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HomeMy WebLinkAbout020210 RES - 02/16/1988A RESOLUTION AUTHORIZING THE EXECUTION OF THE DOCUMENTS NECESSARY FOR THE ACQUISITION OF LOTS 3, 4, 5, 6, BLOCK 69, BEACH ADDITION; AND APPROPRIATING APPROPRIATING $375,000. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1. That the City Manager is hereby authorized to execute the documents necessary for the acquisition of Lots 3, 4, 5, 6, Block 69, Beach Addition, a substantial copy of which is attached hereto and made a part hereof, marked Exhibit A. SECTION 2. That there is hereby appropriated $375,000 from the Economic Development Trust Fund. ATTEST: (Pir— City Secretary APPROVED: ///f/f, DAY OF HAL GEORGE, CITY ATTORNEY By MA OR is ant City ttorn 205RP096.res J--/AAA/t.e, THE CITY OF CORPUS CHRISTI, TEXAS 20210 MICROFILMED City of Corpus Christi, Texas Property and Land Acquisition Division REAL ESTATE SALES CONTRACT THE STATE OF TEXAS § COUNTY OF NUECES § KNOW ALL BY THESE PRESENTS: This memorandum of agreement made and entered into by and between LEE M. RICHARDSON hereinafter called SELLER, of the County of Nueces, State of Texas, and the CITY OF CORPUS CHRISTI, hereinafter called BUYER, of the County of Nueces, State of Texas, W I T N E S SET H: 1. The SELLER, for the consideration and upon the terms hereinafter set out, hereby agrees to sell and convey unto BUYER, and BUYER agrees to buy the following describgd property situated in Nueces County, Texas, to -wit: Lots Three [3], Four [4], Five [5], Six [6], Block Sixty-nine [69], Beach Portion, an Addition to the City of Corpus Christi, Nueces County, Texas, according to the map or plat thereof, recorded in Volume A, Page 3, Map Records, Nueces County, Texas. "Real Estate Sales Contract" BAYFRONT SCIENCE PARK EXPANSION Parcel 9 [Richardson] Page 1 of 5 2. The purchase price is Three hundred Sixty-nine thousand Dollars and no cents [$369,000.00]. 3. The SELLER shall provide at the expense of BUYER, a title insurance policy, without exceptions to said title being made in said title policy, which policy shall wholly insure and indemnify the BUYER against any title defects or adverse claims thereto. Said title insurance policy shall be issued through a reliable title insurance company and shall be delivered to the BUYER on the date of the closing of this transaction. 4. Upon the securing of the title insurance policy provided for herein, SELLER agrees to deliver at the expense of BUYER a good and sufficient general warranty deed drawn in accordance with the provisions of this contract, properly conveying said property to said BUYER, and BUYER agrees thereupon to make the cash payment. 5. All taxes to be paid by SELLER up to and including the year 1987. 6. All current taxes, if any, are to be prorated between the BUYER and the SELLER for the year 1988 to date of closing, except as may be herein otherwise provided. 7. BUYER has this day deposited with the title insurance company or title guaranty company the sum of $20,000.00 as earnest money hereunder to be applied on the cash payment above set out when the transaction is closed, at which time the balance of cash consideration shall also be paid. Should the BUYER fail to consummate this contract as herein specified for any reason, except title defects, "Real Estate Sales Contract" BAYFRONT SCIENCE PARK EXPANSION Parcel 9 [Richardson] -2- the SELLER shall be entitled to receive said cash deposit as liquidated damages for the breach of this contract, or may at SELLER'S option, enforce specific performance hereof. When the executed deed and any other necessary executed papers and the balance of the cash payment are in possession of the title insurance company or title guaranty company said title company will close the transaction in accordance with its usual and customary procedure. In the event SELLER fails to tender a deed conveying said property in accordance with the terms of the contract within the time provided herein, the BUYER may enforce performance of this contract by an action for specific performance thereof. 8. The BUYER agrees to accept title subject to all outstanding restrictive covenants and use restrictions, if any, of record, and all city zoning and regulatory ordinances, if any, applicable to said property. 9. It is understood by all parties hereto that this transaction is to be closed through the title insurance company or title guaranty company on or before ninety [90] days from this date. Possession to be given to BUYER upon execution of the "Warranty Deed" by SELLER. 10. By SELLER'S execution hereof, SELLER acknowledges that SELLER has read this agreement and understands that this agreement is not binding on BUYER until properly authorized by the City Council and executed by the City Manager of the City of Corpus Christi, Texas. It is further understood, however, that BUYER must execute this agreement within sixty [60] days from the date of SELLER'S execution or this agreement shall be null and void and none of the provisions hereinabove set out will bind either party. "Real Estate Sales Contract" BAYFRONT SCIENCE PARK EXPANSION Parcel 9 [Richardson] -3- EXECUTED in triplicate, either copy of which shall constitute an original. Dated this By: Lee M. Richardson day of S ELLE R CITY OF CORPUS CHRISTI, TEXAS , 1988. Craig A. McDowell City Manager Dated this day of , 1988. BUYER ATTEST: ARMANDO CHAPA, CITY SECRETARY City Secretary APPROVED AS TO LEGAL FORM THIS THE DAY OF By: HAL GEORGE, CITY ATTORNEY Assistant City Attorney "Real Estate Sales Contract" BAYFRONT SCIENCE PARK EXPANSION Parcel 9 [Richardson] -4- , 1988. THE STATE OF TEXAS § COUNTY OF NUECES § This instrument was day of acknowledged before me on this , 1988 by Lee M. Richardson. Notary Public in and for the State of Texas THE STATE OF TEXAS 1f 1f 1f COUNTY OF NUECES ITV This instrument was day of City Manager for the City acknowledged before me on this , 1988 by Craig A. McDowell, of Corpus Christi, Texas, a municipal corporation, corporation. on behalf of said municipal Notary Public in and for the State of Texas [NOTE] [please print, type or stamp name & expira- tion date of notary public below EACH notary] "Real Estate Sales Contract" BAYFRONT SCIENCE PARK EXPANSION Parcel 9 [Richardson] Page 5 of 5 CITY OF CORPUS CHRISTI, TEXAS CERTIFICATION OF FUNDS (City Charter Article IV Section 21) I certify to the City Council that $ 375,000.00 February 16, 1988 , the amount required for the contract, agreement, obligation or expenditures contemplated in the above and foregoing ordinance is in the Treasury of the City of Corpus Christi to the credit of: Fund No. and Name Economic Development Turst Fund Project No. Project Name Bayfront Science Park Expansion -- „LJ i7 A.4 from which it is proposed to be drawn, and suc money�o appropriated for any other purpose. $369,000.00 acquisition $ 2,421.50 closing costs $ 1,475.00 appraisal services $ 2,103.50 relocation $375,000.00 Total [Richardson] 200 Igi? FIN 2-55 Revised 7/31/69 _1 - U4413L,--) Director f F' ance /° 024, 6 -Jr) C2x4L ;_e 43/ The above resolution Betty N. Turner David Berlanga, Sr. Leo Guerrero Clif Moss Bill Pruet Mary Rhodes Frank Schwing, Jr. Mary Pat Slavik Linda Strong 99.066.01 Corpus Christi, Texas ' /i4 1 day of was passed by the following vote: 20210 , 198?