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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET F <br />PROJECT TITLE: <br />Real Estate Purchase and Sale <br />Briefing <br />COUNCIL BILL # <br />Agreement for sale of City <br />Proposed Action <br />Originating Dept. <br />Facilities/Real Prop. <br />owned Library Parking Lot to <br />Consent <br />Contact Person <br />Mike Palacios <br />Williams Investments I, LLC. X <br />Action <br />Phone Number <br />(425) 257-8938 <br />First Reading <br />FOR AGENDA OF <br />7/17/2019 <br />Second Reading <br />Third Reading <br />Initialed by: <br />Public Hearing <br />Department Head <br />Budget Advisory <br />CAA <br />Council President <br />Location PrecedinLy <br />Action Attachments Department(s) <br />Approval <br />2702 and 2710 Resolution <br />No. 7309 Purchase/Sale Agreement Legal, Facilities/Property <br />Rucker Avenue 11/14/18 <br />Management <br />Amount Budgeted <br />$ /yr <br />Expenditure Required <br />$ /yr <br />Account Number(s): General Fund <br />Budget Remaining <br />-0- <br />Additional Required <br />-0- <br />DETAILED SUMMARY STATEMENT: <br />Following the Public Hearing on November 14, 2018, Council passed Resolution No. 7309 declaring <br />certain city owned properties as surplus to the City's needs and authorizing the sale of the properties. One <br />of the properties listed for surplus in the Resolution is the overflow library parking lot and the adjoining <br />parcel located at 2702 and 2710 Rucker Ave. <br />The property is located within the Everett Metro UM - Urban Mixed zoning district. Development of the <br />property will be consistent with the zoning standards and other requirements of the Everett Municipal <br />Code. <br />After marketing the property for sale and reviewing the best and final offers that were received by the <br />City, staff is recommending that Council approve the attached Purchase and Sale Agreement with <br />Williams Investments I, LLC as the best offer and authorize the Mayor to execute the agreement. <br />The attached Purchase and Sale Agreement provides for the proposed sale of the property for a cash sales <br />price of $905,000 The City would be responsible for its broker fee of 3% of the sales price and typical half <br />closing costs. <br />As required by Resolution No. 7309, the proposed sales price is not less than 100% of the appraised value <br />($750,000) of the property. <br />RECOMMENDATION: <br />Authorize the Mayor to execute Real Estate Purchase and Sale Agreement for sale of the City- owned <br />Library Parking Lot to Williams Investments I, LLC. 33 <br />