Title
An Ordinance approving the Third Amendment to the Real Estate Sale Agreement between the City of Lee’s Summit, Missouri, and Archview Properties, LLC, for the sale of City property at 15 and 25 NW Tudor Road.
(Note: First read by Council on July 11, 2023. Passed by unanimous vote)
Body
Issue/Request:
A request by Archview to extend the approvals period a third time from June 28, 2023 to the latest date of December 1, 2023. The resulting closing date would be approximately December 21, 2023.
Key Issues:
Extension of the Approvals Period for an Agreement to sell City surplus property from June 28, 2023 to a date as late as December 1, 2023 after the exercise of extensions and the payment of additional funds to the City.
Proposed City Council Motion:
I move for adoption of an Ordinance Approving the Third Amendment to Real Estate Sale Agreement Between the City of Lee’s Summit, Missouri, and Archview Properties, LLC, for the Sale of City Property at 15 and 25 NW Tudor Road.
Background:
The City holds fee simple title to property located at 15 and 25 NW Tudor Road (the “Property”), which was originally purchased as part of a larger parcel for the purpose of constructing and operating a police and municipal court facility. The Police and Court Facility continues to be operated on the north side of Tudor Road. The Property located on the south side of Tudor Road is no longer needed by the City and therefore can be sold as surplus property pursuant to the general authority as set forth in Section 2.1 of the City Charter and as authorized by Article 6, Section 19(a) of the Missouri Constitution.
The City Council passed Ordinance No. 9337 on February 22, 2022, which approved a Real Estate Sale Agreement between the City and Archview Properties, LLC (“Archview”), for the sale of the Property, which was executed by the parties on February 23, 2022 (the “Agreement”). The Agreement includes two 30-business-day extension periods which may be exercised at the op...
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