Series 101 2000 ORDINANCES/RESOLUTIONS
Section 101-545 Defeated Res. 212-00A; Authorizing a Memorandum of Understanding w/Stephens College RE: Purchase of Stephens Lake Property
Council Bill No.
Defeated R 212-00A
authorizing a Memorandum of Understanding with Stephens College for the purchase of
Stephens Lake property.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS
SECTION 1. The City Manager is authorized to execute a
Memorandum of Understanding
with Stephens College on behalf of the City for the purchase of the Stephens Lake property for
the sum of $7,000,000.
SECTION 2. The Memorandum of Understanding shall provide
that the purchase shall be
contingent upon the following:
a. Passage of Proposition 1 at the November
7, 2000 election which would authorize the
imposition of a local park sales tax.
b. An environmental inspection and assessment
of the property that determines that the
property is free of environmental contaminants or hazardous substances which the City would be
legally required to remediate.
c. A commitment issued by a reputable
land title insurance company for issuance of an
owners policy of title insurance insuring that Stephens College has marketable title to the
DEFEATED this 16th day of October, 2000.