HomeMy Public PortalAbout2006_03_28_r059
The Town of
Leesburg,
Virginia
PRESENTED March 28. 2006
RESOLUTION NO. 2006-59
ADOPTED
March 28. 2006
A RESOLUTION:
EXERCISING RIGHT OF FIRST REFUSAL FOR 5 AND 7 WIRT STREET
ON THE OFFER OF PANTHEON CAPITAL FUNDING, LLC
WHEREAS, the Town Council, recognizing the need for additional office space, entered into a
lease agreement for the property at 5 and 7 Wirt Street in June 2005, for a three-year period with two
consecutive one-year renewals; and
WHEREAS, the lease provided the Town with the right of first refusal to purchase the property in
the event the owner sold the property; and
WHEREAS, the Town has been notified by the current owner that he has a bona fide offer to
purchase the building; and
WHEREAS, the Town has evaluated the opportunity to exercise its right of first refusal and
determined that, at the present time, it is not in the Town's best interest to acquire this property.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia that the Town
Council does not want to exercise its option to purchase the property at 5 and 7 Wirt Street at this time
based on the Pantheon Capital Funding, LLC's proposed offer but reserves the option in the event this
offer does not settle and directs the Town Manager to execute the appropriate document(s) as approved by
the Town Attorney to carry out that direction.
PASSED this 28th day of March 2006.
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Town of Leesburg
ATTEST:
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R06 Wirt Street Purchase