HomeMy WebLinkAboutORDINANCE 04-130 0
ORDINANCE NO.04-13
AN ORDINANCE APPROVING AN EXCLUSIVE OPTION
TO PURCHASE REAL ESTATE FOR ESTES PERFORMANCE
INCORPORATED —PERFORMING ARTS CENTER PROJECT
WHEREAS,the Board of Trustees of the Town of Estes Park has the authority pursuant
to Section 31-15-713 (1)(b)C.R.S.to sell Town property;and
WHEREAS,Estes Performance Incorporated (“EPIC”)has requested that the Town sell
a portion of its property located on the western portion of the Town’s Riverside parking lot which
abuts the location of EPIC’s proposed Performing Arts center Project;and
WHEREAS,as part of the purchase of the Town’s property,EPIC has agreed to grant a
public access easement and construct an extension of the Riverwalk across the Park Theater
Mall property which will be acquired by EPIC;and
WHEREAS,the Board of Trustees of the Town of Estes Park has determined it is in the
best interest of the Town to enter into an Exclusive Option to Purchase Real Estate with EPIC
which grants to EPIC the exclusive option to purchase Town property subject to the terms and
conditions as more fully set forth in the Exclusive Option to Purchase Real Estate Agreement.
NOW THEREFORE,BE IT ORDAINED BY THE BOARD OF TRUSTEES OF
THE TOWN OF ESTES PARK,COLORADO:
Section 1.The Exclusive Option to Purchase Real Estate Agreement attached
hereto as Exhibit A and incorporated herein by this reference is hereby approved.The
officials of the Town of Estes Park are hereby authorized to execute the Option to
Purchase Real Estate Agreement and perform all other necessary acts and duties as
provided in the Option Agreement.
Section 2.This Ordinance shall take effect and be enforced thirty (30)days
after its adoption and publication.
INTRODUCED,READ,AND PASSED BY THE BOARD OF TRUSTEES OF THE
TOWN OF ESTES PARK on this day of ,2013.
TOWNOF ESTES PAR
‘1
Mayor
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ATTEST:
-p Q ,
Clerk
I hereby certify that the above Ordinance was introduced and read at the meeting
of the Board of Trustees on the day of ccR ,2013,and published in a
newspaper of general circulation in the Town of Estes Park,Colorado,on the
day of
____________________,2013.
C).
TpWn Clerk
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EXCLUSIVE OPTION TO PURCHASE REAL ESTATE
•SNThisOptionAgreemententeredintoonthe day of Lic ,2013 (the
“Effective Date’)between the Town of Estes Park,Colorado,a municipal corporation,
hereinafter called “Seller”,and Estes Performance InCorporated,hereinafter referred
to as “Purchaser,”for the option to purchase two parcels of property owned by the
Town of Estes Park (the “Option Property”).
WITNESSETH:
1.GRANT OF OPTION.In consideration of $1.00 (ONE DOLLAR),cash in
hand paid by Purchaser to Seller,the receipt and sufficiency of which are hereby
acknowledged,Seller hereby grants unto Purchaser,for the Option Period described
below,the exclusive right and Option to purchase the Option Property,more fully
described in Exhibit A attached hereto and incorporated herein by reference,and,upon
the exercise of the Option,to purchase the same as hereinafter provided.
2.Exercise of Option.To exercise this Option,Purchaser shall,prior to the
date on which this Option is due to expire,give Seller written notice of its exercise of the
Option.
3.Term of Option.This Option shall extend from the Effective Date to
January 31,2017.In the event Purchaser fails to exercise this Option by this date,this
Option shall terminate on said date and be of no further force and effect.
4.Real Estate Sales Contract.At the time of exercise of the Option,
Purchaser shall execute and deliver to Seller and Seller shall execute and deliver to
Purchaser,the Real Estate Sales Contract,attached hereto as Exhibit B and
incorporated herein and by reference.
