Buick Property, 10/15/08 Resolution and Amendment No.6 Legal SE Corner of Colby Ave Property Purchase Real Property and Wall Street Agreement Approval 4/8/09 Amendment No. 1 10/7/09 Amendment No.2 2/10/10 AmendmentNo.3 6/16/10 AmendmentNo.4 8/11/10 AmendmentNo.5 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 and redevelopment of the property. The Property Purchase Agreement provides for a Project Review Period ending on November 16, 2010. The proposed Amendment No. 6 would extend the Project Review Period until January 16, 2011, which will give Touchstone and the City sufficient time to review the proposed design elements of the hotel project before presenting the design to Council. RECOMMENDATION (Exact action requested of Council): Authorize the Mayor to sign Amendment No. 6 to Property Purchase Agreement with Touchstone Corporation for the Purchase and Redevelopment of the Allen Buick Property extending the Project Review Period to January 16, 2011. 87