2003-059-RES APPROVE/AUTHORIZE REAL ESTATE PURCHASE AGREEMENT WITH CHAMBER OF COMMERCE FOR 3/10 OF LOT 1 BLOCK 102, LOTS 2A & B BLOCK 102-B

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structure as a transportation museum; and, WHEREAS, the aforesaid depot structure has been completed and the Chamber and its related activities have occupied said structure, and the prior Chamber offices, previously defmed above as the Property, are standing vacant and have been offered for sale; and, WHEREAS, during the course of the reconstruction and rehabilitation of the Depot structure, the City of Paris incurred substantial costs, not covered by the aforesaid TxDOT grant, in furtherance of completion of the Depot, said costs being incurred on behalf of and to be reimbursed by the Visitors and Convention Council; and, WHEREAS, as a result of the offering of the Property, the Chamber has received an offer of $200,000.00 to purchase the entire Property, including the undivided seven-tenths (7/10) interest owned by the Lamar County Chamber of Commerce and the undivided three-tenths (3/10) interest owned by the City of Paris; and, WHEREAS, the City of Paris and the Lamar County Chamber of Commerce are in mutual agreement that the proceeds from the sale of the Property should be used to construct a myriad of other improvements to the Depot property, to the mutual benefit of the City of Paris as Owner and the Chamber of Commerce as Lessee of the Depot property; and, WHEREAS, the City Council of the City of Paris, by prior Resolution No. 2003-028, approved February 10, 2003, has previously approved and authorized the execution of a prior Real Estate Purchase Agreement with the Lamar County Chamber of Commerce for the purchase of the City's three-tenths (3/10) interest in and to the Property; and, WHEREAS, in excess of thirty (30) days has transpired since the original authorization of sale of said property by the City Council; and, WHEREAS, the aforesaid prior Real Estate Purchase Agreement, consistent with the Chamber's Real Estate Purchase Agreement with the Buyer, contained a requirement that the sale of the property be consummated by or before March 1, 2003; and, WHEREAS, the aforesaid deadline for closing on the property has passed and the prior real estate purchase agreement has expired, and the City Council has been requested to approve a subsequent Real Estate Purchase Agreement on essentially the same terms and conditions as the prior agreement, but containing a later date for closing on the sale of the property; and, WHEREAS, it is deemed appropriate that the Real Estate Purchase Agreement, attached hereto as Exhibit A, be in all things approved and that the City Manager be authorized to execute the same; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: