Res 048-96 4/16/1996RESOLUTION NO. q8 k)
A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO EXECUTE AN
OPTION AGREEMENT WITH CONTINENTAL HOUSING CORPORATION
OF BAKERSFIELD, CALIFORNIA FOR THE SALE OF CITY OWNED
PROPERTY HEREIN DESCRIBED; FINDING AND DETERMINING THAT
THE MEETING AT WHICH THIS RESOLUTION WAS PASSED WAS OPEN
TO THE PUBLIC AS REQUIRED BY LAW.
WHEREAS, the City Council has a desire to improve housing opportunities for low and moderate
income people in the City; and
WHEREAS, the City Council has a desire to improve the downtown area and to eliminate slum and
blight; and
WHEREAS, a portion of the downtown area has been designated as an Enhancement District
including property owned by the City; and
WHEREAS, the City Council desires to facilitate a residential project in the former Holt Hotel
property and has ownership of adjacent property which is vital to the feasibility of such a project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS,THAT:
SECTION 1. That the City Manager is hereby authorized to execute an option agreement for the
sale of City owned property described as follows:
All of Lots 3, 4, and 5, Block 163, Original Townsite; the South eleven feet of the East 1/2 Lot 2;
the North thirty-nine feet of the East 1/2 Lot 2; the East 1/2 of Lot 1, Block 163, Original Townsite.
SECTION 2. It is hereby officially found and determined that the meeting at which this Resolution
was passed was open to the public as required by law.
PASSED AND APPROVED this the 16th day of April, 1996.
Agrotiolp
AYOR
ATTEST:
1
CITY LERK
STATE OF TEXAS
COUNTY OF WICHITA §
THIS AGREEMENT is made and entered into by and between the City of Wichita
Falls, a home rule municipality of the State of Texas, hereinafter called "Optionor," and the
Continental Housing Corporation of Bakersfield, California, hereinafter called "Optionee."
In consideration of the sum of One ($1.00) Dollar paid to Optionor, the receipt of
which is hereby acknowledged, and other good and valuable consideration hereinafter further
expressed, Optionor hereby grants to Optionee, its successors or assigns, the exclusive right
and option to buy property in the County of Wichita, State of Texas, described as follows:
All of Lots 3, 4, and 5, Block 163, Original Townsite; the
South eleven feet of the East 1/2 Lot 2; the North thirty-
nine feet of the East 1/2 Lot 2; the East 1/2 of Lot 1,
Block 163, Original Townsite
as shown on the attached plat, same attached hereto for all purposes.
This option to purchase the above-described property shall be for a period extending
until 12:00 o'clock p.m., December 31, 1996. Written notice to exercise this option shall be
given on or before the date specified herein, and upon the exercising of the option, the
Optionor will cause to be prepared a Special Warranty Deed to said property, and shall tender
same to the Optionee upon receipt of a valid check to Optionor from Optionee in the amount
of One ($1.00) Dollar, the same being the purchase price referenced herein.
Title to this property is to be conveyed free and clear of all encumbrances.
It is understood and agreed to by and between the Optionor and the Optionee that this
option to purchase shall be subject to Optionee obtaining financing to complete the
rehabilitation of the Holt Hotel, and developing same into housing for low/moderate income
people and to abate blighting conditions in the vicinity of said property. It is provided further
that prior to the closing date, Optionee will have obtained the status of a non-profit
corporation, and the property will be conveyed to the non-profit corporation, contingent upon
the fulfillment of the conditions specified in this agreement.
All notices provided herein shall be deemed to have been duly given if and when
deposited in the United States mail, properly stamped and addressed to the party for whom
intended at the party's above-listed address, or when delivered personally to said party. The
City Manager for the City of Wichita Falls shall be the proper party upon whom notice to the
City shall be given.
This agreement shall be binding upon and shall inure to the benefit of the parties hereto
and to their successors or assigns.
IN WITNESS WHEREOF, the Optionor and Optionee have executed this option on
this the day of April, 1996.
Optionor:
City of Wichita Falls, Texas
By:
James Berzina, City Manager
Optionee:
Continental Housing Corporation
By:
Name:
Title:
STATE OF TEXAS
COUNTY OF WICHITA §
BEFORE ME, the undersigned authority, on this day personally appeared James
Berzina, City Manager for the City of Wichita Falls, a municipal corporation, known to me to
be the person and officer whose name is subscribed to the foregoing instrument, and
acknowledged to me that he executed the same for the said City of Wichita Falls, a municipal
corporation, for the purposes and consideration therein expressed and in the capacity therein
stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of April, 1996.
Notary Public, State of Texas
STATE OF TEXAS
COUNTY OF WICHITA §
BEFORE ME, the undersigned authority, on this day personally appeared
for Continental
Housing Corporation, known to me to be the person and officer whose name is subscribed to
the foregoing instrument, and acknowledged to me that he executed the same for the said
Continental Housing Corporation, for the purposes and consideration therein expressed and in
the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of April, 1996.
Notary Public, State of Texas
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