HomeMy WebLinkAboutresolution.council.130-18 RESOLUTION # 130
(Series of 2018)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN,
COLORADO, APPROVING AN AGREEMENT TO AMEND/EXTEND
THE PROPOSED CONTRACT BETWEEN THE CITY OF ASPEN AND
517 EAST HOPKINS, LLC, AND 204 SOUTH GALENA STREET, LLC,
("COLLECTIVELEY Seller"), AND M DEVELOPMENT ASPEN, LLC
("DEVELOPER") AND AUTHORIZING THE CITY MANAGER OR
ASSISTANT CITY MANAGER TO EXECUTE SUCH AGREEMENT ON
BEHALF OF THE CITY OF ASPEN, COLORADO.
WHEREAS, there has been submitted to the City Council an Agreement
to Amend/Extend Contract between the City of Aspen and 517 Seller and 204
Seller, a copy of which is attached hereto as Exhibit "A";
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF ASPEN, COLORADO,
That the City Council of the City of Aspen hereby approves the entry into
that Agreement to Amend/Extend Contract between the City of Aspen and Seller
and Developer attached hereto as Exhibit "A" and authorizes the City Manager or
Assistant City Manager to execute such agreement.
INTRODUCED, READ AND ADOPTED by the City Council of the City of
Aspen on the 28`h day of August 2018.
Steven Skadro , Mayor
I, Linda Manning, duly appointed and acting City Clerk do certify that the
foregoing is a true and accurate copy of that resolution adopted by the City
Council of the City of Aspen, Colorado, at a meeting held, August 28, 2018.
Linda Manning, City Clerk
IThe printed portions of this form,except differentiated additions,have been approved by the Colorado Real Estate Commission.
2 (AE41-6-15)(Mandatory 1-16)
3
4 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR
5 OTHER COUNSEL BEFORE SIGNING.
6
7 AGREEMENT TO AMEND/EXTEND CONTRACT
g - --
9 Date: August 28,2018
10
11 1. This agreement amends the Amended and Restated Contract to Buy and Sell Real Estate(Commercial) dated July 12,2018
12 (Contract),between 517 East Hopkins Aspen,LLC,a Colorado limited liability company, 204 South Galena Street LLC a
13 Colorado limited liability company(collectively, Seller),M Development Aspen LLC a Colorado limited liability company, and
14 The Cijy of Aspen,Colorado(Buyer),relating to the sale and purchase of the following legally described real estate in the County
15 of Pitkin, Colorado:as provided for therein,
16
17
18 known as No. 204 South Galena Street and 517 East Hopkins Ave Aspen,Colorado 81611 (Property).
19 Street Address City State Zip
20
21 NOTE: If the table is omitted,or if any item is left blank or is marked in the "No Change"column, it means no change to
22 the corresponding provision of the Contract. If any item is marked in the "Deleted" column, it means that the
23 corresponding provision of the Contract to which reference is made is deleted.
24
25 2. §3. DATES AND DEADLINES. [Note: This table may be omitted if inapplicable.]
Item Date or Deadline No
No. Reference Event Chane Deleted
1 §4.3 Alternative Earnest Money Deadline X
Title
2 § 8.1 Record Title Deadline X
3 § 8.2 Record Title Objection Deadline December 3,2018
4 §8.3 Off-Record Title Deadline X
5 §8.3 Off-Record Title Objection Deadline December 3,2018
6 §8.4 Title Resolution Deadline December 6,2018
7 §8.6 Right of First Refusal Deadline X
Owners'Association
8 § 7.3 Association Documents Deadline X
9 §7.4 Association Documents Objection Deadline X
Seller's Property Disclosure
10 § 10.1 Seller's Property Disclosure Deadline X
Loan and Credit
1 l § 5.1 Loan Application Deadline X
12 §5.2 Loan Objection Deadline X
13 § 5.3 Buyer's Credit Information Deadline X
14 § 5.3 Disapproval of Buyer's Credit Information X
Deadline
15 § 5.4 Existing Loan Documents Deadline X
16 § 5.4 Existing Loan Documents Objection Deadline X
17 §5.4 Loan Transfer Approval Deadline X
18 §4.7 Seller or Private Financing Deadline X
Appraisal
19 §6.2 Appraisal Deadline X
20 §6.2 Appraisal Objection Deadline X
21 §6.2 Appraisal Resolution Deadline
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Survey
22 § 9.1 New ILC or New Survey Deadline November 23,2018
23 § 9.3 New ILC or New Survey Objection Deadline December 3,2018
24 § 9.4 New ILC or New Survey Resolution Deadline December 6,2018
Inspection and Due Diligence
25 § 10.3 Inspection Objection Deadline December 3 2018
26 ' 10.3 Inspection Resolution Deadline December 6,2018
27 § 10.5 Property insurance Objection Deadline December 3,2018
28 § 10.6 Due Diligence Documents Delivery Deadline December 6,2018 X
29 § 10.6 Due Diligence Documents Objection Deadline December 3,2018
30 § 10.6 Due Diligence Documents Resolution Deadline December 6.2018
31 § 10.6 Environmental Inspection Objection Deadline December 3,2018
CBS2 3,4
32 § 10.6 ADA Evaluation Objection Deadline CBS2,3 4 December 3,2018
33 § 10.7 Conditional Sale Deadline X
34 § 11.1 Tenant Estoppel Statements Deadline CBS2, 3 4 X
35 § 11.2 Tenant Estoppel Statements Objection Deadline X
CBS2, 3 4
Closing and Possession
36 § 12.3 Closing Date X
37 § 17 Possession Date X
38 ' 17 Possession Time X
26
27 3. Other dates or deadlines set forth in the Contract are changed as follows:None other.
28
29 4. Additional amendments:
30
31 a. Seller's Delivery of Declarations and Governance Documents. Section 30.P of the Contract is hereby amended to provide
32 that Seller shall deliver the Seller's proposed forms of Declarations and Governance Documents to Buyer not later than November
33 23,2018.
34
35 b.. Seller's Additional Right to Terminate Contract. Buyer anticipates submitting to the electorate of the City of Aspen an
36 advisory question that would allow the selection of this Contract as a preferred alternative to other proposed alternatives for the
37 location of City Aspen governmental offices. In the event that Aspen City Council does not approve a resolution on or before
38 September 7, 2018,that would place an advisory question pertaining to the Contract before the voters on November 6, 2018,then
39 the Seller shall have the right to terminate the Contract and all Earnest Money shall be returned to the Buyer. The Seller must
40 provide the Buyer with notice of tennination no later than September 14,2018.
41
42 All other ternis and conditions of the Contract remain the same.
43
44 This proposal expires unless accepted in writing by Seller and Buyer as evidenced by their signatures below and the offering party
45 to this document receives notice of such acceptance on or before
46 Date Time
47
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Buyer's Name: The City of Aspen, Colorado Buyer's Name:
yer's Signature Date Buyer's Signature Date
Seller's Name: 517 astWkins Aspen, LLC, a Colorado Seller's Name: 20 out Galena Street, LLC, a Colorado
li ted com an l' to ability company
,--I,
� �a)8118-_ 6/j sh 8
Seller's Signature Date Seller's Signature Date
49
50
Name: M -clo ent Aspen, LLC, a Colorado
li ted h ilii company_ _
96b g
51 Signature Date
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