HomeMy WebLinkAboutMIN 03.21.1986 CC-S��
March 21, 1986
The City Council met in Special Session on the
above date at 11:00 AM with Mayor Carl Doering
presiding. The following Council Members and
Officials were present: William C. Shell, Joan
King, Jim Colbert, City Secretary Pat Caballero,
City Manager Frank Peed. Council Members Eb
Girvin and Bill Connor were absent.
1. AUTHORIZE CITY MANAGER TO DRAW ON LETTER OF CREDIT FOR SCENIC
DRIVE PROPERTY
Motion by Shell and second by Colbert to adopt
the following resolution:
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,
393
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 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
sale of the Property to Metrotex Properties (as
Buyer) on or about January 15, 1986; that a copy
of this real estate contract (Contract) is
located in the office of the City Secretary and
incorporated by reference herein; and
WHEREAS. under the Contract, Seller is entitled
upon Euyer'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 condition precedent exist in such
Contract which prevent Buyers 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 condition precedent exist in
the Contract with respect to Buyer's purchase of
the property; that Frank Peed, 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.
Motion to adopt the above resolution passed by
unanimous vote.
ADJOURN Motion by Colbert and second by Kind to
adjourn. Motion carried by unanimous vote.
Carl Doering, May
ATTEST:
WHEREAS, the Contract provided
for the
consummation of such sale to be on
or about
Monday, March 17, 1986; that on or about Friday,
ri
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
Q
WHEREAS, the Buyer failed to consummate the
Q
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 Euyer'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 condition precedent exist in such
Contract which prevent Buyers 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 condition precedent exist in
the Contract with respect to Buyer's purchase of
the property; that Frank Peed, 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.
Motion to adopt the above resolution passed by
unanimous vote.
ADJOURN Motion by Colbert and second by Kind to
adjourn. Motion carried by unanimous vote.
Carl Doering, May
ATTEST:
394
1 . Pat Caballero, City Secretarvy-