Title
A Resolution authorizing and directing the Mayor, or her designee, on behalf of the Urban County Government, to execute a Letter of intent with Metro Employees Credit Union, for the purchase of
2.57 acres of the Coldstream Research Campus, for the amount of $578,250, and authorizing the Mayor to execute a Purchase and Sale Agreement that materially complies with the Letter of Intent, as well as all other necessary and related documents, and authorizing other necessary actions related to the transfer of the property. [Mayor's Office, Bencz]
Summary
Authorization to execute a Letter of Intent with Metro Employees Credit Union (“MECU”) for the sale of 1565 McGrathiana Parkway, in the Coldstream Research Campus, in the amount of $578,250.00 and authorization to execute a Purchase and Sale Agreement that materially complies with the Letter of Intent, as well as all other necessary and related documents and other necessary actions related to the transfer of property. Funds are Budgeted. (L0861-23) (Bencz/Atkins)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: { Select Yes, Completed by [Emilee Buttrum, 8/21/2023]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: N/A
Account Number: 1144-136103-0001-44810 for revenue received
This Fiscal Year Impact: $578,250 revenue
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance:
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor, or her designee, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized and directed to execute the Letter of Intent with Metro Employees Credit Union, which is attached hereto and incorporated herein by reference, for the purchase of 2.57 acres of the Coldstream Research Campus, as further described in the Letter of Intent, for the amount of $578,250.00.
Section 2 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is further authorized and directed to execute a Purchase and Sale Agreement that will materially comply with the terms and conditions of the Letter of Intent and is substantially in the form of the agreement that is attached hereto, as well as all other necessary and related documents related to the real estate transaction, and further authorizing the appropriate government officials or employees to take necessary actions related to the transfer of the property described in the Letter of Intent.
Section 3 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
___________________________________
MAYOR
ATTEST:
________________________________
CLERK OF URBAN COUNTY COUNCIL
0861-23:EAB:X:\Cases\MOED\23-LE0001\LEG\00790233.DOCX