Title
Consider amendment(s) to Demolition and Abatement Agreement with Action Demolition and a Purchase and Sale Agreement with RHP&F, LLC.
Strategic goal: Old Town Revitalization.
Body
City Council (“City”) is considering execution of amendments to the Demolition, Abatement and Purchase Agreement previously executed with Action Demolition. City is also considering execution of amendments to the Amended Purchase and Sale Agreement previously executed with RHP&F, LLC (collectively “Agreements”). Action Demolition has requested that the City provide early payment in the amount of $850,000 as well as an additional $1,000,000 payment upon completion of demolition that would have been due to Action as the site is developed. In exchange for these early payments, RHP&F, LLC agreed to donate the Bleachery to the City and grant the City a mortgage on the site. Additionally, due to changed circumstances, the City and Action Demolition have further detailed and clarified the work to be performed on the site. Therefore, amendments to the Agreements are necessary to incorporate the above changes.