HomeMy WebLinkAboutresolution.council.143-19 RESOLUTION NO. 143 A
Series of 2019
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO,
APPROVING AN AMENDMENT TO PURCHASE AGREEMENT BY AND BETWEEN
CENTENNIAL-ASPEN II LIMITED PARTNERSHIP AND THE CITY OF ASPEN REGARDING
PROPERTY KNOWN AS CENTENNIAL APARTMENTS AND AUTHORIZING THE CITY
MANAGER TO EXECUTE SAID AMENDMENT, AND ANY FURTHER AMENDMENTS AS
THE CITY MANAGER DEEMS APPROPRIATE, ON BEHALF OF THE CITY OF ASPEN,
COLORADO.
WHEREAS,there has been submitted to the City Council a proposed Amendment to Purchase
Agreement by and between Centennial-Aspen II Limited Partnership and the City of Aspen
Regarding Property known as the Centennial Apartments,which was approved pursuant to Resolution
No. 128, Series of 2019. The proposed amendment extends the deadline for the parties to agree to
the terms of a deed restriction regarding the property known as the Centennial Apartments
NOW, WHEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ASPEN, COLORADO:
Section 1.
That the City Council of the City of Aspen hereby approves the entry into the proposed
Amendment to Purchase Agreement by and between Centennial-Aspen II Limited Partnership and
the City of Aspen Regarding Property known as the Centennial Apartments, a copy of which is
attached hereto and does hereby authorize the City Manager of the City of Aspen to execute the
agreement on behalf of the City of Aspen. Further, City Council authorizes the City Manager to
execute any additional amendments and extensions of the Purchase Agreement as are deemed
appropriate by the City Manager and the City Attorney.
Section 2.
In the event that Centennial-Aspen II Limited Partnership does not execute the Amendment
to Purchase Agreement approved pursuant to this Resolution No. 143A, on or before December 11,
2019, then no later than December 12, 2019, the City Manager is authorized to and shall provide
notice to Centennial-Aspen II Limited Partnership that the Purchase Agreement is terminated
pursuant to paragraph 10 of the Purchase Agreement.
Datedlyc to 12019.
?UJ�E'
Torre,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 50tyounc' f the City of Aspen,Colorado,at a
meeting held December 10, 2019.
Linda Manning, City Clerk 7�
AMENDMENT TO PURCHASE AGREEMENT
This AMENDMENT TO PURCHASE AGREEMENT is made this I Oh day of December
2019 and amends the Purchase Agreement by and between CENTENNIAL-ASPEN II LIMITED
PARTNERSHIP, a Colorado limited partnership ("Owner") and the CITY OF ASPEN, a Colorado
home rule municipal corporation("City")dated November 13, 2019, as follows:
1. Paragraph 10 of the Purchase Agreement is hereby amended to read as follows:
10. City Approval Condition. The City shall have to and including January 15,2020,to negotiate
with the Owner the final terms of the Deed Restriction and perform such due diligence as it deems
appropriate. At any time prior to that date, either party may terminate this agreement, at its sole
subjective discretion, by providing written notice of termination to the other party pursuant to
paragraph 11. 0,below. If a final Deed Restriction is not agreed to and executed by both parties
on or before January 15, 2020, then this agreement shall be deemed terminated without further
action by either party and thereafter neither City nor Owner shall have any further rights or
obligations hereunder. If a final Deed Restriction is agreed to and executed by both parties on or
before January 15,2020 then this Agreement will continue in full force and effect and the parties
shall proceed with the Closing subject to other express terms of this Agreement.
2. Except as amended herein, all other terms and conditions of the Purchase Agreement shall
remain in full force and effect.
Owner and the City have executed this Agreement under seal on the date stated above.
CENTENNIAL-ASPEN II LIMITED PARTNERSHIP,
a Colorado limited partnership
By: Centennial-Aspen, a Limited Partnership,
a Colorado limited partnership,
its General Partner
By: World Class Housing, Inc.,
a Delaware corporation,
its General Partner
By:
Sam W. Brown,Jr.,Presi nt
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ATTEST: THE CITY OF ASPEN,
a Colorado home rule municipal corporation
<;0
2�e By:
ane: Linda ManningV ' 'Name: Sia, C.Q A
Its: City Clerk Its:
Me,vta
APPROVED AS TO FORM:
e:James R. True, Esq.
Its: City Attorney
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