HomeMy WebLinkAboutPZ - Meridian FD-Heatland LOI 2-27-19�E IDIAN,U Ail 0
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February 27, 2019
Mayor Tammy de Weerd
City Council Members:
Luke Cavener Joe Borton
Ty Palmer Genesis Milam
Treg Bemt Anne Little Roberts
LETTER OF INTEREST TO PURCHASE PORTION
OF REAL PROPERTY PARCEL # SO432110565 LOCATED
AT 6830 W. LAZY C LANE, MERIDIAN, IDAHO
Shawn Brownlee
Trilogy Development
9839 W. Cable Car St, Suite 101
Boise, ID 83709
Re: Letter of Interest to Purchase Real Property
Dear Shawn:
The City of Meridian ("Buyer") has been working with representatives of
Heartland Townhomes Property Management, LLC ("Seller") to submit an offer to
purchase a portion of the real property owned or controlled by Seller at 6830 W Lazy
Diamond C Lane, currently identified by Ada County Tax Assessor's Parcel Number:
SO432110565. The "Property" subject to this Letter of Interest is approximately 4 acres
in the configuration as depicted on Exhibit "A" attached hereto.
The purpose of this letter is to outline the manner in which the Buyer proposes to
acquire the Property from the Seller. The parties recognize that the transaction will
require further documentation and approvals, including the preparation and approval of a
formal agreement setting forth the terms and conditions of the proposed purchase
("Purchase Agreement"); nevertheless, they execute this letter to evidence their intention
to proceed in mutual good faith to complete work required to negotiate terms of a
Purchase Agreement that are consistent with this letter. Standing on its own, however,
this letter is not intended to impose any obligations whatsoever on either party, with
the sole exception of an obligation to bargain in good faith based upon the business
understandings set forth in this letter. The parties do not intend to be bound by any
other agreement until both agree to and sign a formal written contract.
Meridian Fire Department a 33 E. Broadway Avenue, Suite #210 a Meridian, ID 83642
Phone 208-888-1234 ■ www.meddiancity.org
The proposed terms and conditions include, but are not limited to, the following:
Purchase of Proaerty. The Buyer will purchase approximately two acres of the
Property from the Seller at a price of $37,135 per acre.
Donation of Property. The Seller will donate approximately two acres of the
Property to the City of Meridian for its intended use as a fire station site.
Purchase Price. The purchase price of $74,270.00 shall be payable in cash at
closing. ("Closing').
Conveyance of Title. Upon Closing, Seller shall convey title to the Property to
Buyer by Warranty Deed.
Purchase Agreement. The transaction will be subject to the negotiation and
execution of a definitive Purchase Agreement with terms satisfactory to Seller and Buyer.
The Purchase Agreement will contain representations, warranties, covenants, and
conditions customary in transactions of this size and type.
Signage. Seller agrees to allow the Meridian Fire Department to place a
temporary sign on the subject property prior to development of the subdivision. The sign
shall read: "Future home of the Meridian Fire Department" and may contain Meridian
and Fire Department logos and other pertinent information. The Meridian Fire
Department shall coordinate with Seller and Seller's site preparation contractors so that
the sign does not interfere with Seller's site grading activities.
Costs. Buyer and Seller shall negotiate payment of transaction costs in the
Purchase and Sale Agreement.
Closing. Closing shall occur within 30 days of the recording of the Final Plat of
Gander Creek Subdivision Phase 2. Buyer and Seller shall negotiate a more definitive
Closing date in the Purchase Agreement.
Exclusivity. The parties agree to use their best efforts to enter into the Purchase
Agreement not later than May 1, 2019 ("Exclusivity Period"). The parties agree that
during the Exclusivity Period the Buyer shall have the exclusive right to negotiate with
the Seller for the purchase of the Property, and during such Exclusivity Period the Seller
agrees not to directly or through intermediaries solicit, entertain or otherwise discuss with
any person any offers to purchase all or any portion of the Property.
None of the parties hereto shall be under any obligation to any other party (except
for the Exclusivity provisions hereof) until a definitive Purchase Agreement is executed.
Meridian Fire Department ■ 33 E. Broadway Avenue, Suite #210 r Meridian, ID 83642
Phone 208-888-1234 0 www.meddianc ty org
If the foregoing is acceptable to you, please execute a copy of this letter in the
place set forth below and return it to Chief Niemeyer at Meridian City Hall.
ACCEPTED AND KGR4MD TO:
By
Heartland T
Very truly yours,
City of Meridian
Meridian Fire Department
r
By
ief Nfark emeyer
LLC
Meridian Fire Department ■ 33 E. Broadway Avenue, Suite #210 0 Meridian, ID 83842
Phone 208-888-1234 0 www.meddiancity.org
EXHIBIT A
Meridian Fire Department ■ 33 E. Broadway Avenue, Suite #210 w Meridian, ID 83842
Phone 208-888-1234 ■ www.meridiancity.org