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HomeMy WebLinkAbout01-19-2016 Item 11, Dietrick© Council • R • January 19, 2016 TO: City Council FROM: Christine Dietrick, City Attorney VIA: Katie Lichtig, City Manager RECE1 ED JAN 1 9 2 116 SLO CITY CINCIL MEETING: 1 1I i ITEM NO.: I I SUBJECT: Suggested Amendment to Resolution; Consent Item #11: Amendment of the Purchase and Sale Agreement of the Palm Development Site As staff is preparing and finalizing the documents for the completion of escrow, non - substantive inconsistencies and errors have been found. Attached is an amended resolution. The change indicated in redline at the bottom of page 2 is requested to allow the City Attorney to correct the non - substantive errors that have been found and any that are discovered as the process moves forward. File path RESOLUTION NO. (2016 Series) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS OBISPO, CALIFORNIA, APPROVING A FIRST AMENDMENT OF PURCHASE AND SALE -PALM DEVELOPMENT SITE, AUTHORIZING THE SALE OF CITY PROPERTY AND AUTHORIZING THE MAYOR OR CITY MANAGER TO EXECUTE CLOSING DOCUMENTS WHEREAS, the City entered into an Agreement of Purchase and Sale -Palm Development Site with SLO Chinatown LLC, a California limited liability company, which agreement was approved by the Council on December 13, 2011, and dated December 19, 2011 (the "Agreement ") ; and WHEREAS , the Agreement authorized the sale of City owned property between Morro and Chorro Streets and Monterey and Palm Streets to SLO Chinatown LLC upon certain terms and conditions; and WHEREAS, SLO Chinatown LLC has requested amendment of certain terms and conditions in order to expedite development of the property, including assignment to Hotel SLO LLC, a California limited liability company and Sutter Tustin SLO LLC, a California limited liability company; and WHEREAS, amendment of the Agreement to expedite the sale and development of the property supports the City's planning goals for development of the downtown area and is in the City's best interest. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo as follows: SECTION 1. The First Amendment to the Agreement of Purchase and Sale -Palm Development Site, a copy of which is attached as Exhibit "1 ", (the "First Amendment ") is hereby approved and the City Manager is authorized to execute the same. SECTION 2. Upon satisfaction of all the terms and conditions of the Agreement, as amended by the First Amendment, the City is authorized to sell the property legally described in Exhibit "B ", attached to the First Amendment. SECTION 3. The Mayor or the City Manager is authorized to execute all escrow instructions and other closing documents necessary to complete the transaction; provided, the Mayor, or Vice -Mayor in her absence, shall execute the grant deed on behalf of the City. The City Attorney is authorized to make any and all non - substantive changes to correct or conform documents or to facilitate the transaction. is Resolution No. (2016 Series) Page 2 Upon motion of seconded by and on the following roll call vote: AYES: NOES: ABSENT: The foregoing resolution was adopted this 19th day of January, 2016. Mayor Jan Marx ATTEST: Traci R. McGinley, MMC City Clerk APPROVED AS TO FORM: J. Christine Dietrick City Attorney IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of San Luis Obispo, California, this day of _ Traci R. McGinley, MMC City Clerk