RESOLUTION NO. 55-98

AUTHORIZING THE ACCEPTANCE OF AN OFFER AND CONTRACT

TO BUY AND SELL REAL ESTATE FOR THE

CITY OWNED BERRY PROPERTY

 WHEREAS, the City of Grand Junction is the owner of that certain real property in the County of Mesa, State of Colorado, commonly known as the Berry property consisting of approximately 57 acres of vacant land generally located north of H Road and west of 24 Road; and

 WHEREAS, pursuant to City Ordinance No. 2791 and as authorized by the action of the electorate of the City of Grand Junction at the regular municipal election held on April 4, 1995, the above described property is not necessary for governmental purposes and may be sold by the City; and

 WHEREAS, the Ward Beecher Studt III Irrevocable Property Trust has offered to purchase the said Berry Property for a purchase price of $250,000.00 in accordance with the terms and conditions of the attached Contract to Buy and Sell Real Estate; and

 WHEREAS, an appraisal report dated August 12, 1998, prepared R. Arnold Butler, a Member of the Appraisal Institute (MAI Appraiser), has stated that, in his professional opinion, the fair market value of the said Berry Property is $250.000.00; and

 WHEREAS, the City Council has determined that the sum of $250,000.00 is a fair and reasonable purchase price for the Berry property and satisfies the terms and provisions of City Ordinance No. 2791.

 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAND JUNCTION, COLORADO:

1.  That the City Manager is hereby authorized and directed, on behalf of the City and as the act of the City, to execute the attached Contract to Buy and Sell Real Estate with the Ward Beecher Studt III Irrevocable Property Trust, and to additionally sign all documents necessary and appropriate to convey said property to the Ward Beecher Studt III Irrevocable Property Trust.

2.  That the City shall make no representations or warranties of any kind or nature whatsoever as to the physical condition of the property, including, without limitation, any warranties as to the environmental condition of the property or fitness of the property for any purpose whatsoever.

3.  That in accordance with the terms and provisions of City Ordinance No. 2791 and the action of the electorate of the City of Grand Junction at the regular municipal election held on April 4, 1995, the proceeds resulting from the sale of the Berry property shall be used to acquire other park lands or to improve existing park lands.

 PASSED and ADOPTED this 16th day of September, 1998.

Attest:

/s/ Stephanie Nye        /s/ Reford C. Theobold      

City Clerk            President of the City Council