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RESOLUTION APPROVING AN AGREEMENT FOR THE PURCHASE OF PROPERTY AT SOUTH PLATTE CROSSING, 7190 COLORADO BOULEVARD AND PROVIDING FOR RELATED MATTERS
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Summary and Background Information:
Updated Information:
On 07-20-2020, City Council heard this matter and discussed the terms of the agreement to purchase the floor within the South Platte Crossing Building. Council directed staff to attempt to renegotiate the terms of the purchase with ULC, to include an extension of the closing date to 180 days. Staff has secured an additional 30 days (a total of 135 days) from execution of the PSA during the negotiation process. If the Council wishes to proceed with the purchase of the property, City Council could pass the resolution and staff will revise the PSA prior to its execution. Additionally, Mark Marshal, ULC’s director of real estate, will be present during the meeting to offer comment and answer questions.
Information from Council Communication on 07-20-2020:
Staff is presenting Council with a Purchase and Sale Agreement (PSA) with the Urban Land Conservancy (ULC) for Unit 6, the fifth floor of the South Platte Crossing building, located at 7190 Colorado Blvd. The Unit is approximately 10,800 square feet with a purchase price of $1,000,000.
Approval of the resolution and subsequent execution of the PSA will enter the City into the process of purchasing the Unit. The City will provide $25,000 in earnest money, which is fully refundable, and the City can terminate the PSA at any time. The City has 90 days from the execution of the PSA to complete due diligence, and the closing date is 105 days from execution. If lockdown, quarantine, or other COVID-related disruption occurs, the closing date may be extended.
The South Platte Crossing building is jointly owned by Adams County and the ULC. The County owns the basement, the first and second floors. Tenant finishes are underway on the first and second floors to enable Tri-County Health and the DMV to occu...
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