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<br />$9,000,000.00 (Nine Million Dollars) with a deposit of $1.000.000.00 (One Million Dollars) to <br />be credited against the purchase price at closing. <br /> <br />2. Upon closing, the City agrees to deposit 58,500 square feet in a development rights <br />("TORs") in an account created on behalf of R.K. Associates VIII, Inc. who shall have the right <br />to sell such TORs for 15 years. <br /> <br />3. The parties agree to execute a triple net sale leaseback agreement for R.K. Associates <br />VIII, Inc. to manage the property until December 31, 2011, or until such time as they are able to <br />remove all tenants and terminate all leases before December 31, 2011. Following closing of the <br />property, R.K. Associates VIII, Inc. shall be entitled to all rent and income derived from the <br />property, and they shall assume all obligations as property manager and be responsible for all <br />expenses relating to the property, including but not limited to taxes and insurance. <br /> <br />Upon approval of this purchase agreement. staff will take the necessary steps to close on the <br />property. <br /> <br />HO: fa <br /> <br />I Attachment <br />