HomeMy Public PortalAboutRES-CC-2018-49CITY OF MOAB RESOLUTION 49-2018
A RESOLUTION AUTHORIZING THE EXPENDITURE OF NOT TO EXCEED
$1,815,000 AND THE EXECUTION OF FINANCING AND CLOSING DOCUMENTS BY
THE CITY MANAGER FOR THE ACQUISITION OF REAL PROPERTY LOCATED
AT 193 WEST WALNUT LANE.
The following describe the intent and purpose of this resolution:
a. On July 31, 2018 the City entered into a contract for the purchase of approximately 2.95
acres of real property, commonly known as 193 West Walnut Lane (the Property), which
is currently occupied by a mobile home park. The City intends to redevelop the Property
for affordable housing.
b. The City has undertaken due diligence in connection with the transaction, including an
appraisal, survey, Phase One Environmental Assessment, geotechnical evaluation, and
title report.
c. The appraisal confirms that the fair market value of the Property is equal to or greater
than the contract price of $1.8 million.
d. Zions Public Finance, Inc. has committed to provide loan financing for the purchase of
the Property, in a total amount of $1,815,000.
e. No adverse conditions with respect to the Property have been identified to date, and the
City is prepared to close on the Property.
THEREFORE, the City hereby authorizes the expenditure of a sum of not to exceed $1,815,000
to be paid to the closing agent at the time of closing and to be applied to the City's contract
obligation as purchaser and incidental closing costs. Additionally, the City hereby authorizes the
City Manager, David Everitt, to execute on behalf of the City all necessary closing and financing
documents to complete the purchase of the Property.
Approved and authorized by a majority of the City Council this 23rd day of October, 2018.
SIGNED:
Emily S. Niehaus, Mayor
ST:
Rachel- Stenta, City Recorder