The City of Lee's Summit - File #: BILL NO. 18-162

• File #: BILL NO. 18-162
• Type: Ordinance
• Status: Passed
• File created: 8/29/2018
• In control: City Council - Regular Session
• On agenda: 9/20/2018
• Final action: 10/2/2018
• Title: An Ordinance approving a Real Estate Purchase and Sale Agreement by and between the City of Lee's Summit, Missouri and PremierLife Real Estate Holdings, Inc. for the purchase and sale of real property located generally on the west side of NW Pryor Road, between NW O'Brien Road and SW 1st Street, and authorizing the Mayor to execute any and all documents necessary and relevant to effectuate said transaction by and on behalf of the City. (Note: This item was first read by Council on September 20, 2018 and passed by unanimous vote.)
• Sponsors: Fire

Date	Action By	Action	Result
10/2/2018	City Council - Regular Session	adopted and numbered	Pass
9/20/2018	City Council - Regular Session	advanced to second reading	Pass

Title
An Ordinance approving a Real Estate Purchase and Sale Agreement by and between the City of Lee's Summit, Missouri and PremierLife Real Estate Holdings, Inc. for the purchase and sale of real property located generally on the west side of NW Pryor Road, between NW O'Brien Road and SW 1st Street, and authorizing the Mayor to execute any and all documents necessary and relevant to effectuate said transaction by and on behalf of the City.
(Note: This item was first read by Council on September 20, 2018 and passed by unanimous vote.)

Body
Issue/Request:
This request is for the approval of the real estate contract between the City and Premierlife Real Estate Holdings for the acquisition of land to be used for the reconstruction of fire station 3.

Key Issues:
This request is in conjunction with the Memorandum of Understanding that specifies actions to be taken by the City in consideration for the conveyance of a parcel of land to be used to rebuild fire station 3.

The City and PremierLife Real Estate Holdings, LLC (a/k/a John Knox Village) have been negotiating the terms and conditions associated with the real estate transaction which provides the City adequate land to construct a new Fire Station #3 since Fall 2016. The documents attached contain the terms and conditions associated with the transaction, which includes the transfer of property from Premier Life to the City in exchange for $1 as well as certain additional considerations to be provided by the City as more fully outlined in the Memorandum of Understanding and Amendment to Memorandum of Understanding between the parties, being presented contemperaneously with this proposed Real Estate Purchase and Sale Agreement.

Also incorporated in the Real Estate Purchase and Sale Agreement is a Right to Repurchase which provides PremierLife the opportunity to repurchase the property at issue in the event that the required considerations are not completed by the City within eighty four (84) months of ...