HomeMy Public PortalAbout1996_07_03_R152 The Town of
Leesburg,
Virginia
RESOLUTION NO. 96-152
A RESOLUTION:
AUTHORIZING THE MAYOR TO
DOCUMENTS TO SELL VINEGAR
PARKING LOTS
PRESENTED July 3, 1996
ADOPTED July 3, 1996
EXECUTE THE NECESSARY
HILL AND SOUTH STREET
WHEREAS, Market Station L.L.C. has been discussing the possibility of purchasing the Vinegar
Hill and South Street parking lots from the town in connection with its purchase of the land under
Market Station for several months; and
WHEREAS, the effective economic development of Market Station is in the best interest of the
Town of Leesburg; and
WHEREAS, ownership and control of the parking necessary to ensure Market Station's success
should be held by the owner of Market Station, a commercial entity; and
WHEREAS, Town Council is empowered under Article 7, Section 9 of the Constitution of the
State of Virginia to sell town property; and
WHEREAS, the sale of the parking lots will return the prope~i~y to the tax rolls and will
eliminate town maintenance responsibilities.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The mayor is hereby authorized to execute the necessary documents as approved
by the town attorney to sell and transfer the Vinegar Hill and South Street parking lots for $200,000 to
Market Station L.L.C. on or before July 26, 1996, with special warranty of title. Such transfer is
contingent upon the following: (1) settlement of the land under Market Station simultaneously with
settlement on such parking lots, (2) establishment of an escrow account with the bank (lender) for
Market Station L.L.C. in the amount of $25,000 for repairs and improvements by Market Station L.L.C.
for such parking lots to include but not be limited to asphalt repairs, seal coats and wooden ties, within
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RESOLUTION - VINEGAR HILL AND SOUTH STREET PARKING LOTS
one year of settlement. In the event the repairs of such parking lots are not completed within one year
of settlement, Market Station, L.L.C., shall pay to the town (the difference between the $25,000 and the
documented and invoiced repairs made during such year.) and (3) conveyance and dedication by Market
Station L.L.C. to the town of waterline, storm drainage and sanitary sewer easements on such property
as designated by the town in a form approved by the town attorney at the expense of Market Station,
L.L.C., (4) transfer of the parking lots, subject to all encumbrances of record, (5) evidence provided to
the Town of Leesburg within five (5) days of adoption of this resolution in a form approved by the Town
Attorney that at least $300,000 will be escrowed with the Bank (lender) of Market Station L.L.C. at
settlement for repairs to Market Station, and (6) restrictions as set forth herein.
SECTION II. Such transfer shall be subject to the following restrictions: (1) said property shall
be used only as parking lots for a period of seventeen years from the date of settlement, and such
restriction shall be within the Deed, and (2) said parking lots shall be maintained in good condition by
the owner with all existing landscaping or replacement or improvement of such landscaping as necessary.
PASSED this .3rd day of July, 1996.
ATTEST:
Clerk of Council
Jfi4nes E. Clem, Mayor
Town of Leesburg
R:Market. Station