Title
An Ordinance Approving the Real Estate Sale Agreement between the City of Lee’s Summit and Bahman Terani and Jaleh Nikfarjam for the Purchase of Property by the City for Fire Station #4.
(Note: First reading was done by Council on November 17, 2020. Passed by unanimous vote.)
Body
Issue/Request:
Approval of a Real Estate Agreement for the purchase of property for the new location of Fire Station #4 on the east side of NE Lakewood Way, about 260 feet south of Bowlin Road.
Key Issues:
This Real Estate Agreement will provide for the purchase of approximately 1.07 acres of property for the location of Fire Station #4.
Proposed City Council Motion:
I move for adoption of an Ordinance Approving the Real Estate Sale Agreement between the City of Lee’s Summit and Bahman Terani and Jaleh Nikfarjam for the Purchase of Property by the City for Fire Station #4.
Background:
Details about the transaction from the Terms Sheet that has been used to negotiate the Agreement:
Buyer
City of Lee’s Summit
Seller
Bahman Terani and Jaleh Nikfarjam, husband and wife
Property
5031 NE Lakewood Way
Lee’s Summit, MO 64064
Tax Parcel No. 43-240-01-45-00-0-00-000 which is Lot 6-A of the “Minor Plat of Executives Lakes Center, Lots 6-A and 6-B” containing 46,666 square feet which is approximately 1.07 acres
Interest Purchased
Buyer obtains fee simple interest in the Property.
Purchase Price
Maintained as a closed record at this time.
Earnest Money
Amount maintained as a closed record at this time, deposited with Title Company in interest-bearing account with interest paid in favor of Buyer. Earnest Money and accrued interest become part of Purchase Price as stated above. Deposit is refundable during Inspection Period.
Inspection Period
Starts at contract signing, duration of two months after contract signing. Buyer will provide access to property for due diligence. Inspection Period may be extended by mutual agreement of the parties.
Inspection Materials...
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