9.2.B. PRSR 12-14-2005 - Laserfiche WebLink

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ARTICLE II PURCHASE PRICE/ADJUSTMENTS/ PAYMENT/EARNEST MONEY/ PROBATIONS/RESERVATION 2.1 Purchase Price. Buyer shall pay to Seller, as consideration for the conveyance of the Property, approximately one million seven hundred fifty-five thousand dollars and no/100 ($1,755,000) to be finally calculated at $22,500 per acre of Property as determined by the survey, the ("Purchase Price"), subject to adjustments, prorations and allocations, as hereinafter provided. 2.1.1 $1,390,000.00 of the purchase price shall be paid in cash at the time of closing. The earnest money to be paid by Buyer pursuant to the terms set forth in Section 2.3 shall be credited toward the payment of the purchase price at the time of closing. 2.1.2 The balance of the Purchase Price, approximately $365,000.00, shall be paid by Buyer in the form of park dedication credits ("Park Dedication Credits") given by City to and for the benefit of Tiller. The City shall hold the Park Dedication Credits on deposit for the benefit of Tiller. The dollar value of the Park Dedication Credits shall be adjusted annually, commencing on January 1, 2007, as follows: 2.1.2.1 The Park Dedication Credits balance shall be increased by an amount equal to the prime rate of interest as published annually by the Wall Street Journal's "Money Rate" section on January 1 of each yeaz commencing January 1 of 2007 for so long as the City continues to hold the Pazk Dedication Credits for the benefit of Tiller ("Adjusted Amount"). 2.1.2.2 City shall provide written notice to Tiller, certified by an authorized official of City, by January 30 of each year an accounting of the Park Dedication Credits and the Adjusted Amount on deposit. 2.1.2.3 In conjunction with the development of any property located in the Gravel Mining Overlay District in the City by Tiller, or Tiller's assignee, any dedication requirement lawfully imposed by City for open space for parks, playgrounds, trails, or public open space, whether arising out of City Ordinance No. 1008.18 or otherwise, shall be offset by the Pazk Dedication Credits and Adjusted Amount held on deposit by City for the benefit of Tiller to the extent said Park Dedication Credits together with the Adjusted Amount are needed and available to offset the dedication requirement. 2.1.2.4 The obligation of City to hold Park Dedication Credits as described herein on deposit for the benefit of Tiller shall survive the closing Pagc 2 Version Dale: 12/8/05 S:/PARK & REC9I214 OS PaokeAPurchase Agreement v12072005.doc