HomeMy WebLinkAboutPurchase and Sale Agreement with Howell-Murdoch for Police StationI -. _'~-.
• COMMERCIAL/INVESTMENT REAL ESTATE
PURCHASE AND SALE AGREEMENT Q
REALTOR® THIS IS A LEGALLY BINDING CONTRACT. BEFORE SIGNING, READ THE ENTIRE DOCUMENT, INCLUDING THE Eo"w
GENERAL PRINTED PROVISIONS AND ATTACHMENTS. IF YOU HAVE ANY QUESTIONS BEFORE SIGNING, C-iONTIIMITY
CONSULT YOUR ATTORNEY AND/OR ACCOUNTANT.
s 57176
7 ID# DATE 12-2-99
a 1. REAL ESTATE OFFICES:
s Listing Agency Diamond Properties Selling Agency Diamond Properties
10
11 Listing Agent Name Dave Williams Selling Agent Name Dave W i 11 i ams
1z
13 Phone # (Office) 3 7 6- 9 9 5 5 (Home) 3 7 6 -1131 Phone # (Office) 3 7 6- 9 9 5 5 (Home) 3 7 6 -1131
1a 2. REPRESENTATION CONFIRMATION:
1s
1s In this transaction, the Brokerage(s) involved had the following relationship(s) with the BUYER ("agent" or "nonagent" or "limited dual agent"):
17
1a Listing Broker acted asa(n) Llmlted Dual Agent For the Buyer.
1s
zo Selling Broker acted asa(n) Limited Dual Agent For the Buyer.
21
22 In this transaction, the Brokerage(s) involved had the following relationship(s) with the SELLER ("agent" or "nonagent" or "limited dual agent"):
23
2a Listing Broker acted asa(n) Llmlted Dual Agent For the Seller.
zs Limited Dual A ent
2s Selling Broker acted as a(n) g For the Seller.
27 Each party signing this document confirms that he or she has received, read and understood the Agency Disclosure brochure and has elected the
2a relationship confirmed above. In addition, each party confirms that the broker's agency office policy was made available for inspection and review. EACH
2s PARTY UNDERSTANDS THAT HE OR SHE IS A "CUSTOMER" AND IS NOT REPRESENTED BY A BROKER UNLESS THERE IS A SIGNED WRITTEN
3o AGREEMENT FOR AGENCY REPRESENTATION. Each party signing this document understands that the above confirmation DOES NOT create an
31 agency relationship between the Broker(s) and the BUYER(S)/SELLER(S) and they are a CUSTOMER and NOT REPRESENTED by a Broker UNLESS
32 there is a SEPARATE signed written agreement as required by Idaho statute to create that relationship.
33
3a 3. BUYER: CITY OF MERIDIAN
35 (hereinafter
3s called "BUYER") agrees to purchase and the undersigned SELLER agrees to sell the following described real estate hereinafter referred to as "Property."
37 4. PROPERTY ADDRESS AND LEGAL DESCRIPTION: The Property commonly known as 10-Acres of ~a.re
3a around (see attached. plat) city of Meridian
3s County of A~3a ,Idaho legally described as: Tn hP cnrvP~Prf and 1Pga1 to hP attar-hPd,
ao
41
az 5. PRICE/TERMS: Total Purchase Price is Eight Hundred Five Thousan~ollars( 805.860.00 ).
43 a) $ 8 0 5 , 8 6 0 . 0 0 cash down payment, including Earnest Money deposit.
as b) $ Balance of the purchase price to be paid as follows:
as
as
47
as 6. EARNEST MONEY:
as a) Buyer hereby deposits as Earnest Money and a receipt is hereby acknowledged of F l ve Th0 U S a n d Dollars and PJo ~ 10 0
so Dollars ($ 5 , 000.00 ). Evidenced by: ^ Cash I$Check ^ Cashier's Check ^ Note or
s1 b) Earnest Money to be deposited in trust account upon acceptance by all parties and shall be held byD ]. am0 ri d P r O~ e r t 1 e for the
s2 benefit of the parties hereto. The responsible Broker shall be Dave Wi 11 i ams Di amorid PYOpert i es
s3 7. INCLUDED ITEMS: All attached floor coverings, attached television antennae, satellite dish(es) and receiving equipment, attached plumbing, bathroom
54 and lighting fixtures, window screens, screen doors, storm windows, storm doors, window coverings, exterior trees, plants or shrubbery, water heating
ss apparatus and fixtures, attached fireplace equipment, awnings, ventilating, cooling and heating systems, built-in and "drop-in" ranges (but excepting all other
ss ranges), fuel tanks and irrigation fixtures and equipment, and any and all, if any, water and water rights, and any and all, if any, ditches and ditch rights that
s7 are appurtenant thereto that are now on or used in connection with the premises shall be included in the sale unless otherwise provided herein.
