Title
An Ordinance approving the purchase agreement between the City of Lee’s Summit and Raintree Investors, LLC, for the purchase of property by the City for Fire Station #5. (First read by Council on April 13, 2021. 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 #5 at the southwest quadrant of Highway 150 and SW Regatta Drive.
Key Issues:
This Real Estate Agreement will provide for the purchase of approximately 1.0 acre of property for the location of Fire Station #5.
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 Raintree Investors, LLC for the Purchase of Property by the City for Fire Station #5.
Background:
Details about the transaction from the Terms Sheet that has been used to negotiate the Agreement:
Buyer
City of Lee’s Summit
Seller
Raintree Investors, LLC
Property
801 SW M-150 Highway
Lee’s Summit, MO 64082
Tax Parcel No. 70-920-16-01-00-0-00-000 which is Lot 5 of the “Final Plat of Raintree Lake Village, Lots 1 through 6 and Tract A” containing 43,593 square feet which is approximately 1.0 acre
Interest Purchased
Buyer obtains fee simple interest in the Property.
Purchase Price
$700,000, payable as $600,000 to the Seller and $100,000 to the Raintree Lake Village Transportation Development District at the request of Seller.
Earnest Money Deposit
$1,000, 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, last for 30 days after execution. Buyer will provide access to property for due diligence. Inspection Period may be extended by mutual agreement of the parties.
Inspection Materials
Seller will make avail...
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