Option Agreement —Town of Estes Park and
Estes Performance incorporated
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5.Purchaser Representations.The Purchaser represents that,as of the
date of this Option,the following are true and correct statements upon which Seller may
rely:
a)Purchaser is a duly-organized corporation in good standing under the Laws of the
State of Colorado;
b)Purchaser will diligently pursue the contingencies which are set forth in Section
10.10 (a)—(g)of the Real Estate Sales Contract;
6.Seller Representation.Seller will diligently pursue the contingencies
which are set forth in Section 10.10 (d)and (g)of the Real Estate Contract.
7.Title Commitment to be Delivered by Seller.Title to the Option Property
shall be merchantable,and free and clear of all liens,encumbrances and defects to the
Purchaser’s satisfaction prior to closing of the Real Estate Sales Contract.Within ten
(10)days of the mutual execution of the Real Estate Sales Contract,Seller shall
provide,at Purchaser’s expense,a title insurance commitment from a Title Insurance
Company of Seller’s choosing,in favor of the Purchaser on the Option Property,in form
satisfactory to the Purchaser and showing a State of Title as set forth in the Purchaser’s
proposed Real Estate Sales Contract.The premium for such insurance,if the Property
is purchased as provided in the Contract and a policy of title insurance issued,shall be
at Purchaser’s expense at closing.
8.Binding Nature of Option.This Option is for the benefit of and binding
upon the successors and assigns of the parties hereto.
9.Memorandum of Option to Be Recorded.A Memorandum Notice of
this Option shall be executed by the parties and recorded.
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Option Agreement —Town of Estes Park and
Estes Performance Incorporated
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10.Notices.Any notice required or permitted to be delivered hereunder shall,
except as otherwise expressly provided herein,be deemed to have been given upon the
earlier to occur of (i)actual receipt by the addressee thereof;or (N)deposit in the United
States mail,postage prepaid,registered or certified mail,return receipt requested,
addressed to Seller or Purchaser,as the case may be as follows:
Seller:Town of Estes Park
Mention:Town Administrator
P 0 Box 1200
Estes Park,CO 80517
Purchaser:Estes Performance InCorporated
Attn:President
PC Box 3077
Estes Park,CO 80517
11.Seller’s Default.In the event of Seller’s default of its obligations
hereunder,for any reason whatsoever,Purchaser’s sole and exclusive remedy for said
default shall be an action for a specific performance in the District Court,Larimer
County,Colorado.Purchaser shall not be entitled to any damages as a result of
Seller’s default including any actual or consequential damages of whatsoever kind and
nature arising out of and in any way related to the default of Seller.
IN WITNESS WHEREOF,Seller and Purchaser have executed this Option
Agreement dated as of R?t*c 3,2or3 in duplicate originals by their respective duly-
authorized representatives as designated below.
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Option Agreement —Town of Estes Park and
Estes Performance Incorporated
SELLER:
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TOWN OF ESTES PARK,
PURCHASER:
ESTES PERFORMANCE INCORPORATED,
a Colorado nonprofit corporation,
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By:
Acknowledged by:
By:
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Mayor
Acknowledged by:
Town Clerk
Option Agreement —Town of Estes Park and
Estes Performance InCorporated
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EXHIBIT A
Lecial Description of Parcel 1:
The following legal descriptions are portions of the Southwest Quarter
of the Northeast Quarter of Section 25,Township 5 North,Range 73
West of the 6th P.M.
Commencing at the (approximate)Northeast Corner of Lot 34,Second
Riverside Subdivision (the Northeast corner of the slab at the southerly
edge of Fall River);thence S 16’39’E 15.9’to the true point of
beginning;
thence along the east line of said Lot 34,5 1 6’39’
E 128.4’thence S 78’28’E 24.2’;
thence N 11’32’E 140.0’;
thence N 78’28’W 35.4’;
thence S 73’02’W 56.2’to the True Point of
Beginning.Area:7775 square feet,more or less
Legal Description of Parcel 2:
Lañmer County Parcel Number 3525122943 (as small sliver of property between the
southern boundary of Lot 34 and Rockwell currently containing an extension to the
sidewalk and 3 trees).
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Option Agreement —Town of Estes Park and
Estes Performance Incorporated