Res 2015-020/Wildenthal Tract - Laserfiche WebLink

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ARTICLE 2 OBLIGATIONS AND RIGHTS OF THE CITY 2.1 The City shall contribute up to five hundred thousand dollars ($500,000.00 USD) toward the County's acquisition of the Property from TPL. Said amount is based upon a price of $15,000.00 per acre for 33.33 acres. Payment from the City shall be due upon closing under the Purchase Contract and the simultaneous conveyance to the City of a portion of the Property as provided under section 3.3. 2.2 The City will assist the County in seeking out and procuring grants or other funding from third parties for the purchase of the property from TPL. The County will retain the first two hundred twenty three thousand five hundred dollars ($223,500.00 USD) of such grant proceeds or other funds. If the parties are successful in securing grant or other funds from third parties in excess of two hundred twenty three thousand five hundred dollars ($223,500.00 USD), the parties agree that one -half of any such excess amount shall be credited against the City's contribution amount under Section 2.1. For example, if the parties secure two hundred thirty thousand dollars ($230,000.00 USD) in grant or other funds from third parties, the County would retain two hundred twenty three thousand five hundred dollars ($223,500.00 USD) of the grant proceeds and the amount that the City would pay toward the acquisition of the Property would be reduced by three thousand two hundred fifty dollars ($3,250.00 USD) for a total payment due under Section 2.1 of four hundred ninety six thousand seven hundred fifty dollars ($496,750.00 USD). 2.3 The City will coordinate with the County to identify an approximately 33.33 acre mutually agreed portion out of the western section of the Property to be conveyed to the City. Such total acreage for conveyance to the City may be adjusted based upon physical constraints requiring adjustments in the boundary and a survey of the agreed upon portion to be conveyed to the City, in which event the payment from the City under Section 2.1 will be adjusted based on the actual acreage at rate of fifteen thousand ($15,000.00 USD) per acre. ARTICLE 3 OBLIGATIONS OF THE COUNTY 3.1 During the pendency of the Purchase Contract, the County, with the assistance of the City, shall endeavor to secure additional third -party grants or funding for acquisition of the Property, the total purchase price of which is one million, five hundred and ninety -five thousand, twenty -nine dollars ($1,595,029.00 USD)(the "Purchase Price "). Should the efforts to secure contributions from third parties result in grant or other funds from third parties in excess of two hundred twenty three thousand five hundred dollars ($223,500.00 USD), the parties agree that one -half of any such excess amount shall be credited against the City's contribution amount under Section 2.1 as provided in Section 2.2. 3.2 If the County, with the assistance of the City, is unable to secure additional third -party funding for acquisition of the Property, then the County shall be obligated to pay the difference between the City's contribution and the Purchase Price. Unless the City otherwise agrees in writing, the City shall not be obligated to pay more than the amount of funds cited in Section 2. 1, MOU - Wildenthal - Phase 1 Page 2