sa Other items specifically included in this sale: Survey
ss Items specifically excluded in this sale:
so
s1
s2
s3 Buyer d Sell c nowledge receipt of copy of this page, which constit tes Page 1 of 3 Pages.
sa BUYER's Initials Date ~ SELLER's Initials ~~Date a 2 - L ~ • ~ tf
~S
ss This form is printed and distributed by the Idaho Association of REALTORS, Inc. / Ada County Association of REALTORS®, Inc. This form has been designed
s7 for and is provided only for use by real estate professionals licensed by the Idaho Real Estate Commission who are also members of the National Association
ss of REALTORS®.
ss USE BY ANY OTHER PERSON IS PROHIBITED.
~o Copyright Idaho Association of REALTORS®, Inc. / Ada County Association of REALTORS, Inc. All rights reserved.
71 C-RE 21 revised August 1999
~2 Page 1 of 3
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PROPERTY ADDRESS: Lecfal to be attached ID#
5717.6
8. ADDITIONAL TERMS, CONDITIONS AND/OR CONTINGENCIES: The closing of this transaction is contingent upon written satisfaction
or waiver of the following conditions:
Buller to have SuhiPr-t nrnr~art.v C1lY~TPVAfa +-n X1,0 ~~+;~~~.,~;..~ ,,~ i-.,.~i..
_rialnt of wav for the extension of E ~M11a ow r r t
Sr~l 1 Pr to rnvi r3P a r-~,~r _pf t,ha C1lY~TP~ t„LL$uT~IY ~}fa_~~~]~' tea„ ~ '2 e~
Buyer will have until 1- 7 - 0 0 to satis y or waive all conditions and/or contingencies.
9. TITLE COMPANY/CLOSING AGENCY: a) The parties agree that T r a n ~ n a t i nn Title Company shall provide any required
Title Policy and preliminary report of commitment. b) The Closing Agency for this transaction shall be T r an S n a t 1 o ri Each party agrees to
pay one-half of the Closing Agency's fee.
10. TITLE INSURANCE: ^ BUYER 13~ SELLER to pay fora standard Owner's or Purchaser's Title Policy premium in this transaction. Purchaser's
Extended Coverage Title Policy requested ^ Yes ~7 No. Additional premium to be paid by~J BUYER ^ SELLER. Title Company to provide all parties
to this Agreement with a preliminary Title Report on or before 1 2 - 2 3 - 9 9 Buyer shall have untill - 3 - O O to object in writing to the
condition of the title as set forth in the report. In the event Buyer makes written objection to the title, Seller shall have a reasonable time, not to exceed
5' business day(s), to cure any defects of title or provide affirmative Title Insurance coverage. Buyer may elect, as its sole remedy, to either terminate
this Agreement or cure the defects at Buyer's expense, or proceed to closing, taking title subject to such defects. If Buyer does not so object, Buyer shall
be deemed to have accepted the condition of the title.
In the event Buyer elects to terminate the Agreement due to unsatisfactory title conditions, Buyer shall be entitled to the return of all refundable deposits
made by him but that such return of deposits shall not constitute a waiver of other remedies available to Buyer.
The final Title Insurance policy shall be delivered to Buyer by the Title Company as soon as possible after closing.
11. ESCROW/COLLECTION: If along-term escrow/collection is involved, then the escrow/collection holder shall be N/A
Each party agrees to pay one-half of escrow/collection fees.
12. CLOSING DATE: On or before the closing date, Buyer and Seller shall deposit with the Closing Agency all funds and instruments necessary to
complete the sale. The closing date shall be no later than 1-14-00 "Closing Date" means the date on which all documents
are either recorded or accepted by an escrow/collection agency and the sale proceeds are available to Seller.
13. POSSESSION/PRORATION: Buyer shall be entitled to possession on the day of closing or 1-14-00 . Taxes and
water assessments (using the last available assessment as a basis), rents, insurance premiums, interest and reserve on liens, encumbrances or obligations
assumed and utilities shall be prorated as of the day of closing or / - / ~{ -C~ ~ Any tenant deposits held by Seller shall be
credited to Buyer at closing.
