HomeMy Public PortalAboutResolution 02-01 Zatica Property PurchaseRESOLUTION NO. 02-1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF McCALL, IDAHO,
AUTHORIZING THE PURCHASE OF CERTAIN REAL PROPERTY; ESTABLISHING
THE TERMS OF SALE; ESTABLISHING THE ESCROW AGENT; AUTHORIZING THE
EXECUTION OF NECESSARY DOCUMENTS; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the City of McCall, Valley County, Idaho (the "City"), is a municipal
corporation duly organized and operating under and pursuant to the laws of the State of
Idaho; and
WHEREAS, the City has authorized and adopted various studies of parking needs
and downtown development, including the City of McCall Vehicle Parking Feasibility Study,
the Downtown Master Plan, and the McCall Area Comprehensive Plan; and
WHEREAS, certain properties have been identified as appropriate for the provision
of public parking, snow storage, and other municipal uses; and
WHEREAS, the City desires to purchase the former site of the Jordon Motel, also
known as 1008 First Street; and
WHEREAS, the property has been recently appraised and the property owner has
agreed to sell the property for the appraised value.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF McCALL, of Valley County, Idaho, as follows:
Section 1 • The Mayor, City Clerk, or any other City Officials, as shall be
appropriate, are hereby authorized to execute any documents as may be necessary or
appropriate to carry out the intent of this Resolution and purchase the above -referenced
parcel of property.
Section 2: The terms of sale shall be substantially as follows: The purchase price
shall be $173,800, including $1,000 earnest money provided with the purchase offer and
$32,900 payable at closing. The balance of the purchase price shall be payable in annual
installments of $24,000, commencing on October 15, 2002, and continuing on each October
15 thereafter until the balance and accrued interest is paid in full. The interest rate shall be
eight percent (8%) per annum on the unpaid principal balance.
Section 3: AmeriTitle shall serve as the Escrow Agent for the purchase and all
aspects of the transaction.
Section 4: This Resolution shall take effect and be in force from and after its
passage and approval.
Passed and approved this 10th day of January 2002.
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Cat leen Koch, City Clerk
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, Mayor