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  Item No. 5.       
Regular City Council Meeting
Meeting Date: 09/14/2017  
COMMITTEE:    Finance  
CONTACT:    Monica Garcia CHAIR:    Caleb Grant

ACTION REQUESTED:
Consider approval of the contract purchase agreement for the Fisk Building. (Grant/Morris)
BACKGROUND:
The City Council will determine if the Fisk Building will be sold to Mason Holdings LLC, at the September 14, 2017, City Council meeting.  The primary terms of the sales contract includes:
1.         Sale price of $30,000.
2.         All improvements are to be completed within eighteen (18) months with a possible extension of six (6) months.
3.         The west end of the first floor will be developed into a retail/eating facility.
4.         If the terms of this agreement are not met, the City has the right to reclaim the building.
FINANCIAL CONSIDERATION
Mason Holdings, LLC, is proposing to purchase the Fisk Building for $30,000.  Operations afterwards will result in additional revenues being redirected to the City based on GRT and property taxes.
LEGAL REVIEW:
The City Attorney has reviewed the contract.
BOARD AND COMMITTEE ACTION:
The Finance Committee recommended (4-0) approval at their meeting on September 7, 2017.
STAFF RECOMMENDATION:
Consider approval of the contract purchase agreement for the Fisk Building.
Attachments
Fisk Building conract (amended 9.7.17)

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