1991-10-14 Regular Meeting - Laserfiche WebLink

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RE~ST FOR CITY COUNCIL AGEND~ITEK -------------------------------------------------------------------------- -------------------------------------------------------------------------- Agenda Date Requested: October 14. 1991 Requested By: Robert T. Herrera Department: Administration Report Resolution xxx Ordinance Exhibits: Ordinance Tax Anticipation Note Earnest Money Contract -------------------------------------------------------------------------- -------------------------------------------------------------------------- SUKKARY , RECOMMENDATION Attached is an Earnest Money contract for the City's purchase of the auction barn building on South Broadway, next to the La Porte Recreation Center. Under the Contract, the City would purchase the property for $ 165,000, with $ 1,000 earnest money, and $ 99,000 cash downpayment at closing on October 16, 1991. The balance of $ 65,000 would be represented by a tax anticipation note which will be prepared, with zero interest, payable July 1, 1992. In lieu of interest, the sellers will continue to collect rent through November 30, 1991. The attached Ordinance approves and authorizes the earnest money contract. Action Required by Council: Adopt Ordinance approving and authorizing earnest money contract, and approve tax anticipation note as a separate item. =========================================================================== Availability of Funds: General Fund Water/Wastewater Capital Improvement General Revenue Sharing Other (None required) Account Number: Funds Available: YES NO =========================================================================== ADDroved for city Council Aaenda 6<~\. ~ Robert T. Herrera City Manager to-~ -'\\ DATE ===========================================================================