Loading...
HomeMy WebLinkAboutRES 03.21.1986- Clement Stubblefield SurveyPPrM IITTnN WHEREAS, the City Council (Council) of the City of Georgetown" (City) Texas has previously determined it to be in the best interest of the City to sell 2.851 acres of land situated in the Clement Stubblefield Survey, Abstract No. 588, Williamson County, Texas (the Property), to the highest bidder; that notice for bids was properly advertised as required by law; that Metrotex Properties, a Texas General Partnership, was the highest bidder therefor, with a bid for $285,500.00; and WHEREAS, the Mayor of the City, Carl Doering, with the Council's authorization, executed on behalf of the City (as Seller) a contract for the sale of the Property with Metrotex Properties (as Buyer) on or about January 15, 1986; that a copy of this real estate contract (Contract) is attached hereto as Exhibit "A" and incorporated by reference herein; and WHEREAS, the Contract provided for the consummation of such sale to be on or about Monday, March 17, 1986; that on or about Friday, March 14, 1986, the City tendered to Williamson County Title Company of Georgetown, Texas, all documentation required to consummate the sale of such property; and WHEREAS, the Buyer failed to consummate the purchase of the Property on Monday, March 17, 1986; that Buyer has defaulted in its obligations under the contract; and WHEREAS, under the Contract, Seller is entitled upon Buyer's default to receive the proceeds from the letter of credit dated January 20, 1986, executed by First National Bank of Austin, Texas, made payable to Williamson County Title Company of Georgetown, Texas, in the amount of $10,000.00 (the Letter of Credit); that no contingency or conditions precedent exists in such Contract which prevented Buyer's default; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS: RESOLVED: That the Buyer (Metrotex Properties), is in default of the Contract; that no contingencies or conditions precedent exist in the Contract with respect to Buyer's purchase of the property; that Frank Reed, the City Manager of the City, is hereby authorized to execute on behalf of the City a verified written statement as required by the Letter of Credit to terminate the Contract and to receive the proceeds from such Letter of Credit; RESOLVED FURTHER: That the City Manager is authorized to execute such other documentation on behalf of the City as may be required by anyone, including, but not limited to, the Title Company, Bank, and Buyer to secure the proceeds of said Letter of Credit for the City; By motion duly made, seconded and passed with an affirmative vote of all Council Members present. Read, passed and adopted on first reading this ais-r day of March, 1986. I za r- - CARL DOEUNG, Mayor PAT CABALLERO, City Secretary APPROVED: STUMP & STUMP, City ttorney BY RANDALL C. STUMP