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          

A RESOLUTION

authorizing a Memorandum of Understanding with Stephens College for the purchase of the Stephens Lake property.


BE IT RESOLVED BY THE COUNCIL OF THE CITY OF COLUMBIA, MISSOURI, AS FOLLOWS:
            
    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 owner’s policy of title insurance insuring that Stephens College has marketable title to the property.

    DEFEATED this 16th day of October, 2000.