HomeMy WebLinkAbout07- Proposal for Purchase of the Parking Garage Retail Condominiums
CITY OF BOZEMAN
Bozeman, Montana
RECEIVED AU6 2 2 2007
~.
Date: Wednesday, August 22, 2007
To: City Center Commerce, LLC
From: Chris Kukulski, City Manager
Re: Proposal for Purchase of Parking Garage Retail Condominiums
Thank you for your counter proposal dated August 21, 2007. Our selection committee met this morning
and would like to counter-propose the following terms:
Submittal Data:
Buyer:
City Center Commerce LLC a Montana Limited
Liability Corporation
Address:
600 N. Wallace Ave.
Loft #3
Bozeman, MT 59715
Seller:
City of Bozeman and Downtown Tax Increment
Finance District
Delivery address:
City Clerks office 411 East Main 81. Bozeman Mt
Mailing Address:
City Clerk, City of Bozeman, PO. Box 1230, Bozeman,
MT 59771.
Project Description:
Downtown Bozeman Intermodal Facility
Retail Condominiums
Location:
Y2 Block Site of Parcel C, cas C-l~F (Lots 13-24, Block
F Original Plan of Bozeman)
Terms and conditions of future a2recment:
1) Purchase Price: $1,350,000 USD/$l,221,780 USD*** (see section 2 note).
a. Price per square foot of $132.05.
b. Closing costs to be split 50/50 exclusive of real estate appraisal costs.
c. The first real estate appraisal will be contracted for and paid by the seller.
Street address: 411 East Main Street
Mailing address: P.O. Box 1230
Bozeman, Montana 59771-1230
Phone: (406) 582.2300
Fax: (406) 582-2323
TDD: (406) 582-2301
d. Development fee offive percent (5%) to be split 50/50 by buyer & seller.
e. Appraisal process: an appraisal will be conducted by the seller for the sole purpose of
satisfying the requirements stated in Bozeman Municipal Code 2.05.050 & 2.05.060. If
the resulting price does not satisfy the requirements ofBMC 2.05.050, then each party
agrees to negotiate a new purchase price.
2) All of the available units are being sought for purchase with this submittal.
Reference: RFP enlarged retail plans provided in RFP deadline date of July 13th 2007
a. R~l 1,375 sqft
b. R-2 1,312 sqft
c. R-3 1,341 sqft
d. R-4 971 sqft***
e. R-5 1,559 sqft
f. R.6 1,600 sqft
g. R-7 2,065 sqft
*** Note: In the event the City of Bozeman elects to retain unit R-4 for public purposes
the purchase price and parking cash in lieu outlined in 3c will be adjusted to: Purchase
price $1,221,780; cash in lieu paid in the purchase price reduced by 3 spaces.
3) Conditions offuture purchase agreement.
a. Review and Approval of Condo Association Agreements.
b. Approval of Parking Allocation for a mix of uses.
c. A letter indicating cash in lieu for 28 parking spaces paid in the purchase price above.
d. Parking Commission letter stating approval for the cash in lieu option for an additional 30
spaces for any future use
e. Approval of maintenance responsibilities
I. Trash
11. Snow removal
Ill. Landscaping
IV. Access to roof
g. Allowable and expected uses.
1. Use of plaza area and right of way adjacent to the condominium units
subject to existing city regulations
2. Retail
3. Restaurant uses including outdoor plaza.
4. Office
5. Any allowable use listed in the B-3 zoning designation.
h. Cold shell space - definition of finishes, wall assemblies, mechanical, plumbing, and
electrical equipment provided.
I. Approval of limitations & responsibilities for parking facility and transit stop.
J. Any future air rights above the commercial space subject to building code
requirements for adequate ventilation of the parking garage.
4) Transaction time line
a. Upon receipt of acceptance, approval of the revised Letter of Intent will be placed on the
August 2i\ 2007,_City of Bozeman Commission public meeting agenda. Once approved
by the City Commission, the City will suspend accepting additional proposals until the
Buy Sell agreement is signed.
b. Eamest monies of three percent (3%) $40,500 refundable until expiration of due
diligence period.
c. Eamest deposited in Escrow 5 business days from acceptance of Letter ofIntent.
d. The first Real estate appraisal shall be conducted and completed within a maximum of 60
days from the acceptance of this revised letter of intent.
e. Request for Proposals issued by the City is suspended upon acceptance of this revised
letter of intent. If the Buy Sell agreement cannot be reasonably negotiated based on the
terms of this letter of intent and within time allowed within the letter of intent, the City
may resume the acceptance of proposals.
f. Proof of ability - Cash statement or Lender letter 21 business days after real estate
appraisal process is completed and made available to the buyer.
g. Buy Sell negotiated within 60 business days after the completion ofthe real estate
appraisal.
h. Due diligence complete 30 days after substantial completion of building.
1. Final Closing 45 days after substantial completion of building.
The above tenns are committed to by Buyer: City Center Commerce LLC.
Date: tJ- 22 - '1.067
Brian Caldwell, Managing Member
The above terms are committed buy the Seller, the City of Bozeman, subject City of Bozeman City
Commission approval on August 2t\ 2007.
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Date: 2>-2. 2 -07
Chris Kukulski, City Manager