R-02-11-26-10B1 - 11/26/2002 RESOLUTION NO.R-02-11-26-10131
WHEREAS, the City has previously entered into a Real Estate
Contract ("Contract") with WM Acquisitions, Inc. to study the
feasibility of purchasing a 12.98 acre tract of land on Greenhill Drive
near its intersection with Texas Avenue, and
WHEREAS, said Contract was to be closed on or before December
20, 2002, and
WHEREAS, the City wishes to extend the feasibility time and
closing date of the Contract to February 20, 2003, Now Therefore
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ROUND ROCK,TEXAS,
That the Mayor is hereby authorized and directed to execute on
behalf of the City an Extension of Real Estate Contract, attached
hereto as Exhibit "A", with WM Acquisitions, Inc. for the possible
purchase of the above described property.
The City Council hereby finds and declares that written notice of
the date, hour, place and subject of the meeting at which this
Resolution was adopted was posted and that such meeting was open to the
public as required by law at all times during which this Resolution and
the subject matter hereof were discussed, considered and formally acted
upon, all as required by the Open Meetings Act, Chapter 551, Texas
Government Code, as amended.
RESOLVED this 26th day of Novembe 00 .
WELL, May
ATTEST fi of Round Rock, Texas
CHRISTINE R. MARTINEZ, City Secretary
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EXTENSION OF
REAL ESTATE CONTRACT
STATE OF TEXAS §
§
COUNTY OF WILLIAMSON §
This Extension applies to the Real Estate Contract dated September 6,
2002 ("Contract") made by and between WM ACQUISITIONS, INC., 8015 Shoal
Creek Blvd., Suite 100, Austin, Travis County, Texas (referred to in the
Contract and this Extension as "Seller") and the CITY OF ROUND ROCK, a Texas
Home Rule City of 221 E. Main St. Round Rock, Williamson County, Texas
(referred to in the Contract and this Extension as "Purchaser"),
(collectively referred to herein as the "Parties") .
I.
RECITALS
By the terms of the Contract, Seller agreed to sell and convey, and
Purchaser agreed to purchase and pay for, the tract of land containing
approximately 12.980 acres of land more fully described by metes and bounds
in Exhibit "A" attached to the Contract ("Property").
Paragraph 3.04 of the Contract granted Purchaser the right to conduct
tests and surveys of the Property and to terminate the Contract within
ninety (90) days from the date of the Contract should the land be found
unsuitable for Purchaser's intended use.
Pursuant to Article IV, the Contract is to be closed on or before
December 20, 2002.
Purchaser, according to the terms of Article VI, delivered the sum of
ten thousand dollars ($10,000.00) to Stewart Title Company as an Escrow
Deposit to secure the performance of Purchaser under the Contract. This
amount was made fully refundable should Purchaser elect to terminate the
Contract pursuant to Paragraph 3.04.
Purchaser now desires to extend, for a period of sixty (60) days, the
deadline for surveying and testing the Property as well as terminating the
Contract pursuant to paragraph 3.04. Purchaser further desires that the
Closing Date of the Contract be extended until February 20, 2003.
II.
AGREEMENT TO MODIFY AND EXTEND TERMS OF CONTRACT
For the consideration given by Purchaser as described in Paragraph
III. herein and for other good and sufficient consideration receipt and
sufficiency of which is acknowledged by Seller, Seller and Purchaser agree
to modify the terms of the Contract contained in paragraph 3.04 and Article
IV as follows:
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1. The Parties agree that Purchaser shall have an additional sixty
days beyond the ninety period described in the Contract( a total
of 150 days from the date of the Contract) to conduct the
surveys and tests contemplated in paragraph 3.04, and to provide
Seller with written notice to terminate the Contract should the
Property not be suitable for Purchaser's intended use.
2. The Parties acknowledge that the Closing Date as described in
Article IV of the Contract shall be extended from December 20,
2002, to February 20, 2003, or at such time, date and place as
Seller and Purchaser may agree upon.
III.
CONSIDERATION
1. In consideration for the agreement contained in paragraph II(1)
above, Purchaser agrees that four thousand dollars ($4,000.00)
of the Escrow Deposit described in Article VI of the Contact
shall be made non-refundable. However, should the Contract
close, that four thousand dollars ($4,000.00) made non-
refundable herein shall be applied to the purchase price as a
credit to the amount owed by Purchaser at closing.
The remaining six thousand dollars ($6,000.00) is to remain
refundable pursuant to paragraph 3.04 of the Contract.
2. In consideration for the agreement contained in paragraph II(2)
above, Purchaser agrees to tender, at closing, the amount of
$66.67 per day for each day after December 20, 2002, that the
Contract does not close. However should Purchaser decide to
timely terminate the Contract pursuant to Paragraph 3.04, no
charges under this paragraph shall accrue.
IV.
MISCELLANEOUS PROVISIONS
No other changes or modifications to Contract, except for those
expressly contained in this Extension of Real Estate Contract are intended
by the Parties and the remaining terms of the Contract are in full force and
effect.
Dated this day of November, 2002.
SELLER:
WM ACQUISITIONS, INC.
By:
8015 Shoal Creek Blvd., Suite 100
Austin, TX 78757
2
PURCHASER:
CITY OF ROUND ROCK, TEXAS
By:
Nyle Maxwell, Mayor
221 E. Main Street
Round Rock, Texas 78664
3
DATE: November 21,2002
SUBJECT: City Council Meeting—November 26,2002
ITEM: * 10.B.1. Consider a resolution authorizing the Mayor to execute an Extension
of Real Estate Contract with WMAcquisitions,Inc.to study the
feasibility ofpurchasing 12.98-acre tract of land on Greenhill Drive
near its intersection with Texas Avenue.
