HomeMy WebLinkAboutRES 03.21.1986 - Clement Stubblefield SurveyPPrM IITTnN
WHEREAS, the City Council (Council) of the City of Georgetown" (City) Texas
has previously determined it to be in the best interest of the City to sell
2.851 acres of land situated in the Clement Stubblefield Survey, Abstract No.
588, Williamson County, Texas (the Property), to the highest bidder; that notice
for bids was properly advertised as required by law; that Metrotex Properties, a
Texas General Partnership, was the highest bidder therefor, with a bid for
$285,500.00; and
WHEREAS, the Mayor of the City, Carl Doering, with the Council's
authorization, executed on behalf of the City (as Seller) a contract for the
sale of the Property with Metrotex Properties (as Buyer) on or about January
15, 1986; that a copy of this real estate contract (Contract) is attached hereto
as Exhibit "A" and incorporated by reference herein; and
WHEREAS, the Contract provided for the consummation of such sale to be on
or about Monday, March 17, 1986; that on or about Friday, March 14, 1986, the
City tendered to Williamson County Title Company of Georgetown, Texas, all
documentation required to consummate the sale of such property; and
WHEREAS, the Buyer failed to consummate the purchase of the Property on
Monday, March 17, 1986; that Buyer has defaulted in its obligations under the
contract; and
WHEREAS, under the Contract, Seller is entitled upon Buyer's default to
receive the proceeds from the letter of credit dated January 20, 1986, executed
by First National Bank of Austin, Texas, made payable to Williamson County Title
Company of Georgetown, Texas, in the amount of $10,000.00 (the Letter of
Credit); that no contingency or conditions precedent exists in such Contract
which prevented Buyer's default;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN,
TEXAS:
RESOLVED: That the Buyer (Metrotex Properties), is in default of the
Contract; that no contingencies or conditions precedent exist in the
Contract with respect to Buyer's purchase of the property; that Frank
Reed, the City Manager of the City, is hereby authorized to execute on
behalf of the City a verified written statement as required by the
Letter of Credit to terminate the Contract and to receive the proceeds
from such Letter of Credit;
RESOLVED FURTHER: That the City Manager is authorized to execute such
other documentation on behalf of the City as may be required by
anyone, including, but not limited to, the Title Company, Bank, and
Buyer to secure the proceeds of said Letter of Credit for the City;
By motion duly made, seconded and passed with an affirmative vote of all
Council Members present.
Read, passed and adopted on first reading this ais-r day of March, 1986.
I
za r- -
CARL DOEUNG, Mayor
PAT CABALLERO, City Secretary
APPROVED:
STUMP & STUMP, City ttorney
BY
RANDALL C. STUMP