Title/Name/Summary
9401 159th Street - Purchase and Sale Agreement
History
The property at 9401 159th Street is a former BP gas station. The property has been vacant for many years and has fallen into disrepair. The Village has expended funds providing property maintenance including grass cutting and weed removal.
The Village has been negotiating with the property owner for many months. Negotiations stalled and staff was authorized to use eminent domain to acquire the property. Fortunately, the Village and the owner of the property were able to come to terms on the purchase of the property. The purpose for purchasing the property will be to help foster economic development and redevelopment of the property. In addition, the acquisition of this property will provide necessary right-of-way for intersection improvements at 94th Avenue and 159th Street.
The agreed upon purchase price is $818,000. This is less than the $900,000 appraised value. There is currently a deed restriction on the property that will stay in place. This deed restriction is only relevant if a gas station, auto repair facility, or convenient store were ever contemplated for the property. If the Village has issue with the deed restriction after the purchase, the Village can bring an action to condemn later.
The contract allows for a 45-day due diligence period after the contract is executed. The closing will take place within 30 days after the due diligence period is concluded.
Recommended Action/Motion
I move to approve the purchase and sale contract for 9401 159th Street;
AND
Move to authorize the Village Manager to execute the purchase and sale contract for 9401 159th Street, subject to Village Attorney review.