Resource: Steve Sheets,City Attorney
History: On September 6,2002,the Council approved a Contract of Sale with WM
Acquisitions,Inc.for the possible purchase of 12.980 acres for the proposed new
Police Department facility.This Contract provided for a ninety-day feasibility
period,which expires December 5,2002,and a closing date of December 20,2002.
The City deposited$10,000 as earnest money,which was fully refundable if the City
determined that the property was not feasible.City staff would like to extend the
feasibility period and the closing date for 60 days.The Seller has agreed to the
extension as long as its holding cost of$2,000/month is covered.The extension
contract provides that$4,000.00 of the$10,000.00 previously deposited will not be
refunded if the City ultimately determines that the property is not feasible.If the City
purchases the property,the full$10,000 deposit will be applied to the purchase price.
Staff recommends approval of the resolution.
Funding:
Cost: $795,572.32
Source of funds: Capital Project Funds—2002 GO Bonds
Outside Resources:N/A
Impact: N/A
Benefit:N/A
Public Comment: N/A
Sponsor:N/A
RAY WILKERSON
COMPANIES, INC.
Friday,November 22,2002
Steve Sheets
Sheets&Crossfield
309 East Main
Round Rock,T X 78664
Subject: WM Acquisitions to the City of Round Rock
Dear Steve:
Rod Morgan asked that I send the enclosed two copies of the extension of the contract signed by the
seller directly to you.Please return one original after the mayor has signed.Thanks.
Sincerely,
Jim Spence
® Individual Members P.O.BOX 9924 AUSTIN,TEXAS 78766 512 458-5993 FAX 512 458-1648
7 n. _A
a4),*a V a0d 4K 4 1
0HUNAL
EXTENSION OF
REAL ESTATE CONTRACT
STATE OF TEXAS §
COUNTY OF WILLIAMSON §
This Extension applies to the Real Estate Contract dated September 6,
2002 ("Contract") made by and between WM ACQUISITIONS, INC., 8015 Shoal
Creek Blvd., Suite 100, Austin, Travis County, Texas (referred to in the
Contract and this Extension as "Seller") and the CITY OF ROUND ROCK, a Texas
Home Rule City of 221 E. Main St. Round Rock, Williamson County, Texas
(referred to in the Contract and this Extension as "Purchaser"),
(collectively referred to herein as the "Parties").
I.
RECITALS
By the terms of the Contract, Seller agreed to sell and convey, and
Purchaser agreed to purchase and pay for, the tract of land containing
approximately 12.980 acres of land more fully described by metes and bounds
in Exhibit "A" attached to the Contract ("Property").
Paragraph 3.04 of the Contract granted Purchaser the right to conduct
tests and surveys of the Property and to terminate the Contract within
ninety (90) days from the date of the Contract should the land be found
unsuitable for Purchaser's intended use.
Pursuant to Article IV, the Contract is to be closed on or before
December 20, 2002.
Purchaser, according to the terms of Article VI, delivered the sum of
ten thousand dollars ($10,000.00) to Stewart Title Company as an Escrow
Deposit to secure the performance of Purchaser under the Contract. This
amount was made fully refundable should Purchaser elect to terminate the
Contract pursuant to Paragraph 3.04.
Purchaser now desires to extend, for a period of sixty (60) days, the
deadline for surveying and testing the Property as well as terminating the
Contract pursuant to paragraph 3.04. Purchaser further desires that the
Closing Date of the Contract be extended until February 20, 2003.
II.
AGREEMENT TO MODIFY AND EXTEND TERMS OF CONTRACT
For the consideration given by Purchaser as described in Paragraph
III. herein and for other good and sufficient consideration receipt and
sufficiency of which is acknowledged by Seller, Seller and Purchaser agree
to modify the terms of the Contract contained in paragraph 3.04 and Article
IV as follows:
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1. The Parties agree that Purchaser shall have an additional sixty
days beyond the ninety period described in the Contract( a total
of 150 days from the date of the Contract) to conduct the
surveys and tests contemplated in paragraph 3.04, and to provide
Seller with written notice to terminate the Contract should the
Property not be suitable for Purchaser's intended use.
2. The Parties acknowledge that the Closing Date as described in
Article IV of the Contract shall be extended from December 20,
2002, to February 20, 2003, or at such time, date and place as
Seller and Purchaser may agree upon.
III.
CONSIDERATION
1. In consideration for the agreement contained in paragraph II(1)
above, Purchaser agrees that four thousand dollars ($4,000.00)
of the Escrow Deposit described in Article VI of the Contact
shall be made non-refundable. However, should the Contract
close, that four thousand dollars ($4,000.00) made non-
refundable herein shall be applied to the purchase price as a
credit to the amount owed by Purchaser at closing.
The remaining six thousand dollars ($6,000.00) is to remain
refundable pursuant to paragraph 3.04 of the Contract.
2. In consideration for the agreement contained in paragraph II(2)
above, Purchaser agrees to tender, at closing, the amount of
$66.67 per day for each day after December 20, 2002, that the
Contract does not close. However should Purchaser decide to
timely terminate the Contract pursuant to Paragraph 3.04, no
charges under this paragraph shall accrue.
IV.
MISCELLANEOUS PROVISIONS
No other changes or modifications to Contract, except for those
expressly contained in this Extension of Real Estate Contract are intended
by the Parties and the remaining terms of the Contract are in full force and
effect. /
Dated this ?'! day of November, 2002.
SELLER:
WM ACQUIS IO/NS, I�NCp/�
By: f of
8015 Shoal Creek Blvd., Suite 100
Austin, TX 78757
2
PURCHASER:
CITY O R N C, TEX
By:
Maxwell, Mayor
221 E. Main Street
Round Rock, Texas 78664
3