14. DEFAULT: If Buyer defaults in the performance of this Agreement, Seller has the option: (1) accepting the Earnest Money as liquidated damages
or (2) pursuing any other lawful right or remedy to which Seller may be entitled. If Seller elects to proceed under (1 ), Seller shall make demand upon the
holder of the Earnest Money, upon which demand said holder shall pay from the Earnest Money the costs incurred by Seller's Broker on behalf of Seller
and Buyer related to the transaction, including, without limitation, the costs of title insurance, escrow fees, credit report fees, inspection fees and attorneys
fees; and said holder shall pay any balance of the Earnest Money, one-half to Seller and one-half to Seller's Broker, provided that the amount to be paid
to Seller's Broker shall not exceed the Broker's agreed to commission. Seller and Buyer specifically acknowledge and agree that if Seller elects to accept
the Earnest Money as liquidated damages, such shall be Seller's sole and exclusive remedy, and such shall not be considered a penalty or forfeiture. If
Seller elects to proceed under (2), the holder of the Eamest Money shall be entitled to pay the costs incurred by Seller's Broker on behalf of Seller and Buyer
related to the transaction, including, without limitation, the costs of Brokerage fee, title insurance, escrow fees, credit report fees, inspection fees and
attomeys fees, with any balance of the Earnest Money to be held pending resolution of the matter. If Seller defaults, having approved said sale and fails
to consummate the same as herein agreed, Buyer's Earnest Money deposit shall be returned to him/her and Seller shall pay for the costs of title insurance,
escrow fees, credit report fees, inspection fees, Brokerage fees and attorney's fees, if any. This shall not be considered as a waiver by Buyer of any other
lawful right or remedy to which Buyer may be entitled.
15. ATTORNEY'S FEES: If either party initiates or defends any arbitration or legal action or proceedings, which are in any way connected with this
Agreement, the prevailing party shall be entitled to recover from the non-prevailing party reasonable costs and attorney's fees, including such costs and
fees on appeal.
16. EARNEST MONEY DISPUTE / INTERPLEADER: Notwithstanding any termination of this contract, Buyer and Seller agree that in the event
of any controversy regarding the Earnest Money and things of value held by Broker or closing agency, unless mutual written instructions are received by
the holder of the Earnest Money and things of value, Broker or closing agency shall not be required to take any action but may await any proceeding, or
at Broker's or closing agency's option and sole discretion, may interplead all parties and deposit any moneys or things of value into a court of competent
jurisdiction and shall recover court costs and reasonable attorneys fees.
17. TITLE CONVEYANCE: Title of Seller is to be conveyed by warranty deed or deed, and is to be marketable and
insurable except for rights reserved in federal patents, building or use restrictions, building and zonin regulations and ordinances of any governmental unit,
rights of way and easements established or of record and any other liens, encumbrances or defec s approved by Buyer.
18. RISK OF LOSS: Should the Property be materially damaged by fire or other cause prior to closing, unless Buyer has taken possession prior to closing
by Agreement, this Agreement shall be voidable at the option of Buyer.
Buye and Sell cj~nowledge receipt f copy of this page, which constitut s Page 2 of 3 Pages.
BUYER's Initials 6tt,, Date ~- ! SELLER's Initials ~k;j, Lam, Date 12 ~ Z/ - `/
This form is printed and distributed by the Idaho Association of R AL OR , Inc. / Ada County Ass ciation of REALTORS®, Inc. This form has been designed
for and is provided only for use by real estate professionals licensed by the Idaho Real Estate Commission who are also members of the National Association
of REALTORS®.
USE BY ANY OTHER PERSON IS PROHIBITED.
Copyright Idaho Association of REALTORS®,Inc. / Ada County Association of REALTORS®, Inc. All rights reserved.
C-RE 21 revised August 1999
Page 2 of 3
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PROPERTY ADDRESS: Legal to be attached ID# 5 717 6
19. CONDITION OF PROPERTY AT CLOSING: Buyer agrees to purchase the Property in as-is-condition, where is, with all faults. Buyer will
assume all obligations with respect to the Property. Seller shall maintain the Property until the closing in its present condition, ordinary wear and tear
excepted, and loss by casualty. The heating, ventilating, air conditioning, plumbing, elevators, loading doors and electrical systems shall be in present
operating order and condition at the time of closing, unless otherwise agreed to in writing.
20. INSPECTION: Buyer hereby acknowledges further that Buyer has not received or relied upon any statements or representations by the Broker or
Broker's representatives or by Seller which are not herein expressed. Buyer has entered into this Agreement relying upon information and knowledge
obtained from Buyer's own investigation or personal inspection of the Property.
