Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT WITH BENBERY LLC FOR THE PURCHASE OF A 12.1 ACRE PARCEL LOCATED ON STOW ROAD (SUMMIT COUNTY PARCEL # 3009781); AND DECLARING AN EMERGENCY.
Brief Description: The City of Hudson is interested in the purchase of a 12.1-acre parcel located just north of the Ohio Turnpike on Stow Road otherwise identified by the Summit County Auditor as Parcel #3009781. The land is currently owned by Benbery LLC.
The City and the property owner have agreed to a sale price of $350,000 total for the property. The City will pay the property owner a 10% deposit at the signing of the purchase agreement which shall serve as an option to purchase. The option period is for 6 months. After the City's due diligence is reviewed and approved by Council, the City can exercise the option and close. If the City decides to not move forward, there will be no obligation to close.
Body
Legislative History
None.
Purpose & Explanation
Proposed Real Estate Purchase Agreement
The City of Hudson proposes to purchase from Benbery LLC, a 12.1-acre parcel of land, identified as Summit County Auditor Parcel #30-09781, located on Stow Road. The seller is owned by William Kinney and Bradford Nelson. The agreed-upon purchase price for the property is $350,000.
Key Terms of the Agreement:
1. Earnest Money Deposit:
o The City will provide a non-refundable earnest money deposit of $35,000 to Benbery LLC upon the City's execution of the agreement.
o This deposit will secure the City's exclusive right to purchase the property for a period of six months.
2. Purchase Option Period:
o The City will have a six-month option period to finalize the purchase of the property.
o The purchase price and terms will remain unchanged during this period.
3. Forfeiture of Deposit:
o If the City does not exercise its option to purchase the property within the six-month period, the earnest money deposit of $35,000 will be forfeited to Benbery LLC.
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