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HA-2. PURCHASE OF REAL PROPERTY Approve Resolution 12-008 authorizing the Chairman to execute the Purchase Sales Agreement with Bank of the West, a California banking corporation (Seller), or its successor/assignee, for the purchase of real property at 8910 N. 78th Avenue, in Peoria for an amount not to exceed $668,965.00 plus closing costs once HUD approval is received on HAMC's Intent to Purchase request and the HAMC Executive Director recommends to the Board of Commissioners (BOC) to move forward with the purchase; authorize the Chairman to execute all documents, assignments, assumptions, covenants, and agreements associated with the subject purchase; and authorize staff to complete due diligence and escrow closing requirements for the subject purchase at a cost not to exceed $75,000.00. In addition to the purchase price, the Housing Authority will be responsible for its share of closing costs, various due diligence costs and transfer of ownership expenses at a total cost not to exceed $75,000.00. The property being purchased is situated at 8910 N. 78th Avenue, in Peoria and consists of approximately 3/4 of an acre of land; a one-story office building totaling approximately 12,163 square feet; and approximately 21 parking spaces. (C-66-12-043-M-00)