C-number: C-78-20-010-3-00
Revision: 00
Vote — approved
104.APPROVE REAL PROPERTY PURCHASE DOCUMENTS Approve and authorize the Chairman to execute a Purchase Agreement and Escrow Instructions for the purchase of that certain real property located between West Madison and West Jackson Streets and South 4th and 5th Avenues in Phoenix, Arizona from Downtown Phx Storage LLC, a Delaware limited liability company (DPS), and Downtown Phx Storage II, LLC, a Delaware limited liability company (DPS II), and authorize the Chairman to sign all other documents ap
Item Text
104. APPROVE REAL PROPERTY PURCHASE DOCUMENTS Approve and authorize the Chairman to execute a Purchase Agreement and Escrow Instructions for the purchase of that certain real property located between West Madison and West Jackson Streets and South 4th and 5th Avenues in Phoenix, Arizona from Downtown Phx Storage LLC, a Delaware limited liability company (DPS), and Downtown Phx Storage II, LLC, a Delaware limited liability company (DPS II), and authorize the Chairman to sign all other documents approved by legal counsel required to purchase the properties. This item is located in Supervisory District 5. On April 8, 2020 the Board authorized the County’s contracted Real Estate Broker to send a Letter of Intent to purchase the properties described as Maricopa County Assessor Parcel Numbers (APN) 112-19-022B, 112-19-119B, 112-19-022C, and 112-19-976B (located adjacent to the County’s Downtown Campus) for the purchase price of fourteen million dollars ($14,000,000.00) (C-78-20-010-3-00). This agenda will authorize the Chairman to execute all documents to consummate the purchase and accept the property conveyance. The combined site contains approximately 89,911 square feet (SF) of land, and, once seller demolition activities are complete, will contain one (1) single-story building (12,820 rentable SF) and a parking canopy. The County’s purchase includes the condition that APN 112-19-022B (the south half of the block) is delivered within six (6) months of the close of escrow as a vacant graded, fenced lot (all costs included in purchase price), that the County has ninety (90) days to conduct its due diligence and address any findings with the seller, and that closing will not occur prior to one hundred twenty (120) days after the opening of escrow or thirty (30) days after seller has completed the demolition of the damaged building on APN 112-19-022B. Two (2) million dollars ($2,000,000) will be held back at close of escrow until all demolition and site stabilization on APN 112-19-022B is complete. (C-78-20-010-3-01 )
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