Series 101 2000 ORDINANCES/RESOLUTIONS
Section 101-570 Res. 211-00; Authorizing a Memorandum of Understanding w/Stephens College for the Lease/Purchase of the Stephens Lake Property
Council Bill No.
authorizing a Memorandum of Understanding with Stephens College for the lease/purchase
the 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 lease/purchase of the Stephens Lake property.
SECTION 2. The Memorandum of Understanding shall provide
that the lease/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
SECTION 3. The Memorandum of Understanding shall provide
that the lease purchase would
contain the following terms:
a. The City would lease the Stephens
Lake property from Stephens College for a period of
b. At any time after the fifth anniversary
of the date of lease, the City could exercise an
option to purchase the property for the sum of $7,000,000.
c. Lease payments would be payable semiannually
in the amount of $209,125.
d. The lease would be assignable.
e. The lease would be structured so that
the rental payment is equivalent to tax exempt
interest under Section 103 of the Internal Revenue Code of 1986.
ADOPTED this 16th day of October, 2000.