Laserfiche WebLink
S <br /> EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br /> PROJECT TITLE: Consent COUNCIL BILL# <br /> Amendment No. 7 to Action Originating Department Facilities/Real Property <br /> Agreement for Purchase First Reading Contact Person Mike Palacios/Tom Hingson <br /> and Sale of Real Second Reading Phone Number 425-257-8938/8939 <br /> Property, in Third Reading FOR AGENDA OF September 6, 2017 <br /> substantially the form Public Hearing <br /> provided for former Briefing Initialed by: <br /> Smith Street Mill site Department Head <br /> CAA <br /> Council President <br /> Location Preceding Actions Attachments Department(s)Approval <br /> 3600 Smith Purchase and Sale Agreement June 29,2016 Amendment Facilities/Real Property, <br /> Avenue Amendment No. 6 April 26,2017 No. 7 Transit, Legal, <br /> Administration <br /> Amount Budgeted $4,000,000.00 plus closing <br /> Expenditure Required $4,000,000.00 plus closing Account Number(s): Fund 425 <br /> Budget Remaining <br /> Additional Required <br /> DETAILED SUMMARY STATEMENT: <br /> On June 29, 2016, Council approved the purchase and sale agreement for the acquisition of the former Smith <br /> Street Mill site located at 3600 Smith Avenue, which is adjacent to and immediately south of the Everett <br /> Station. The site will be used for Transit operations with initial use as bus parking, allowing Transit to <br /> discontinue leasing space at 2911 California Avenue. The site will also provide a potential placeholder for <br /> the City to meet its obligation to Sound Transit for a future 80-space parking lot for Everett Station. <br /> On April 26, 2017, Council approved Amendment No. 6 extending the Inspection Period from April 30, <br /> 2017 to September 30,2017,in order for the Seller and City to finalize the sale terms. <br /> The attached Amendment No. 7 waives the City's Inspection Period contingencies and amends the sale terms <br /> as follows: 1. Changes the Purchase Price to $3,178,500.00 (discounted$821,500.00 from$4,000,000.00 for <br /> City to perform clean-up of contaminated soils located on the property) 2.Establishes Environmental <br /> Holdback of seller proceeds to cover any clean-up costs that exceed the $821,500.00 clean-up cost estimate. <br /> 3. Establishes additional $20,000.00 price reduction if property has not been cleared of remaining debris at <br /> the time of closing. <br /> RECOMMENDATION(Exact action requested of Council): <br /> Authorize the Mayor to sign Amendment No. 7 to the Agreement for Purchase and Sale of Real Property,in <br /> substantially the form provided for former Smith Street Mill site. <br /> 1 <br />