HomeMy WebLinkAbout08-27-07_Approve Letter of Intent to sell Parking Garage Re_6
Commission Memorandum
REPORT TO: Honorable Mayor and City Commission
FROM: Anna Rosenberry, Finance Director
Chris Kukulski, City Manager
SUBJECT: Approve the Letter of Intent to Sell Parking Garage Retail Condos to City
Center Commerce, LLC.
MEETING DATE: August 27, 2007
RECOMMENDATION: Approve Letter of Intent to Sell Parking Garage Retail Condos
to City Center Commerce, LLC.
BACKGROUND: On July 3, 2007, the Commission held the hearing required in BMC
2.05.040, and determined that Retail Condos adjacent to the Bozeman Intermodal Parking
Facility should be sold. A Request for Proposals was issued.
The City received one initial offer from City Center Commerce, and the Proposal Selection
Committee met numerous times to create and evaluate counter offers that went back and forth
between the committee and City Center Commerce, LLC. The attached letter of intent is
agreeable to both the Selection Committee and City Center Commerce, LLC. If all condos are
sold, the stated price of the offer will pay for all of the construction costs of Alternate 1 & 2 of
the garage project. The Letter of Intent does give the city the option to retail Condo R-4 for
public purposes, at the per-square-foot price listed.
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FISCAL EFFECTS: The City is agreeing to develop the Buy Sell Agreement at the stated
price, that will outline the timing of the sale of the property and be subject to an appraisal of the
property.
ALTERNATIVES: As suggested by the City Commission.
Respectfully submitted,
Anna Rosenberry, Finance Director Chris A. Kukulski, City Manager
Report compiled on August 15, 2007
Attachments: Letter of Intent to Sell Retail Condos.
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