Lexington-Fayette Urban County Government - File #: 0861-23

• File #: 0861-23
• Version: 1
• Name: Letter of Intent - Coldstream Lot 25B
• Type: Resolution
• Status: Approved
• File created: 8/22/2023
• In control: Urban County Council
• On agenda: 8/31/2023
• Final action: 8/31/2023
• Enactment date: 8/31/2023
• Enactment #: R-466-2023
• 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]

Date	Ver.	Action By	Action	Result
8/31/2023	1	Urban County Council	Received First Reading
8/31/2023	1	Urban County Council	Suspended Rules for Second Reading	Pass
8/31/2023	1	Urban County Council	Approved	Pass
8/29/2023	1	Urban County Council Work Session	Approved and Referred to Docket	Pass

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-Fayet...