HomeMy WebLinkAboutExchange AgreementINTEROFFICE
MEMORANDUM
To:
From:
Subject:
Date:
William G. Berg, J~
Wm. F. Nichols/j~
Exchange of Property
June 24, 2002
RECEIVED
JUN 2 2002
CITY OF MERIDIAN
CITY CLERK OFFICF
Accompanying this memo is the original of the Exchange Agreement which Mr.
Edgar Zimmerman has executed. You are already in possession of the Summary
of Action Taken By Meridian City Council. The agreement is now ready for
placement upon an up coming Council meeting. Again, according to State Statute,
the proper method for proceeding with this exchange of property would be as
follows:
First, the bank must accept the Exchange Agreement as written, or if they have
modifications, let us know what those are so that we can prepare a finalized
Exchange Agreement. When the terms of the Exchange Agreement have been
agreed upon, or if this one is acceptable, the bank should sign first and then the
signed agreement presented to the Council as a regular agenda item so that it can
be discussed and voted upon. The vote would require a roll call vote. If the
Council chooses to accept the Exchange Agreement, then a public hearing should
be scheduled to review and discuss the proposed exchange.
Assuming that the Council approves the Exchange Agreement and sets a time for
the public hearing, the Clerk would then complete the Summary Of Action Taken
By Meridian City Council, and publish that Summary, together with a Notice of
Hearing, in the City's official newspaper at least 14 days prior to the date of the
heating.
After the public heating, if the Council chooses to proceed with the exchange, the
Council should pass a resolution authorizing the Mayor and Clerk to go forward
and finalize the exchange.
I would be glad to discuss this matter with anyone, and I invite your comments.
Z:\Work\IVlXMeridianWleridian 153601vlXFarmers & Merchants Exchange\BergExchangeAgrmt062402Memo.doc
EXCHANGE AGREEMENT
THIS AGREEMENT is made and entered into this ~ day of ,
2002, by and between the City of Meridian, hereinafter "CITY" referred to as the party of the first
part, and Farmers & Merchants State Bank, hereinafter "BANK" referred to as the party of the
second part;
WITNE S SETH:
WHEREAS, the party of the first part is the owner of the following described real
property, to-wit:
Lots 1 through 5 in Block 2 of the amended plat of the Original
Townsite of Meridian, as shown on the official plat thereof filed in
Book 1 of Plats at Page 30, Records of Ada County, Idaho.
which real property is hereinafter referred to as "the "CITY" property";
AND WHEREAS, the party of the second part is the owner of the following
described real property, to-wit:
Lots 1,2,3,4, and 5, Block 2 of the amended plat of Rowan Addition
to Meridian, Ada County, Idaho.
which real property is hereinafter referred to as "the "BANK" property";
AND WHEREAS, the "CITY" property of the former fire station located at 716
North Meridian Road is valued at $260,000.00;
AND WHEREAS, the "BANK" property is valued at $237,731.00;
EXCHANGE AGREEMENT-1
AND WHEREAS, the parties have determined to enter into this Exchange Agreement
for the purposes of exchanging their interests in the above real properties.
AND WHEREAS, in addition to receiving the properties currently owned by the
"BANK", the "BANK" proposes to pay to "City" an additional sum of $22,269.00 cash in exchange
for receipt of title to the former fire station.
AND WHEREAS, this agreement is subject to approval by the City Council after
conducting the public hearing required by Idaho Code § 50-1402 and 50-1403.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by the parties hereto, the parties do covenant and agree
as follows:
1. The party of the second part shall transfer and convey all of its interest in the
"BANK" property to the party of the first part by good and sufficient warranty deed, free and clear
of all encumbrances thereon, except easements of record.
2. The party of the first part shall transfer and convey all of its interest in the "CITY"
property to the party of the second part by good and sufficient warranty deed, free and clear of all
encumbrances thereon, except easements of record.
3. The party of the first part shall be responsible for the payment of all taxes and
assessments accruing to the "BANK" property for the year 2002, and all subsequent years; the party
of the second part shall be responsible for the payment of all taxes and assessments accruing to the
"CITY" property for the year 2002 and all subsequent years.
EXCHANGE AGREEMENT-2
4. The party of the second part shall bear all expenses of closing, including title
insurance, recording fees, etc.
5. Fulfillment of this agreement is contingent upon affirmative action of the City
Council after a public hearing as required by Idaho Code {}50-1402 and {}50-1403.
IN WITNESS WHEREOF, the parties have entered into this agreement the date first
above written.
CITY OF MERIDIAN
Mayor Robert D. Corrie
Attest:
William G. Berg, Jr., City Clerk
"Parties of the First Part"
FARMERS & .MERCHANTS STATE BANK
i~~P~rt'~
E
EXCHANGE AGREEMENT-3
STATE OF IDAHO, )
;SS
County of Ada )
On this day of , in the year 20002, before me,
, a Notary Public, personally appeared Robert D. Corrie and
William G. Berg, Jr., known or identified to me to be the Mayor and City Clerk respectively of the
City of Meridian, who executed the instrument on behalf of said City, and acknowledged to me that
such City executed the same.
(SEAL)
Notary Public for Idaho
Commission expires:
STATE OF IDAHO, )
:SS
County of Ada )
__ On this ~'~ day of ~ , in the year 2002, before me,
~ ~,/~~, a Notary pt~ic, pe_rsona,~y appeared Edgar Zimmerman,
known or idea: -"-:--' ' tifie~l to me to be ttie' '" ~ [.,/..z~,, _/t.,'~~ respe, ctively of the
Farmers & Merchants State Bank, who executed the instrument on behalf of said bank, and
acknowledged to me that such bank executed the same.
(Si}Ar )
Commission expires:
Z:\WorkLMLMeridian\Meridian 153601vl~armers & Merchants ExchangeXExchange Agreement.doc
EXCHANGE AGREEMENT-4