HomeMy WebLinkAbout1988-07 Authorizing the Acquisition of Certain Real Property from the Holy Cross Electric Association IncE,
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RESOLUTION N0. 7
Series of 1988
A RESOLUTION AUTHORIZING THE ACQUISITION BY THE TOWN OF VAIL,
COLORADO OF CERTAIN REAL PROPERTY LOCATED IN THE TOWN FROM THE
HOLY CROSS ELECTRIC ASSOCIATION, INC. FOR A PURCHASE PRICE OF
FIVE HUNDRED EIGHT THOUSAND NINE HUNDRED FIFTY DOLLARS {$508,950);
SUCH REAL PROPERTY TO BE DEVOTED TO PUBLIC PURPOSES; AND PRESCRIBING
OTWER DETAILS IN CONNECTION WITH SUCH ACQUISITION AND PURCHASE.
WHEREAS, Seller is owner of certain real property (the "property") legally
described in Exhibit A of that certain contract to buy and sell real estate ("the
contract") attached hereto and made a part hereof; and
WHEREAS, Seller desires to sell the property and the Town of Vail ("the Town")
desires to purchase and acquire the property.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF TWE TOWN DF VAIL,
COLORADO:
1. The entering into the Town of the contract with Seller with respect to
the property is hereby authorized.
2. In accordance with the contract, the total purchase price for the
property shall be five hundred eight thousand nine hundred fifty dollars ($508,950)
payable as follows:
A. Twenty-five thousand dollars ($25,000) payable at time of the
execution of the contract.
B. Fifty thousand dollars ($SD,ODO) payable in cash or certified funds
upon delivery of the deed.
C. The balance of the purchase price paid by the Town executing and
delivering at closing, its promissory note secured by a first deed of trust on the
property in the principal amount of four hundred thirty-three thousand nine hundred
fifty dollars ($433,950) payable in installments as follows: seventy-five thousand
dollars ($75,000) plus accrued interest at six percent (6~) per annum shall be due
and payable one {1) year from date of closing; thereafter the remaining principal
balance of three hundred fifty-eight thousand nine hundred fifty dollars ($358,950)
shall be payable in amortized annual installments, due on or before the anniversary
each year of the date of closing, including principal and interest at six percent
6~) per annum, said installments shall each be in the amount of thirty-eight
thousand six hundred fifteen dollars and eighty-four cents {$38,615.84), a total of
fourteen (14) amortized installments.
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3. In accordance with the terms of the contract, the promissory Hate and
deed of trust provided far in the contract shall be prepared by bond counsel and
shall be submitted to the Town and Seller a reasonable time before the date of
closing for their review and approval.
4. The contract is hereby authorized in substantially the form attached
hereto, which document is presently before the Town Council and available for
public inspection at the Office of the Town Clerk.
5. The Mayor of the Town and the Town Clerk are hereby authorized to take
any and all action towards the execution of the purchase agreement.
fi. If any portion of this Resolution shall for any reason be held to be
invalid or unenforceable, the invalidity or unenforceability of such portion or
provision shall not affect any of the remaining provisions of this Resolution, the
intention being that the same are severable.
7. All acts, orders and resolutions and parts thereof in conflict with this
Resolution are hereby rescinded.
INTRODUCED, READ, APPROVED AND ADOPTED this 19th day of April ,
1988.
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Kent R. Rase, Mayor` ~.
ATTEST:
Pamela.A. Brandmeyer, Tows Glerk
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SC/k'.
SC:HEQULE A
Order Number: 3 9 ~ 9 _v Gommrtment Number;
1. Effective date:
A~ C' 1 ~, l 4 , ~. ~ ~ ~ A t $ : ~ ~ A , ~~ .
2. Policy or Policies to be Issued: Amount of Insurance
A. ALTA Owner's Pulley ~ TDB
Proposed Insured:
Town of vAIL
B. ALTA Loan Polley ~
Proposed Insured;
C. ~
FLemium
3. The estate or iniarest In the land described or referred to in this commitment end covered herein Is fee simple and title thereto is at tt,e effective dais hereof
vested In:
HOL'rr CR055 ELEuLKIC ASSOCIATIOtJ, II1C.
4, The iartd referred to in Ibis commitment Is described as follows:
Parc•t of Section 12, Township a South, Range 81 West caf the
6th P.M., described as folluwss beginning at t:he point cif
intersection of the West line of a Cc~unt,y It~oacl with the
tlortherly right-of-way line of formert~ U.S. Highway tie. 6
from which point the Northeast corner` of said erection l2
bears North 4°31' East, 552.6 feel:; thence South 73°45'
West, along said highway right-of-way lime, 252 t'laet to the
center of Red Sandstone Creek, thence Ncrrt~t>< h°30' ~rietat,
along the centerline of Red sandstone Creep, t;0.4 Feet;
thence North 10°44' East, along I:he centerline of Reci Sand-
stone Creek, 34.3 feet to a point on the 5outhl~rly right-
of-way line of U.S. Interstate Eiighway PJo. 70; thence
Northeasterly on a curer, to the >r~ighi: with a radius of 2715
Feet, an arc distance of 264.28 feet to a point an the West
line of said County road; tY><ence Southerly alc~ny said West
line, 222.31 feeL-, more err less, to the point of beginning.
COUNTY OF EAGLE
STATE OF COLORADO
FOR QUESTIONS REGARDItJG THIa COt7[~7ITT4EI+1T PLEASE CALL SAr1D7 CAFELL
AT 303-949-1011.
STEWART TITLE OF EAGLE COUNTY
P.O. BOX 1248
T' COLORADO 81658
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APRIL 26, 1988
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