21. ADDITIONAL ,P~iOVISIONS: Additional rovisions of this Real Estate Purcha~s3e nd Sale Agreement, if any, are attached hereto by an Addendum
consisting of ~ page(s). ~~SC( x.1`7 b~.,i ~2~ 7 jZ~ 7~ 7
22. NOTARY PUBLIC: It is recommended signatures be notarized with a notary statement attached hereto.
23. ENTIRE AGREEMENT: This Agreement, including any Addendums or exhibits, constitutes the entire Agreement between the parties and no
warranties, including any warranty of habitability, Agreements or representations have been made or shall be binding upon either party unless herein set
forth.
24. TIME IS OF THE ESSENCE IN THIS AGREEMENT.
25. ACCEPTANCE: Buyer's offer is made subject to the acceptance of Seller on or before (Date) 1 2 -1 3 - 9 9 and (Time)6 : 00 . If Seller does
not accept this Agreement within the time specified, the entire Earnest Money shall be refunded to Buyer on demand. pM
26. OTHER TERMS: Buyer herein acknowledctes that it may be the intention of the
27. BUYER'S SIGNATURES. ~PSalcv>`i`~ X277 l2 ~-7- yy
.~ BUYER'S SIGNATU SUBJECT TO ATTACHED BUYERS' ADDENDUM(S): ¢S- (Specify nu er of BUYER addendum(s) attached.)
~ ~~~ - ~~~
BUYER Signature --~~J7Q~C ~~.tit.c-L- R Signature ~/s~"~' ~ ~ ~--
BUYER (Print Name) CITY OF MERIDIAN - ~~~mf BUYER (Print Name) r~'r'
Date Time ~C:Y7 Phone#~S~S)S'tlµ3 ~ Date IZ'l~'~~~ Time o'-~!~'Phone#_
Address 3 3 L-~ l r~F}it o ~c~e,vy ~ Address
City ~ ~.~ n ; n n-1 State J.-~/~,~f e Zip _ ~r 3 ~~ ~ City State Zip
28. SELLER'S SIGNATURES:
On this date, I/We hereby approve and accept the transaction set forth in the above Agreement and agree to carry out all the terms
thereof on the part of the Seller. I/We further acknowledge receipt of a true copy of this Agreement signed by both parties.
^ SELLER'S SIGNATURES SUBJECT TO ATTACHED COUNTER OFFER ^ SEE ATTACHED COUNTER OFFER
^ SELLER'S SIGNATURES SUBJECT TO ATTACHED SELLER ADDENDUM/AMENDMENT SEE ATTACHED ADDENDUM/AMENDMENT
^ SELLER'S SIGNA URES SUBJECT TO ATTA~ED "SEDERS R~H,Z TO CONTIIyUE TO MARKET PREMISES" ADDENDUM
c ~.:.~1(- G?'I u.rc~ • ~J / rs~.r ~ or ~ BLc
SELLER Signature '/ ~ ~ sfS LLER Signature
SELLER (Print Name) ~jU /~S ~+ ~ ~ I~ f-~t~:•V ~~~- d^~oS.,CXN./fT SELLER (Print Name)
Date l 2 1-/ .- 7 ~ ~ ~ ~ _ !~ Time _ _ld ' ~ ~ ~ Date Time
Address ,_/f~~7 ~(~~ ~ t.~i~ ~ ~ ~. Z~ J Address
City ~ c:uY.~L State Zip ~'rs7a~ City State Zip
Hm. Ph. $,~~~~ Bus. Ph. ~ Hm. Ph. Bus. Ph.
9~ - p~' V ' Ge.~/
29. BUYER'S ACKNOWLEDGMENT OF RECEIPT OF FINAL COPY BEARING ALL SIGNATURES:
A true copy of the foregoing Agreement, signed by the SELLER and containing the full and complete description of the premises, is hereby received on
Date Time
BUYER
Buye d Sell k wledge rec ipt f copy of this page, which constitut s Page 3 of 3 Pages.
BUYER's Initials ~ Date / SELLER's Initials ~~ Date J 2 -L / - ~' ~
This form is printed and distributed by the Idaho Association of REALTORS®,Inc. / Ada County Association of REALTORS®, Inc. This form has been designed
for and is provided only for use by real estate professionals licensed by the Idaho Real Estate Commission who are also members of the National Association
of REALTORS®.
USE BY ANY OTHER PERSON IS PROHIBITED.
