RESOLUTION NO. ______, SERIES 2022
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A RESOLUTION DETERMINING CERTAIN PROPERTY AT 3907 BARDSTOWN ROAD AS SURPLUS AND NOT NEEDED FOR A GOVERNMENTAL PURPOSE AND AUTHORIZING ITS TRANSFER.
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SPONSORED BY: SPONSORSHIP WITHDRAWN
WHEREAS, according to KRS Chapter 67C.101, Metro Government may sell any real property belonging to Metro Government;
WHEREAS, Section 1(A) of Executive Order No. 2, Series 2011 of the Mayor, which adopts Section 2(C) of Executive Order No. 3, Series 2007, provides that the Louisville/Jefferson County Metro Government ("Metro Government") may sell and convey surplus real estate upon declaration by the Legislative Council of Metro Government ("the Council") that such property is no longer needed for the governmental purposes of Metro Government;
WHEREAS, Metro Government owns property located at 3907 Bardstown Road, as more particularly described in Exhibit A (the "Property");
WHEREAS, Metro Government intends to enter into an Agreement for Purchase and Sale of Real Estate in substantially the same form as attached as Exhibit C (the "Purchase Agreement") with Winston Leasing, LLC, a Kentucky limited liability company who owns the adjoining property at 3905 Bardstown Road, to enable the redevelopment of the Property; and
WHEREAS, the Purchase Agreement contemplates the transfer of the Property to Winston Leasing, LLC for $1; and
|910| WHEREAS, the Purchase Agreement also provides that (i) if the Building Renovation, as that term is defined in the Purchase Agreement, fails to commence within one (1) year of the Closing, the Property shall be re-conveyed to Louisville Metro for $1, and (ii) if the Property is sold within two (2) years of the date of the completion of the Building Renovation, Louisville Metro will receive 50% of the sales price in excess of the actual costs incurred by the buyer to complete the Building Renovation; and
WHEREAS, the Chief of Louisville Forwa...
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