Walmart Purchase Agreement

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MemorandumGeneral Administration

To: Mayor and City CouncilSubject: Walmart Purchase Agreement

Date: October 1, 2015

The City of Rock Island as part of long term program of redevelopment along the 11 th Streetcorridor is pleased to present the following redevelopment project for Watchtower Plaza. Thedevelopment consists of an assemblage of several parcels of property, relocation of the existingbusinesses. This approximately 20 acre parcel is now ready for development. The contractpresented with this memo is for Price Properties LLC to purchase the land with the intent toassign the agreement to Wal-mart Real Estate Business Trust. Walmart intends to constructand operate a new superstore on the majority of the property. Additionally, the development willalso support a couple of out lots buildings.

RECOMMENDATION:

Council to approve an ordinance for the contract with Price Associates LLC for the sale of approximately 20 acre tract for the amount of $4,500,000.

Submitted by: Thomas Thomas, City Manager 

Approved by: Thomas Thomas, City Manager 

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A SPECIAL ORDINANCE PROVIDING FOR THE SALEOF CERTAIN REAL ESTATE OWNED BYTHE CITY OF ROCK ISLAND, ILLINOIS

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ROCK ISLAND, ILLINOIS:

Section One. It is hereby determined that the retention of the title to certain real estateowned by The City of Rock Island, Illinois, is no longer necessary, appropriate, required for theuse of, profitable to, or for the best interests of The City of Rock Island, Illinois, commonlyknown as Watch Tower Plaza, containing approximately 22.47 acres (+/-) depicted on theattached Exhibit A.

Section Two. The City of Rock Island, Illinois has received an offer to purchase theaforementioned properties for the sum of Four Million Five Hundred Thousand and No/100thsDollars ($4,500,000.00) from Price Properties, LLC, and it is hereby determined that said

 purchase price is fair and equitable between the parties and it is in the best interest that said properties be sold and that the City will transfer free and clear title to the properties.

Section Three. Mayor, Dennis E. Pauley, and the City Clerk, Aleisha L. Patchin, be andare hereby authorized and directed to execute on behalf of The City of Rock Island, Illinois, aWarranty Deed conveying the properties depicted on the attached Exhibit A, with a precise legaldescription to be determined upon completion of a Survey.

Section Four. All ordinances and part of ordinances in conflict herewith are herebyrepealed insofar as they do so conflict.

Section Five. This ordinance shall be in full force and effect 10 days from its passageand approval, as required by law.

 _________________________________________MAYOR OF THE CITY OF ROCK ISLAND

PASSED:

APPROVED:

ATTEST: ___________________________CITY CLERK

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