07-B Chamber Bldg Sales Agmt - Laserfiche WebLink

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February 7, 2003 Don Wall, Chairman of the Board of Directors Lamar County Chamber of Commerce 1125 Bonham Street Paris, TX 75460 RE: Proposed Sale of Chamber of Commerce/Visitors and Convention Council Building, 17th Street S.E. and Clarksville Street, Paris, Texas Dear Don: I am enclosing for your review a revised Real Estate Purchase Agreement which I would propose to present to the City Council at the upcoming Monday, February 10, 2003, City Council meeting for the sale of the City's 3/10 interest in the old Lamar County Chamber building to the Chamber. I envision these transactions would essentially be simultaneous, whereby the City's transfer to the Chamber would occur at the same time as the Chamber's conveyance of the entire property (including the City's 3/10 interest) to the buyer. I have attempted to restructure this contract over my prior draft in response to your correspondence dated January 23, 2003. To that end, I would like to address a few comments in your letter to further clarify the mechanics and processes which the City must observe in the sale of real property. As we have discussed, the City has the responsibility under the Depot lease between the City and the Chamber to construct the new parking lot between the Depot and Heritage Hall. As a consequence, this new agreement reflects what I believe to be the intentions of all parties, in that the City's $60,000.00 (less closing costs) which is derived from the sale of the property will be utilized in constructing the new parking lot. I should point out that the City's intentions in this transaction should in no way be regarded as a demand for money as referenced in your letter. While we cannot determine in our files the exact source of funding used by the City to purchase its 3/10 interest when the old building was acquired, your reference to V&CC funds in all likelihood is a reference to funds derived from the City's hotel and motel tax. Even though those funds are special purpose tax funds, an asset or interest in an asset purchased with such funds in the name of the City must unfortunately still be P.O. BOX 9037 · PARRS. TEXAS 75461-9037 · (903) 785-7511 · FAX (903) 785-8519