RESOLUTION NO. 77-08

A RESOLUTION RATIFYING THE CONTRACT TO PURCHASE

REAL PROPERTY LOCATED AT 318 SOUTH 7^TH STREET, 324 SOUTH 7^TH STREET, 338 SOUTH 7^TH STREET, 724 PITKIN AVENUE AND 726 PITKIN AVENUE, GRAND JUNCTION

Recitals.

On May 14, 2008, the City Manager signed an agreement to purchase the property located at 318 South 7^th Street, 324 South 7^th Street, 338 South 7^th Street, 724 Pitkin Avenue And 726 Pitkin Avenue, Grand Junction, Colorado, from TDR, LLC. The execution of the contract by the City Manager and the City’s obligation to proceed under its terms and conditions was expressly conditioned upon and subject to the formal ratification, confirmation and consent of the City Council.

On May 14, 2008, the owner of the property signed the purchase contract.

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

The City, by and through the City Council and the signature of its President, does hereby ratify the terms, covenants, conditions, duties and obligations to be performed by the City in accordance with the contract and allocates funds to pay the Purchase Price and all other costs and expenses necessary to perform under the contract.

PASSED and ADOPTED this 4^th day of June, 2008.

           /s/ Gregg Palmer        

           President of the Council

Attest:

/s/ Stephanie Tuin      

City Clerk