Copyright Idaho Association of REALTORS®,Inc. / Ada County Association of REALTORS®, Inc. All rights reserved.
C-RE 21 revised August 1999
Page 3 of 3
~,
RESOLUTION NO 2 7
BY: ~n ~~i e ~~~~:~~1''ez-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MERIDIAN, SETTING
FORTH CERTAIN FINDINGS AND PURPOSES; AUTHORIZING THE MAYOR TO
ENTER INTO, ON BEHALF OF SAID 1VIUNICIPALITY, AN AGREEMENT
ENTITLED "COMMERCIAL/INVESTMENT REAL ESTATE PURCHASE AND SALE
AGREEMENT ID #57176", BY AND BETWEEN THE CITY OF MERIDIAN AND
DAVE WILLIAMS, DBA DIAMOND PROPERTIES TO EFFECT THE OFFER FOR
THE PURCHASE OF A 10 ACRE SITE OF BARE GROUND DESIGNATED AS ADA
COUNTY PARCEL #51118141900 SUBJECT TO THE TERMS AND CONDITIONS
STATED THEREIN AND WITH THE PROVISION THAT THE CITY SHALL RETAIN
THE RIGHT TO PERFORM A DUE DILIGENCE REVIEW TO INCLUDE THE
ENVIRONMENTAL CONDITION OF THE PROPERTY.
BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE CITY OF MERIDIAN,
IDAHO:
WHEREAS, it is in the best interests of the City of Meridian to make an OFFER
FOR THE PURCHASE OF A 10 ACRE. SITE OF BARE GROUND DESIGNATED AS
ADA COUNTY PARCEL #S1118141900 SUBJECT TO THE TERMS AND
CONDITIONS STATED THEREIN AND WITH THE PROVISION THAT THE CITY
SHALL RETAIN THE RIGHT TO PERFORM A DUE DILIGENCE REVIEW TO
INCLUDE THE ENVIRONMENTAL CONDITION OF THE PROPERTY, denoted as
"COMMERCIAL/INVESTMENT REAL ESTATE PURCHASE AND SALE
AGREEMENT ID #57176", a copy of which is attached hereto marked as Exhibit "A" to
this Resolution, the reasons and authority for which are as set forth in said Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COUNCIL as follows:
1. The Mayor and Clerk are hereby authorized to enter into and on behalf of
the City of Meridian that certain agreement with DAVE WILLIAMS, DBA DIAMOND
RESOLUTION -DAVE WILLIAMS DBA DIAMOND PROPERTIES -PAGE 1 OF2
FOR NEW POLICE STATION AND OTHER PUBLIC USE
PROPERTIES TO EFFECT THE OFFER FOR THE PURCHASE OF A 10 ACRE SITE
OF BARE GROUND DESIGNATED AS ADA COUNTY PARCEL #51118141900
SUBJECT TO THE TERMS AND CONDITIONS STATED THEREIN AND WITH THE
PROVISION THAT THE CITY SHALL RETAIN THE RIGHT TO PERFORM A DUE
DILIGENCE REVIEW TO INCLUDE THE ENVIRONMENTAL CONDITION OF THE
PROPERTY, entitled "COMMERCIAL/INVESTMENT REAL ESTATE PURCHASE
AND SALE AGREEMENT ID #57176 ", by and between the City of Meridian and DAV E
WILLIANIS, DBA DIAMOND PROPERTIES TO EFFECT THE OFFER FOR THE
PURCHASE OF A 10 ACRE SITE OF BARE GROUND DESIGNATED AS ADA
COUNTY PARCEL #51118141900 SUBJECT TO THE TERMS AND CONDITIONS
STATED THEREIN AND WITH THE PROVISION THAT THE CITY SHALL RETAIN
THE RIGHT TO PERFORM A DUE DILIGENCE REVIEW TO INCLUDE THE
ENVIRONMENTAL CONDITION OF THE PROPERTY, a copy of which is attached
hereto marked as Exhibit "A" to this Resolution and to bind this City to its terms and
conditions.
ASSED BY THE COUNCIL OF THE CITY OF MERIDIAN, IDAHO, this ~ day of
GQl~n ~Gti , 1999.
