Title
AN ORDINANCE AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT WITH ARLINGTON VALLEY FARMS, LLC, OR ITS ASSIGNEE, FOR THE LLC'S LEASE-PURCHASE OF THE REAL PROPERTY LOCATED AT 5369 HUDSON DRIVE, HUDSON, OHIO; AND DECLARING AN EMERGENCY.
Executive Summary: This Resolution was passed on November 14, 2017. Staff requests Council approval of the proposed date changes.
Body
Legislative History
Previous legislation permitted the purchase of the former RAMCO property and the sale of one of the buildings.
Resolution No. 16-36, authorizing purchase of property located at 5369 Hudson Drive and 1220 and 1239 Hudson Gate Drive, passed March 15, 2016.
Resolution No. 17-49, authorizing the sale of property located at 1239 Hudson Gate Drive, passed March 21, 2017.
Purpose & Explanation Proposed Amendments (as shown)
The purpose of the legislation is to allow the City Manager to enter into a purchase agreement with Arlington Valley Farms, LLC (AVF). A summary of the key terms of the agreement are as follows:
- AVF will take possession of the property no later than December 1, 2017 April 1, 2018 for purposes of beginning renovations and installation of equipment. At that time AVF will also become responsible for utilities and maintenance.
- AVF intends to take occupancy no later than June 1, 2018 upon receipt of an occupancy permit.
- The sales price of the property is $1,500,000. AVF will make fifty (50) equal monthly payments of $10,000 to the City totaling $500,000 from 6/1/2019 to 7/1/2023 10/1/2019 to 11/30/2023. These payments will directly reduce the balance owed to the City. There are no payments from 12/1/2017 to 5/31/2019 4/1/2018 to 9/30/2019.
- The closing date will be July 31, 2023 12/31/2023 (or earlier). AVF would pay the $1,000,000 remaining balance at closing.
- The City agrees to install a water line no later than 6/1/2018 10/1/2018.
- The City agrees to patching and sealing the parking lot and loading areas.
Timing Considerations
Staff req...
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