07-B Chamber Bldg Sales Agmt - Laserfiche WebLink

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sold in accordance with State law, and the proceeds from the sale are public funds subject to the same restrictions as tax funds regarding their furore use. Fortunately, apphcat~on of the C~ty return on the sale of the property to constructing a parking lot for another City facility would be totally in keeping with State law. The contract then provides, as I believe we all agree, that all remaining costs incurred by the City not eligible for TxDOT reimbursement will be reimbursed by the Chamber to the City from the Chamber's proceeds of the sale (again, after deduction of closing costs). Right now I don't believe we have a firm estimate of those costs, but it is in all likelihood to the mutual benefit of both the City and the Chamber to wait on the process of finalization of grant eligibility, as obviously any funds that can be reimbursed by TxDOT are funds that neither the City nor the Chamber will have to pay. Finally, the contract provides for utilization of the remaining monies, including any funds from the City's $60,000.00 share and the Chamber's $140,000.00 share, on other improvements to the Depot and the surrounding property. Otherwise, I have attempted to stay fairly close to the language in the Chamber's existing contract with the buyer of the old building, unless such provisions would not be appropriate for the agreement between the Chamber and the City. It goes without saying that on behalf of myself and the City staff, we likewise look forward to preserving and improving the substantial beauty of the Depot and surrounding properties. If you have any additional questions regarding this matter, please do not hesitate to contact me. City Attorney /lw Enclosure cc: Mayor and Members of the City Council Michael E. Malone, City Manager Thomas E. Haynes, Director of Community Development