PPROVED BY THE MAYOR OF THE CITY OF MERIDIAN, IDAHO, this ~ day of
~~G~-- , 1999.
a ~=~ lit.-~
OR
ATTEST: ^',`,``;~~~~~~~t~i:~~Jf`J'I~
q I
CITY CLERK S~~Ia
~~ o~
~T ,® `,
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~~~,:.s„f r:a,aa~o~~t
Z:\Worlc\M\Meridian 15360M\Administration\RESOLUTIONtwoPoliceStation.Agt
RESOLUTION -DAVE WILLIAMS DBA DIAMOND PROPERTIES -PAGE 20F2
FOR NEW POLICE STATION AND OTHER PUBLIC USE
CERTIFICATE OF CLERK
OF
THE CITY OF MERIDIAN
1, the undersigned, do hereby certify:
That I am the duly appointed and elected Clerlc of the City of Meridian,
a duly incorporated City operating under the laws of the State of Idaho,
with its principal office at 33 East Idaho, Meridian, Idaho.
2. That as the City Clerlc of this City, I am the custodian of its records and
inutes and do hereby certify that on the ~ day of
C /n rt. , 1999, the following action has been taken and
authorized:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MERIDIAN,
SETTING FORTH CERTAIN FINDINGS AND PURPOSES; AUTHORIZING THE
MAYOR TO ENTER INTO, ON BEHALF OF SAID MUNICIPALITY, AN
AGREEMENT ENTITLED "COMMERCIAL/INVESTMENT REAL ESTATE
PURCHASE AND SALE AGREEMENT ID #57176", BY AND BETWEEN THE
CITY OF MERIDIAN AND DAVE WILLIAMS, DBA DIAMOND PROPERTIES
TO EFFECT THE OFFER FOR THE PURCHASE OF A 10 ACRE SITE OF BARE
GROUND DESIGNATED AS ADA COUNTY PARCEL #S 1118141900 SUBJECT
TO THE TERMS AND CONDITIONS STATED THEREIN AND WITH THE
PROVISION THAT THE CITY SHALL RETAIN THE RIGHT TO PERFORM A
DUE DILIGENCE REVIEW TO INCLUDE THE ENVIRONMENTAL
CONDITION OF THE PROPERTY.
BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE CITY OF
MERIDIAN, IDAHO:
WHEREAS, it is in the best interests of the City of Meridian to make an
OFFER FOR THE PURCHASE OF A 10 ACRE SITE OF BARE GROUND
DESIGNATED AS ADA COUNTY PARCEL #S 1118141900 SUBJECT TO THE
TERMS AND CONDITIONS STATED THEREIN AND WITH THE PROVISION
THAT THE CITY SHALL RETAIN THE RIGHT TO PERFORM A DUE
DILIGENCE REVIEW TO INCLUDE THE ENVIRONMENTAL CONDITION OF
CERTIFICATE OF CLERK OF THE CITY OF MERIDIAN - 1
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DEVELOPMENT AGREEMENT ADDENDUM
TO PURCHASE AND SALE AGREEMENT #57176
BUYER: City of Meridian.
SELLER: Howell-Murdoch Development Corporation, an Idaho Corporation.
SELLING AGENCY: Diamond Properties, Dave Williams, agent.
WITNESSETH
For good and valuable consideration, the receipt of which is hereby
acknowledged, it is understood and agreed between the parties as follows:
1 . Addendum: That this Development Agreement is an addendum to the
parties 12-2-99 Purchase and Sale Agreement #57176 ("Purchase
Agreement") which was approved by the Buyer in City Council Resolution 277
on the 7t" day of December, 1999 and executed by the Buyer on the 14t" day
of December, 1 999. This Purchase Agreement was executed by the Seller on
the ~ S~day of December, 1999.
2. Addendum Effective Date: This Addendum to the Purchase
Agreement shall become effective on the date of the closing of the transaction
referred to in the Purchase Agreement and transfer of the deed to Buyer. In the
event that the transaction fails to close then this Addendum shall have no
force or effect.
3. Platting of Seller's Other Property; Dedication of Public Roadway:
Seller owns adjacent property (approximately 10 acres) to the property the
City is purchasing (which property is 1 ,013 feet by 430 feet) It is agreed that
Seller, at Seller's expense, shall plat Sellers other property together with the
Northern 29 feet of the City's property (for the public roadway) and shall
submit that plat for City approval no later than the second anniversary of the
closing of City's property referred to in the Purchase Agreement. The City shall
join in that plat, and execute such other documents as necessary for the
dedication of the public roadway. This public roadway shall be composed of
the northern 29 feet of the City's property and the southern 29 feet of the
Seller's property adjacent to the City's property. (Upon dedication this public
roadway will be owned and operated by ACHD.) Seller agrees that the
engineer of Seller shall consult with and keep the engineer for the City of