File #: CON 24-01    Version: 1 Name: Contract with S3 Biotech, LLC
Type: Contract Status: Passed
File created: 1/4/2024 In control: City Council Regular Meeting
On agenda: 1/16/2024 Final action: 1/16/2024
Title: The Mayor and City Council shall discuss and take action to approve a Purchase and Sale Agreement and Escrow Instructions with S3 Biotech, LLC for the sale of approximately 4 acres of real property generally located on the southeast corner of N. John Wayne Parkway and W. Bowlin Road, for an approximate purchase price of $1,375,000 which represents $7.90 per sq. ft, and authorizing the City Manager to execute the agreement once the S3 Biotech LLC members are updated, any future amendments to extend closing and any other necessary closing documents related to this agreement. Discussion and Action.
Sponsors: Rick Horst
Attachments: 1. Contract

TITLE

The Mayor and City Council shall discuss and take action to approve a Purchase and Sale Agreement and Escrow Instructions with S3 Biotech, LLC for the sale of approximately 4 acres of real property generally located on the southeast corner of N. John Wayne Parkway and W. Bowlin Road, for an approximate purchase price of $1,375,000 which represents $7.90 per sq. ft, and authorizing the City Manager to execute the agreement once the S3 Biotech LLC members are updated, any future amendments to extend closing and any other necessary closing documents related to this agreement. Discussion and Action.

 

AGENDA ITEM DESCRIPTION

The City desires to sell approximately 4 acres of real property generally located on the southeast corner of N. John Wayne Parkway and W. Bowlin Road for a medical campus.  City Council approved a similar agreement on December 12, 2023.  After Council approval, purchaser requested the agreement be revised to reduce the Earnest Money and clarify the schedule of construction. 

 

This item will be presented by Rick Horst, City Manager.

 

STAFF RECOMMENDATION

Staff recommends the approval of the Purchase and Sale Agreement and Escrow Instructions with S3 Biotech, LLC and authorizing the City Manager to execute the agreement, any future amendments to extend closing and any other necessary closing documents related to this agreement.